So what could help move credit unions closer back to their founding principles of allowing members to control of their sources of credit, serving the underserved, and acting as an extended family to members? Here are some suggestions:

Offer incentives for active members who vote, attend annual meetings and volunteer.
Provide members with more information about financial and operational results. I support sharing the big picture of the regulatory exam. If members are owners, why can't the NCUA allow credit unions to share their CAMEL rating with members? They are always the last to know when the credit union is having problems.
Conduct a real election process that provides members with an easy way to vote, candidate information and bios, and a path to leadership that prepares members for leadership on the board through other volunteer work and training to be a director.
Make the annual meeting a fun event that will draw thousands of members. One thing the pandemic has taught is that we can have meetings virtually and still connect with others on them successfully.
Build and monitor metrics that measure how well the credit union is achieving its mission.
Provide members with a way to measure their financial well-being and the progress or lack of progress they are making.
Measure and monitor how well management is in touch with members and their needs.
Base the credit union culture on that of an extended family that follows the Golden Rule.

Instant Insights /

It's Time to Remind Credit Union Members of What They Are: Owners

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