The recent Bank Transfer Day was a watershed moment for the credit union industry. While some observers might attribute it to serendipity, it was no overnight success story.

For decades, credit unions have been true to their key principle of being singularly member focused. We stuck to our knitting in serving and lending to credit union members and maintained a prudent Main Street business model, while large Wall Street financial institutions simply did not. This did not go unnoticed by policymakers or consumers. It garnered us a wealth of goodwill that proved priceless in the current economic turmoil. Solid, steady results are exactly what the American public was seeking, and our industry delivered. 

Certainly, missteps by large banks helped create the opportunity for credit unions to shine. Since the onset of the financial crisis in 2008, consumers had grown disgusted with the antics of Wall Street.