Dick Ensweiler's advice about CU's cooperating (CU Journal Daily Briefing, Sept. 10, see related story page XX) couldn't be more timely. From YouTube to the local news, the words "credit union" have been given a positive spin throughout 2007. And yet, no one has taken the lead to leverage this spin and public interest into a campaign that puts a fresh face on who and what we are as a "business group."
Our 88 million members, ordinary Americans all, participate in a very extraordinary American business model.
Not-for-profit, and in the financial marketplace, no less! And if the banks fear anything about us, it's the possibility that our business model could become even more popular than it is, embraced by every family and small business in the nation.
Still, the bankers must be rather pleased with themselves. While they have been raking in record-setting profits year after year, to the horror and disgust of the public, they have been very sly to keep our trade leaders and associations more focused on diversionary regulatory and legislative attacks than engaging in a head-to-head competition over our business models.
We shouldn't be cooperatively pooling and spending our Member's money solely talking to legislators. We should be using that money and more to educate the public, especially young people.
And as the marketing director of a fairly modest-sized credit union in Chicago, Illinois, I would love to be in a world where our major competition is with other credit unions. But, it's not. The mega-banks, like Chase and BofA, plus a whole host of regional banks are our only competition. Perhaps Mr. Ensweiler could help us out.
Start by convincing every U.S. credit union to join the CO-OP ATM Network. It would be an excellent platform to show our common bond. ... oops! ... common brand!
Mike Dillon, Marketing Director, South Division Credit Union, Evergreen Park, Ill.
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