Credit Union Times - Centennial Edition - (Page I32) CeLeBrAtiNg 100 YeArS , SPeCiAL CeNteNNiAL editioN What Would Filene Say? What would Edward Filene–the Boston businessman, entrepreneur and philanthropist who devoted himself to the birth and growth of credit unions–say today if he could look around the landscape of the credit union industry today? That was the question posed by Credit Union Times staffers to a number of leaders in our space today. Here are their answers. Vision Continued in Standards, Commitment Filene had the vision to see that credit unions could help ordinary American workers save their money for a rainy day. I imagine he’d be delighted at how today’s credit unions have upheld their belief in the little guy while providing products and services that remain competitive. Most importantly, Filene would say how proud he is of credit unions’ ethical standards, their commitment to teaching financial literacy and their dedication to community involvement. susan Frank, president/ceO Desert Schools Federal Credit Union, Phoenix Movement’s growth, Success If Filene could come back today and reflect on how credit unions have evolved, I believe he would be surprised at how we have grown in size and complexity. We have moved beyond the traditional simple savings account and personal loan into a wide range of both savings and lending products. He would be justly pleased at how we have grown in serving people all over the world. He would have to be proud of the Filene Research Institute named after him and the quality and quantity of its work. The creativity that resides there has helped develop both people and ideas to better serve the credit union ideals. Lastly, how could he be anything but pleased with the fact that the cooperative principle on which he based his work is still valid and working today? I think I see him smiling. steve Winninger, president/ceO NuUnion Credit Union, Lansing, Mich. international growth, Maturation of Movement I think Mr. Filene would be amazed at the growth of credit unions–not only those in the U.S. but internationally as well, with 49,000 credit unions in 96 countries, serving 177 million people around the globe. This growth and maturation of our movement has provided consumers with choices that would not otherwise exist for a large segment of the population. Mr. Filene would be proud to have been such an important catalyst in the financial cooperative movement. Francis lee, president & ceO U.S. Central Federal Credit Union, Lenexa, Kan. Confirmation of Belief in the Movement If not for his belief in cooperatives I don’t know if credit unions would’ve gone beyond the boundaries of New Hampshire. Here was a wealthy gentleman who used his own funds to promote credit unions. One of the items we have on loan from CUNA is one of the many journals he kept of all his trips; this one was his trip to Estes Park as writing the credit union constitution. I have to wonder every time I look at the journals–which detail hour by hour–if he wasn’t looking toward his place in history. Did he know instinctively that he was involved in something much bigger that at the time no one else could foresee? If he were alive today, I’m not sure he’d be surprised where things have progressed. I think he felt that cooperatives were the answer for the working class and if he could share that belief and get people involved, then the movement would take on a life of its own and become much larger than anyone would’ve anticipated. peggy powell, executive Director America’s Credit Union Museum, Manchester, N.H. growth of total Service into New Areas If Filene scanned the credit union environment today, I believe he would accept no less than total service to a credit union member. More and more credit unions today are forging new ground to help not only their members’ personal needs but also the financial needs of their small businesses. Credit union executives’ willingness to delve into new territory creating a culture of total personal and business service to their members would make Mr. Filene proud. larry Middleman, president/ceO CU Business Group, Portland, Ore. distinction from For-Profit World Filene would say that with our for-profit financial institutions in crisis, the time for credit unions to shine is now. The for-profit financial world has once again demonstrated that greed and avarice will lead to financial ruin if left unchecked. Credit unions offer a self-sufficient cooperative alternative to the for-profit financial world that deserves regulatory protection. Congress is going to take dramatic regulatory action to try and prevent this type of crisis from reoccurring. If we want to distinguish ourselves from the for-profit financial world, remain independent from banks and not share the same regulator, then we need to distance ourselves from this bailout. Ed Filene would want credit unions to make a difference by being different. Guy Messick, attorney, Messick & Weber p.c. General Counsel, NACUSO, Newport Beach, Calif. Well done and Keep going I am sure he would say, “well done and keep going.” Year after year, credit unions keep the members’ best interests at heart (and I do mean heart). By putting members first, CUs have been able to do things unimaginable in the banking world, e.g., paying dividends on checking accounts, sharing branches, providing access through the Internet and so much more … all of which started in credit unions. I hope Mr. Filene would be as proud of our evolution as I am to work in such a courageous and thoughtful business. sarah canepa Bang, president/ceO Financial Services Center Cooperative, San Dimas, Calif. 32 Credit Union Times, December 2008 www.cutimes.com http://www.cutimes.com
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