I am one of those folks Paul Gentile described in the third paragraph of his Nov. 22 column. I am convinced the time is now for our industry to define "modest means." If we don't act, then we run the risk of having someone else's definition of this term crammed down our throat. I would be willing to give odds that someone else's definition will be both more cumbersome and restrictive than anything we come up with.
I keep an edition of Webster's New World Compact School and Office Dictionary in my desk. When I looked up the meaning of the word "modest", here is what I found: 1. not vain or boastful; unassuming 2. shy or reserved 3. decorous or decent 4. not extreme 5. unpretentious.
Please note, there is no reference to the words impoverished, destitute, unemployed or on welfare in the definition.
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"Modest means" in today's world can constitute people with little income. The term can also include those who have a six-figure annual income, a large mortgage payment and tuition payments for two kids in college. It is sheer lunacy for anyone to suggest that people like this do not need the basic and affordable financial services available at credit unions.
Isn't it time we made the public aware of what bankers are really doing? They are campaigning to eliminate healthy competition and limit the choices available to consumers. Now there is a topic for the editorial page!
As an industry, I fear that we are oftentimes our own worst enemy. It troubles me when those who know our industry best advocate that we take a do nothing and say nothing posture. It isn't like this posture will make the critics disappear.
The vast majority of working folks in this country today are people of modest means. That is the segment of the market our industry has always served and must continue to serve. Let's stop being afraid to admit that credit unions provide value and choice to millions upon millions of Americans. Richard Stout SVP, Operations Charter Oak FCU Groton, Conn.
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