Cooperative design is unique. It provides singular focus on the member value. It’s that member relationship that is the foundation of credit union sustainability. And enhancing member participation in credit unions is vital to maintaining a distinct cooperative choice for consumers.
This blog shares my passion and observations about cooperatives’ roles for consumers in the American economy. I highlight the responsibility of all participants in the credit union system to enhance the ever-expanding legacy of our common wealth paid forward for future generations.
Now, as just a member, these comments are fueled by the gratitude, compassion, and vigor of all the compatriots who have journeyed with me over the past four decades.
There is so much wealth in the credit union movement now we can afford to buy banks, stadium naming rights and even pay a CEO $7M to sell his thriving credit union to another thriving credit union.
And yet, trying to raise money to help a new charter, the African Diaspora FCU open their doors has so far yielded $4,000.00. Half of that being from individuals.
Maybe I need to host a golf tournament to raise real money. . . .
The core purpose has been diluted. Many credit unions have lost their way—prioritizing growth and profits while the commitment to serving members has become little more than a punch line. The credit unions that remain true to the mission tend to be smaller, community-based institutions.