Search
 
Commentary

Are Credit Unions Achieving Their Mission?

It's time for credit unions to turn their focus to members of modest means.

By Bill Brooks | Updated on May 11, 2015
Are credit unions really successful at achieving their mission? Do credit unions have an objective system to assess how successful they are reaching out to people of modest means? Are credit unions just wearing white hats of virtue, but do they have no cattle? If Diogenes shined his lamp on your credit union, would he find an honest operation?

With more people on the fringe turning to usurious solutions to their financial needs, the answer seems to be no. Yet, credit unions market the legend, not the reality. A potentially honest assessment of current status of the credit union system is that it is only slightly less egregious than banks with delivering financial services to A and B level members. 

Over the years I have participated in many strategic planning sessions. They usually start with a self-congratulatory mirror, mirror on the wall moment. Considerable time is spent chest bumping about how good we were and how bad everyone else was. As a facilitator or mirror I would never consider not claiming that credit unions weren’t the fairest of them all. Financial considerations tend to trump my objectivity.

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

Why Your CU Needs a Chief Data Officer

Why Your CU Needs a Chief Data Officer

Henry C. Meier, Esq. |

There are too many data-related questions to answer and legal issues hanging around to not have a data chief at the helm.

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.