Credit unions certainly have a lingo all their own. They have members instead of customers, share drafts instead of checking accounts, and many leaders describe the world of credit unions as a "movement" rather than an industry. But is it a movement? Should credit unions play up this word and use it to their advantage? Or is it an arcane word that does more harm than good?
I recently had the privilege to speak to the board of the Pennsylvania Credit Union Association. It was truly an honor to address this dedicated group of credit union leaders. I was thoroughly impressed by the uplifting spirit displayed by the board, its staff and all the Pennsylvania credit union volunteers and professionals at the association's 72nd annual meeting in Atlantic City. These folks know what credit unions are all about, and they live it every day.
During my talk I referred to credit unions as an "industry" a number of times and PCUA CEO Jim McCormack called me on it. It can be intimidating being called on the carpet by such a legendary CU leader as McCormack, who is as dedicated to credit unions as they come. He's helped build PCUA into one of the most innovative, politically savvy associations in the country. States that want to know how to raise PAC money only need to observe PCUA to see how to do it right. I am glad the bankers chose Pennsylvania to bring their lawsuits (sorry Jim) because the PCUA is ready, willing and able to fight them every step of the way.
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McCormack believes "movement" is the only way to describe credit unions. I'm sure Jim won't mind me bringing this story up as we had a healthy debate and I respect him and his position on the word-he certainly makes some compelling points.
For one, he said credit union lobbyists portray credit unions as a "movement" on Capitol Hill where it is well received. He believes credit unions should be consistent and not just use "movement" on Capitol Hill but in all references to the industry/movement (this is getting tricky). I found out later that he has made his penchant for using movement very clear to his staff and they all know that is the word he prefers.
Me, I am not so sure. There are some things about "movement" that frankly scare me. I think of the civil rights movement, or the women's rights movement. These were two history changing, brave undertakings, but they were inherently emotional, controversial, dramatic and divisive, even if for the wrong reasons. Credit unions provide financial services. Yes, they do it in a much more consumer friendly way than banks, but credit unions certainly aren't fighting the same level of social, economic, and political battles that those great leaders in the civil rights and women's movements did.
But I could be wrong. Given the poor financial condition of many Americans, maybe what credit unions are doing is much more life altering than I give it credit. After all, one's financial health affects almost every other aspect of life. A poor financial state can cripple families and devastate lives. If credit unions are helping Americans improve their financial future, maybe it is worthy of "movement" status.
I asked a friend about this debate, a friend who knows very little about credit unions except that his friend is the editor of a weekly newspaper that covers credit unions. He said the word movement was intimidating. He didn't consider a place where you keep your money as a place that you want as part of a "movement." Now he doesn't know credit unions like the rest of us, so his comments only go so far, but maybe his lack of knowledge about CUs is the point we need to pay attention to. The word "movement" would be great to describe credit unions if most Americans knew what credit unions were. But even in the great state of Pennsylvania with such a strong organization as PCUA only 30% of Pennsylvanians are members, so most in the state don't know credit unions. If you tell someone who knows nothing about credit unions that credit unions are a movement I think it will only add to the confusion. It's bad enough that people confuse credit unions with labor unions-throw movement into the mix and we have another thing to clear up.
Movement also indicates something in flux, or a state of change. Credit unions are established institutions, in fact it's rare for new credit unions to be started. So this isn't a fledgling movement/industry (staying objective) that needs to spur grassroots activism to get started. It needs grassroots political activity to fend off bank attacks, but not to start the industry/movement.
I don't think this debate is even about using "industry" versus "movement" because you really don't have to use either word in everyday credit union business. But what I've discovered is those who believe in "movement" make a point to use the word – they interject it into their communications. There are other words that can be used, like the credit union system, community, or even network. Either way, credit unions are one part of the overall financial services industry.
This editor is staying away from "movement" for now, but I can certainly see McCormack's side of it and respect his passion. I'm just not so sure in this day and age when credit unions need a national branding campaign more than ever to get the word out about what credit unions are, the industry should burden itself with one more esoteric word that needs explanation.
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