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Welch's Analysis of Challenges Facing CUs on the Mark

Kudos to Mike Welch for his excellent analysis of the challenges ahead for credit unions (Credit Union Times, April 14) as the assault from the banking industry gears up for another round. As Mike discussed, all credit union executives, volunteers and members must not rest on the laurels of victories...

By Staff Writer | Updated on May 18, 2004

Kudos to Mike Welch for his excellent analysis of the challenges ahead for credit unions (Credit Union Times, April 14) as the assault from the banking industry gears up for another round. As Mike discussed, all credit union executives, volunteers and members must not rest on the laurels of victories past when confronting a political force that is determined to seriously alter or destroy the credit union movement. We must remember that the credit union story needs to be told over and over again, recognizing our unique structure and member service, lest we fall prey to the banker mantra that credit unions are “just like banks.” As one who has worked hard in passing both national and state credit union legislation, I understand all too well that the next battle is just around the corner. The grassroots efforts of the 1990′s must not rest in hibernation or we will all pay a very hefty price. Our story is a good one and it is critical that the very real issues that differentiate banks from credit unions be articulated at all levels of government. That time is now. Rick Metsger Partner, MetsgerForbes Strategic Issues Management & State Senator, Oregon

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