Drinking (and Sharing) the Credit Union Kool-Aid

by James Robert Lay, PTP New Media

My last article created a bit of controversy and rightfully so. I intended to cut past the BS and get straight to the point about credit union dogma. It was interesting to get an array of private messages and notes from people around the country agreeing or strongly disagreeing with me.

As we end another year, I offer you some additional food, or drink for thought.

I love credit unions. I love the ideals credit union stand for. But…I work in the industry. Does that love and passion I have translate to the modern day consumer? Do people really care about our credit union philosophy?  Or are they looking for someone to help them with the chore of banking?

Furthermore, do those in the industry beyond a select few care or understand the credit union difference?  The reason I ask this is from the responses I saw during a young leaders’ roundtable where the idea of “member-owner” and “not-for-profit” DID NOT resonate with them.

I found this quite odd as you would think that as young leaders (Gen Y), these ideals would connect and appeal to them as a reason to work and stay within the industry. They did not.

Once again, there are those who will read this and blast me for questioning everything.

At the end of the day, what are we doing? What are we fighting for? Why are we pounding our chest and celebrating over 6% of the national market share while the majority of credit unions in this country experience a decline in membership?

We continue to toot our own horns and selfishly drink the credit union kool-aid about how cool we are and the good we are doing amongst our peers. Maybe it’s time to pass the cup and offer a sip to those in our communities. Just make sure not to backwash.