There seems to be a lot of confusion, intentional or otherwise, about why credit unions cooperatives exist.
For some, buying banks is just another “voluntary, market-based transaction.”
One NCUA board member has asked that credit unions be subject to more rigorous consumer exams, just like the banks have.
For others, having greater capital and balance sheet options is necessary to “level the playing field.”
A Reminder of the Difference
At a time in the past when credit unions were in the words of the NCUA Chairman “on a roll”, he reminded them of their most important characteristic:
“Your future is brighter now that it has been ever before. You have the flexibility to do things you were never able to do. Plus you have the most important ingredient of all-the element missing in banks and S&Ls: your relationship with your members. You are cooperatives first and financial institutions second.” – Chairman Ed Callahan, NCUA 1982 Annual Report, pg 10.