Michelle Carrera
Michelle Carrera is a Chief Compliance and Chief Risk Officer in community banking, recognized for her leadership in building trust, regulatory integrity, and mission-driven financial institutions. She currently serves at Generations Community Bank, Indiana’s first mission-driven Minority Depository Institution, where she is helping establish the bank’s foundational compliance, risk, and governance infrastructure. Her work focuses on ensuring regulatory strength while advancing the organization’s mission to expand economic mobility in underserved communities.
With over a decade of experience in consumer compliance, BSA/AML, and enterprise risk management, Michelle has built her career across credit unions, community banks, and consulting roles throughout Indiana. Prior to her current role, she supported compliance and risk initiatives at Old National Bank and the Indiana Credit Union League, advising institutions on regulatory requirements, training, and risk strategy. She is also pursuing her MBA at the University of Notre Dame’s Mendoza College of Business, further strengthening her expertise in leadership and financial strategy.
Michelle’s leadership philosophy centers on what she calls “Tender, Strong, True”—leading with empathy, accountability, and integrity in equal measure. She is deeply committed to financial inclusion and believes that compliance frameworks should empower, not hinder, access to opportunity. In addition to her executive responsibilities, she serves on nonprofit and community boards focused on housing and economic development, and she is widely recognized for her contributions to community banking and her impact as a leader in Indiana’s financial sector.
• University of Notre Dame - Mendoza College of Business- M.B.A.
• Universidad Francisco Marroquín
• Excelsior University- Bachelor's
• EdX - HarvardX
• 40 Under 40
• Global Women's Leadership Network 2024 Scholar
• Champions of the Community (Campeones de la Comunidad) Award Recipient
• Indiana Bankers Association
• Her C-Suite
• Indiana Chamber of Commerce
• PathStone Indiana
• Holy Family Shelter
What do you attribute your success to?
I attribute my success to my faith, family, daughter and being grateful to be an American.
What’s the best career advice you’ve ever received?
Origin doesn't determine destination.
What advice would you give to young women entering your industry?
Ask questions. You never know who is willing to give you free advice, mentorship or direction. One of those questions could open a door.
What are the biggest challenges or opportunities in your field right now?
The biggest challenge is the balancing act. We're just starting right now, trying to get our customer base established and get loans, but we also have to do it with a mindful approach. We just don't want to say yes to everybody. So how do we balance out the safety and soundness of the bank, making sure we do things right, with also being profitable? And at the same time, we gotta remember our mission, because we're a mission-driven institution. It's margin over mission, because we cannot do our mission if we don't comply with the margin. The biggest opportunity is probably the reason why this bank was created. I would say the biggest opportunity is in small business lending. A lot of small businesses, the big banks get paid by commission, and they're like, okay, so you make half a million dollars a year, you're too small for me. I don't want to talk to you. For us, that's where our niche is going to be. The biggest opportunity is actually changing lives. It's coaching. If somebody has their business established in an informal way, we have the expertise to guide them. Even if we have to decline them, it's not a no forever, it's a no and we'll coach you. I would say that the biggest opportunity is the small business environment here in the city.
What values are most important to you in your work and personal life?
Authenticity, consistency & giving people grace.