VIEWS: 9 PAGES: 2 CATEGORY: Business & Economics POSTED ON: 6/18/2010
In a recent class of credit union board members, the instructor asked how many in the room knew why their credit unions were created. Less than 10% knew the answer. Member education becomes even more important as the credit union grows. Credit unions are not just financial service providers. They operate on a different business model that not only provides a competitive advantage if it's done right, but that also can help engage members in the organization and provide them a sense of community. The author firmly believes that one of CUs' greatest assets is the cooperative business model.
INSIGHTS “I can see a future where superior product knowledge, sound ﬁnancial advice, and the willingness and ability to help borrowers in need could help GAIN A WHOLE NEW PERSPECTIVE a community-based ﬁ nancial institution compete with the big banks.” CUES member Bill Vogeney, SVP/chief ARE YOU LEVERAGING YOUR lending ofﬁcer, $2.5 billion Ent, Colorado COOPERATIVE ADVANTAGE? Springs, Colo., in the CUES Skybox post, BY CHRISTOPHER STEVENSON “Everything I Know About Lending I Learned From Wii Fit” (at cues.org/ In a recent class of credit union board mem- skybox in the “Economy” category. bers, the instructor asked how many in the room knew why their credit unions were cre- ates. Less than 10 percent knew the answer. At the same time, credit union staff and SITES OF INTEREST board members lament that no one shows CUES member Gene Pelham, president/ up for annual meetings or volunteers, and CEO of Rogue Federal Credit Union, few new candidates run for the board. If the Medford, Ore., invites members to Ask average member doesn’t understand how the Gene at askgeneatrogue.blogspot.com/. structure of the credit union is different from a bank or how their actions directly affect Arden Clise, marketing manager, is chief their own bottom line, why would they serve? blogger for “Let’s get Fiscal” at Group Member education becomes even more im- Health Credit Union, Seattle, at Christopher Stephenson is portant as the credit union grows. How can www.ghcublog.org CUES’ profes
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