I have the pleasure of visiting credit unions across this wonderful nation. It is the greatest joy in my career to get to see the hardworking people of this country face-to-face. Recently, I was at a credit union in San Antonio, Florida. Yes, there is a San Antonio in Florida
While onsite I took this picture of a banner outside of their board room. Six decades ago, 37 people got together with $4,000 and had a better idea for banking. They literally ran the credit union out of a cigar box. Today, that credit union manages $355M in member assets.
Do you see it? What started as a mission, has moved to a monument. This credit union is rooted in their community and helps working men and women every day of the week. This credit union, like all credit unions, helps one member, one family and one budget at a time with their financial goals. That’s what we do.
From a lending perspective, the only differentiating factor of your credit union amongst the thousands of options your members have today is your risk appetite. Does your lending risk appetite represent your membership? Are we still using out dated and rigid guidelines and procedures to help our membership get the car that takes them work?
A monument can be visualized as a rigid, inflexible, representation of the past or it can be an embodied representation of your values.
As the world continues to shift and our touchpoints become increasingly “contactless”, let us not forget our mission. We exist for the mutual benefit of our members. Regardless of how that looks in 2023 and beyond.
It’s planning season, what kind of monument is your credit union?
Let me know your story in the comments- how did your credit union start?
Don Arkell
Owner
CU Lending Advice, LLC
don@culendingadvice.com