NATIONAL HARBOR, Md. -- NCUA Board Member Gigi Hyland said today that the credit union movement needs to retool itself to regain its cooperative spirit and do more to serve the underserved.
"It's increasingly difficult to convincingly enunciate that the credit union movement is what we once thought it was," she said during a speech at NAFCU's 42nd Annual Conference and Exhibition.
She said too many people in the movement act as "individual free agents focusing on their bottom line" and too many credit unions focus on generating fee income at the expense of what's good for their members.
Her suggestions for improving the movement included more diversity on credit union boards, greater emphasis on developing the next generation of credit union members and leaders, and more education of members on personal finance issues.
Hyland also urged more cooperation and suggested that people "take time to reset the credit union movement."
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