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

That's just one of the questions Keith Leggett, ABA vicepresident and senior economist, said the industry needs toconsider.

• READ 'Be in the Expertise Business' from thesymposium.
• READ about thinkingon a larger scale from the symposium
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Speaking Friday at the CU Water Cooler Symposium in the FristCenter for the Visual Arts in Nashville, Leggett lauded creditunions for their “you belong” branding but challenged them toreally 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 aboard of directors? When you look at that ownership stake youcan'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'tsee anything being concrete with regard to ownership. On top ofthat do you treat your members as owners?”

He said an ABA survey shows that while consumers generallytrusted credit unions more than banks and felt like a person ratherthan a number, their perception was also that in terms ofconvenience and access credit unions were “worn rugs rather thanmarble floors.”

“In an earlier session it was said credit unions had to be theexpertise providers,” said Leggett. “How are you going to becomethat if people perceive you as being the worn rugs, which I took tomean that credit unions don't offer that type of sophisticationthat people would need or would go to get advice.”

He also suggested that the tax exempt status has actually beenholding credit unions back from serving their members moreeffectively in a relevant way.