The sixth cooperative principle is probably the best definition of a credit union service organization, specifically:
“Cooperation among cooperatives: Cooperatives serve their members most effectively and strengthen the cooperative movement by working together through local, national, regional and international structures.”
Early CUSO models, like CU Direct Lending and CO-OP Financial Services were extremely successful because it gave access to essential products/services at an affordable price. And I have to admit I have always been smitten with the shared branch CUSO model. In my opinion that should have been our “National Brand Campaign” about the credit union difference. We work together!
Then many of us became competitors with field of membership changes that included community charters that of course overlapped. In fact, one of the arguments I have heard against joining the shared branch network is, “I don’t want to send my members to my competitors.” But what if we collaborated with our competitors?continue reading »