What truly makes a credit union a credit union? It’s not our size, location or even the menu of services we provide. Rather, it’s our structure: a not-for-profit, member-owned financial cooperative governed by a board of directors elected by the membership. This foundation has never changed, and it remains at the heart of every credit union’s mission.
We serve a patchwork of members who come from diverse communities and workplaces. Some members appreciate the convenience of visiting their credit union during a break to open a simple savings account, arrange a holiday club or secure a small loan during tough times. Others look to their credit union for a full suite of financial services, from financing a car or home to developing a long-term investment or retirement plan. The decision about what services your credit union provides rests with the board of directors, management, and—most importantly—the needs and wants of our members.
Unfortunately, there are detractors from our movement—some even at the regulatory level—who hope to divide credit unions by geography, asset size or product offerings. They know that creating rifts within a group makes it easier to conquer us one by one. But let’s be clear—our diversity in size or services offered is not a weakness, it is a reflection of our commitment to member-driven solutions. That variety of approaches is precisely what ensures each credit union can best meet its community’s needs.
Let’s not do our detractors’ work for them. We are and will remain, credit unions—no matter how large or small, whether we serve teachers, factory workers, rural neighborhoods or metropolitan areas. We each operate within the legal framework that governs us, and we do so in ways that best benefit our membership. The members themselves, in partnership with their elected boards and management, determine how their credit union will thrive.
Above all, let us stand together with a shared vision. Let us reaffirm our commitment to serving our members as only credit unions can—personally, compassionately and cooperatively. By uniting around our common purpose, we will protect our proud tradition and ensure we continue to grow and serve future generations.
Together, we will shape our destiny and protect the principles that make us all stronger—people helping people.
