Credit union executives are celebrating the movement reaching the 100 million-member milestone — but what does it really mean for the industry?
Credit Union Journal talked with a number of CU stakeholders about this industry achievement. The full story will appear in the Aug. 11 edition of CU Journal. In the meantime, here's a sneak peek at what some of your colleagues had to say.
Want to add your two cents? Fill out the comments box at the bottom of this article and keep the dialogue going. Your comments could be selected to be published in the Aug. 18 edition of CU Journal.
Steve Pagenstecher, marketing and member experience manager of Point West CU, Portland, Ore.
"To Point West it is a reflection of what we are doing," he said. "We bring a value proposition to the financial services industry and are attracting great new members, and the same applies to the credit union movement. People want more value-driven, local organizations. They want to keep their money in their community and not in banks.
"I think credit unions will continue to see good growth," Pagenstecher added.
Point West CU's Pagenstecher noted there always will be those who make the argument credit unions are no different from banks.
"When we hit $1 trillion in assets the banks tried to give us flak, but failed to mention the largest banks are, by themselves, three or four times that," he recalled. "It does not matter what size a credit union is, the structure at our heart always will make us different from banks."
Point West CU's Pagenstecher noted there always will be those who make the argument credit unions are no different from banks.
"When we hit $1 trillion in assets the banks tried to give us flak, but failed to mention the largest banks are, by themselves, three or four times that," he recalled. "It does not matter what size a credit union is, the structure at our heart always will make us different from banks."
Kenn Darling, SVP and chief credit officer of Patelco CU, Pleasanton, Calif.
"It is heartening to see so many Americans are enjoying the value and real relationship they can have with community credit unions such as Patelco," said Darling.
John Lund, president and CEO of America First CU, Riverdale, Utah
John Lund, president and CEO of $6.2 billion America First Credit Union, Riverdale, Utah, said it is a "wonderful and a significant" milestone that shows people are becoming more aware of credit unions.
"It is a wonderful and significant milestone that shows people are becoming more aware of credit unions," he said. "More importantly, individuals and families are realizing that credit unions are available to them, and provide relevant and affordable products and services."
