BofA, Tech CU Are Not the Enemy
When Technology Credit Union posted its announcement that it was exploring a conversion to a mutual savings bank, CUNA and the California Credit Union League made some noise. CUNA CEO Bill Cheney said his organization feels credit unions are the best providers of service to consumers.
They can be but not always. Credit unions used to their fullest potential are amazing entities hands down. If a credit union isn’t offering products or services that the members want because it’s restricted in capital building–as Tech CU said in its letter to members–then that’s a real problem for the business and how and whether it can continue serving its members.
No good can come from keeping a credit union a credit union if it does not want to be one. In reality, credit unions have not cornered the market as the only good option for consumers.
The trades hate when banks try to define credit unions but, when a credit union tries to redefine itself, they hate that, too. Note that NAFCU has remained completely silent on this matter. Smart move.