Wednesday, May 13, 2015

Are Credit Unions Achieving Their Mission?

Bill Brooks with CU Prosper wrote a column in Credit Union Times challenging the credit union industry for not achieving its mission of serving people of modest means.

Brooks wrote:
Are credit unions really successful at achieving their mission? Do credit unions have an objective system to assess how successful they are reaching out to people of modest means? Are credit unions just wearing white hats of virtue, but do they have no cattle? If Diogenes shined his lamp on your credit union, would he find an honest operation?

With more people on the fringe turning to usurious solutions to their financial needs, the answer seems to be no. Yet, credit unions market the legend, not the reality.

Read the column.

1 comment:

  1. Bill Brooks.
    Desperately clinging to the myth that left long ago, or at least since credit union membership access act.
    He couldn't adjust to the way the business changed so his CU fired him.
    Then when the CU decided to convert charter he obstructed the process, sour grapes and all.
    Bill should consider moving to Austin, Tx where NCUA houses all the legacy assets of the corporates.
    Odd place for dinosaurs.
    Austin being so hip and all.
    But there, Bill could "hang" with subordinate subprime interest only mortgage bonds where his market value will fit right in...toxic, tired, irrelevant, below market waste...that some in the CU movement still believe will rise to above market status!!!
    How fitting!



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