Still Glad No One Defined 'Modest Means'

So you have been in the industry for years and think you know credit unions? Have you heard of this: Credit unions should only serve people who are impoverished, destitute, unemployed or on welfare. That’s directly from the Federal Credit Union Act–NOT! But if you have been following the saga of banker attacks on who credit unions were chartered to serve, that silly line wouldn’t seem so silly.

There is so much made about credit unions being chartered to serve those of “modest means.” It’s become the basis for all other banker attacks. Bankers say credit unions have become too expansive and are offering too many bank-like services. If credit unions were only serving those of modest means, they wouldn’t be expansive and wouldn’t be offering more bank-like services. (Does that mean people of modest means can never rise out of their modest means class to where they would need more services like member business lending? That’s an argument for another day.)