Search
 

Field of Membership: Déjà Vu All Over Again

Universal, open membership in cooperatives exists elsewhere in the world. Why not here?

By Cliff Rosenthal | Updated on March 08, 2015
field of membership, common bond, credit union , clifford rosenthal

The Feb. 4, 2015 issue of Credit Union Times, both in Sarah Snell Cooke’s editorial and a letter from Tom O’Shea she quoted, echoed themes we heard in the early 1980s: We’re too constrained, we can’t grow the way we want, we need broader powers.

Such issues under the administration of the late Edgar Callahan some 30 years ago led to the power to add SEGs, select employee groups which had no obvious common bond with an established credit union, but had their own common bond. This led, of course, to the addition of hundreds of SEGs by ambitious, expansion-minded credit unions. The core rationale, for which Callahan argued, was that in the face of economic contraction, mergers and the disappearance of many companies which had served as the sponsors of credit unions, diversification of the membership base was required for the survival of hundreds of credit unions.

And it worked. True, there were and are fewer and fewer institutions – down from about 20,000 in 1980 to less than 7,000 today. But membership in credit unions grew to more than 100 million today.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2024 ALM Global, LLC. All Rights Reserved.