If it ain’t broke, don’t fix it!” This celebrated chestnut causes more damage than good and delays calls for correction. It supports defective conclusions about the true effectiveness of what is seemingly unbroken. In many areas, the credit union system is working. However, for many Americans the system is seriously broken.

For years credit union leaders have sat by watching the steady decline in the number of credit unions citing aggregate asset growth, in general, as a key indicator of industry health. Little concern was given for the fact that the asset growth was coming from the same people. Lip service and fist shaking were the extent of many credit union leaders’ objections as they watched the proliferation of check cashing, payday lending and other curses of the downtrodden that expanded during the last couple of decades.

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Peter Westerman


Credit Union Times

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