Elections really matter when voters believe they have been ignored by their chosen leaders, whether these are elected in open contests or self-appointed directors.
Historian and documentary film maker Ken Burns observed a significant change in the what attracted voters’ support. He gave three contrasting pairings to show changes in candidates’ political appeals:
- Not retribution, but restoration
- Not hubris, but humility
- Not self-dealing, but service
Burns explained that while the outcome had many “symptoms” such as inflation, tariffs, corruption, and a broken political process—the core “disease” voters targeted was a rise in authoritarianism. A failure of democratic checks and balances.
He noted the American founders explicitly tried to “reverse engineer” the Constitution to prevent this kind of executive overreach. The election results showed a collective desire to ressurect those original democratic safeguards.
What’s Ahead for Credit Unions
I think it is reasonable to believe that members will now be more interested in the ballot box, which is the credit union model of democratic self-governance.
I believe changes in Washington’s policy priorities for credit unions will emerge in the new Congress if not within the administration. Following Burns’ analogy, my three contrasting pairings would be:
Not deregulation, but democratic governance
Not financial performance, but fulfilling member purpose
Not consolidations, but collaboration
Several specific thoughts:
- NCUA’s single board member leadership will get greater scrutiny, regardless of the legal challenge to Trump’s firings. One impetus will be Congress seeking greater accountability for performance in those agencies Trump tried to dismantle or control.
- There will be increased concern over consumer rights and renewed oversight by regulators.
- Elections and voting are viewed as a critical aspect of member-owner democratic responsibility. This practice is frequently ignored by credit union boards in their annual meetings when filling director vacancies. Board control versus member voting will become a more visible political issue. Especially in merger votes.
- Growing and seemingly unstoppable federal deficit spending will put credit unions’ tax exemption on the federal fiscal agenda. Taxing the billionaires will apply not only to individual wealth but also to large, income-generating non-profits. Are they meeting their public purpose and duty?
- Voters, as credit union members, become frustrated when they feel their leaders do not meet their needs or listen to their concerns.
- Voting matters. Americans have learned again that in democratic organizations this is the means for change.
Voting is Empowering
Member voting is a healthy sign for cooperatives or any organization which operates with rules and democratic accountability. In cooperatives the member-owner design should be a competitive advantage versus those who want members only as customers.
Burns’ observation of the power of changing political appeals at the center of the midterms illustrates a common shared value. Americans rejected the use of scapegoating, with references to “THEM” and want leaders who focus on “US,” the collective well being.
Credit unions are at their strongest when the priorities are on the cooperative system of interdependence and member well-being. That is how the movement grew to $2.6 trillion in assets. Might that still be the best way forward together?
PS: Speaking of voting, SAFE members are still waiting for the results from the board’s efforts to merge with BECU. Voting closed October 27. Why have no numbers been disclosed? What’s up? This is not how democratic elections achieve legitimacy.