That was the request of O Bee Credit Union President Andrew Downin’s recent letter to his members.
Dated April 18, two days after the Trump administration fired the two democratic board members at NCUA, I thought this was fast action.
The immediacy of the situation was different however:
We need your help.
A proposed change in Olympia (WA) could directly impact O Bee Credit Union and the services we provide to you and our community. A last-minute amendment was added to Senate Bill 5794 that would impose a new tax on not-for-profit, Member-owned credit unions like O Bee. This amendment was introduced without any public input and ignores the real value credit unions provide.
This new tax would reduce our ability to offer affordable loans, low fees, and financial support to our Members. It’s not just a tax on O Bee – it’s a tax on you, our Member-owners.
The email closes with this request:
TAKE ACTION NOW*
* This link takes you to a trusted website from our partners at GoWest Credit Union Association.
The letter ends with: Thank you for being a part of O Bee Credit Union. Together, let’s stand up for what makes credit unions special.
What Makes Credit Unions Special?
In this event, the credit union threat is from a change in the state’s tax exempt status. There is direct parallel at the federal level.
But threats to credit unions are more than taxation. Last week the Trump administration took over NCUA. With a single board member whose term expires in four months, the agency will either bow to Caesar or navigate to keep member-owners’ interest first.
If the latter course is followed, it will need the support and engagement of the members. This existential threat may be harder to rally for member action versus opposing taxation, No one is for taxes.
But it is critical to point out the NCUSIF logo on the credit union’s marketing materials represents a uniquely credit union designed and dedicated cooperative fund. Even this email includes the words: Federally Insured by NCUA.
During the Silver State banking crisis in 2023, the credit union community promoted their separate insurance fund as well as the differences in institutional structure and risk versus banks.
Many factors make credit unions special. For me the most important takeaway from this communication is not the issue of a tax change or the current Agency takeover in DC, but rather the request for members to act.
It is member involvement that will separate the credit union issues from the transactional lobbying circus in Washington. O Bee does an excellent job communicating their credit union’s uniqueness in their monthly messages.
This corporate discipline to stay connected with members is a potent power. This was the first but not the last time members will be asked to take action in the months ahead.