Credit Union Times - Centennial Edition - (Page I33) CeLeBrAtiNg 100 YeArS , SPeCiAL CeNteNNiAL editioN CUs remain the only Help for Some Edward Filene believed that credit unions were the right alternative to the risky profitdriven structure of banks. He believed that average people deserved opportunity, too. And so, today, as we are faced with very challenging consequences from blind greed in our financial system, Filene’s legacy should be remembered as credit unions are again needed more than ever. All of us in the credit union industry know that we have the unique ability to provide opportunity for regular people and support the real backbone of our communities. But not everyone really knows the value of credit unions. Some don’t even know we exist. I believe, especially now, that Filene would encourage us to unite and spread the word that credit unions are not part of the greed model, but that we have a different model, built and supported by members. People need to know that we’re financially conservative, and we operate in the best interest of our members, not shareholders. They need to know that when we say that members own the credit union, we mean it: each member has a vote, each has an equal opportunity to be heard and each has the exact same financial opportunity. Our volunteer boards of directors are elected by the membership to speak for the membership, and so we respond to the real needs of our members. We are exactly what the average person is looking for, especially during today’s challenges. As everyday people are suffering from this difficult economic cycle it is imperative to remember that people working together to help each other is Filene’s vision. It may be the only help some of our members will receive. We must present ourselves as the great alternative that we are. There are people out there with little hope, who think there are no more options for them, and it is our responsibility to reach them. David Doss, president/ceO Arizona State Credit Union, Phoenix, Ariz. growth, Presence and opportunity I think Mr. Filene would be amazed and proud of the growth and presence that credit unions have in a $60 trillion U.S. financial services industry. While the 2% market share isn’t that noteworthy, the fact that credit unions serve a third of the U.S. population is very impressive. I also think he would have many of the same concerns current CU leaders have. Can we now stay true to our original mission even as we grow larger and more bank-like? Can we remain different and build on differences even under the required regulatory oversight that comes with the federal deposit insurance umbrella? I think he would be impressed and proud of the national influence the industry wields through CUNA and the leagues in preserving the tax-exempt status and giving credit unions a voice as they try to stay relevant in this tumultuous financial services market. He would also share some of the fears that we have regarding our nation’s ability to respond to the current financial crisis, but as the entrepreneur he was, he would see great opportunity for credit unions to be even more relevant and he would hope that we have the resolve to unify our efforts to define ourselves and communicate what we have to offer. I think he would be excited about the opportunities despite the incredible challenges we face. David adams, president/ceO Michigan Credit Union League, Plymouth, Mich. A Call to Collaborate More Isn’t it interesting how we’ve come full circle? The single most important principle upon which the credit union industry was founded–cooperation, aka collaboration–is our key to future growth. Collaboration is our unique differentiator and will be the competitive advantage that catapults us ahead as an industry leader, if credit unions will fully embrace the concept and implement. We have this unique business model within the industry that easily facilitates collaboration, the CUSO. Banks don’t have this model, so it is a wide-open door for us to exploit. Yet, only 20% of CUSOs are multiowned, collaborative models. Here’s a great example of the impact credit unions could make on America if we just collaborate more: What if we collaborated on a single shared branch network? Well, it would give credit unions 20,990 branches across the nation. This compares to 5,700 Bank of America branches and 3,700 Wells Fargo branches. Now that’s competing! What else could we be doing? The list is endless–from back-office functions such as IT, accounting, marketing and collections to member-facing services such as investments, insurance, mortgage and business services. But, alas, we seem to think that we want to have our own shop that houses each of these because we are great at everything, right? We’ve certainly come a long way and have a lot to be proud of, but the key to our future resides in our past. It would serve us well to reinvest in our founding principle–cooperation/collaboration for the ultimate good of the member. See, we sometimes get so caught up in running the business that we forget the member is the owner of all things in our industry, credit unions and CUSOs alike. It brings more benefit to the members if we collaborate rather than spending their money to replicate functions and services. And isn’t that our ultimate goal–to bring more to the members? lisa renner, ceO CU Holding Co. LLC, Lenexa, Kan. People’s Banks dream Fulfilled Filene was an extraordinary advocate for the “ordinary American worker” and embraced his vision of ensuring that every ordinary American worker has access to loans without usury. His vision has truly been fulfilled, evidenced by many successes the credit union industry has enjoyed, including the expansion of the field of membership for credit unions across our nation. I believe he would say that he had been blessed to have a vision that has been, and continues to be, deployed by credit unions that are superbly positioned to truly know and fulfill the financial needs of the ordinary American worker across our nation and throughout the world. And, that the industry today has exceeded his vision. Importantly, if he saw the terms and conditions other financial institutions and credit card companies have adopted, he would be appalled at their practices and take great pride in the consumerfriendly terms and conditions of credit unions today. Credit unions provide consumers a real option to avoid usury terms and conditions. They are truly what Ed dreamed of: people’s banks. Gerry agnes, president/ceO Elevations Credit Union, Boulder, Colo. Simple, Practical Principles Filene’s simple but practical principles helped to shape the way the credit union movement has improved the lives of so many. His experience in India studying the way cooperatives understood and met the needs of the community is the key reason that credit unions exist today. Mr. Filene’s passion to be of service to others has been the catalyst for those in the credit union movement to develop visionary strategies to focus on the financial well-being of all members. He would certainly say that the successful integration of opportunities and resources have contributed to the growth and prosperity of credit unions. He would boast about the high degree of honesty, loyalty and integrity that credit unions display each and every day. In this highly technological environment, I believe he would encourage credit unions to renew their sense of purpose to reach the younger generation to continue the legacy of the cooperative spirit. sheila Montgomery, president/ceO 1st Choice Credit Union, Atlanta www.cutimes.com Credit Union Times, December 2008 33 http://www.cutimes.com
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