Look at Yourself, ABA Economist Tells Credit Unions: Onsite Coverage

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NASHVILLE, Tenn. — Are credit unions losing their souls?

That’s just one of the questions Keith Leggett, ABA vice president and senior economist, said the industry needs to consider.

Speaking Friday at the CU Water Cooler Symposium in the Frist Center for the Visual Arts in Nashville, Leggett lauded credit unions for their “you belong” branding but challenged them to really think about what that means.

“What is the value of ownership in a credit union?” he asked. “What is it you get to exercise as an owner outside of voting for a board of directors?  When you look at that ownership stake you can’t transfer it, can’t sell it, can’t take it with you.

“So while you give a great PR line that ‘you own us,’ I don’t see anything being concrete with regard to ownership. On top of that do you treat your members as owners?”

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