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

As CUs scale up, they are losing sight of their originally-intended mission, culture, member governance and member control of credit sources.

By Henry Wirz | May 22, 2020 at 09:00 AM
members Source: Shutterstock.

As credit unions continue to scale up, I am worried they will stray from what their founders intended for them in terms of mission, culture, member governance and member control of credit sources.

The credit union movement was created in the United States because of a need for credit, and individuals’ strong desire to control their access to credit and ensure its availability at fair rates and terms. For farmers, workers and small business owners, access to dependable credit was the difference between success and failure, and their control of and access to credit was based on the concept of mutual support.

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