Treasury Secretary Henry Paulson’s recently announced plan to overhaul the regulation of the US financial services industry has generated much concern in credit union circles, and rightly so. There was a terrific discussion about the plan’s implications on the OpenSource CU Blog last week.
Despite late-week assurances, I think CUNA is right on the money to get in front of this thing - and there are a few key lessons for credit unions to draw from this:
Keep telling your stories (and if you aren’t - START!). A comment that was attributed to Uber-Marketer Ron Shevlin at BarCampBank New England this past weekend says it best: “It’s not about telling members our stories, but about getting them to tell their own stories. Create experiences.” (Thanks to Andy LaFlamme of Maine State CU for relaying this quote via Twitter.)
I’m pretty sure that Ron was referring to the word-of-mouth that happens when a credit union comes through for a member when it matters most. I would take this one step further and encourage you to find those member stories and where possible and permissible, share them with the world using your existing message channels. Add them to your newsletter, put them out on your web site and share them when you mix and mingle in your community. And do these things regularly.
Low fees and good deposit rates are nice, but frankly that’s banker-speak. The difference your credit union makes in people’s lives IS the CU difference - everything else is secondary.
Get involved politically. We are blessed in NC to have so many great credit union advocates who get involved in the political process … but there’s always room for more! While some people go to Raleigh as part of State Capital Connections or DC for Hike the Hill, you don’t have to leave the comfort of your own credit union branch to advocate for your credit union! You can host a legislator at your CU, hold voter registration drives and many other activities to develop relationships with elected leaders. These relationships give you the opportunity to share the credit union difference with lawmakers. If you have any questions about how to get involved, call us here - we’re always happy to provide assistance.
We’ve got to work together. Credit unions of various sizes have different operational challenges of course … and the competitive landscape is different than in years past. But the opportunity to be successful (perhaps even viable?) in the future lies primarily in our ability to close ranks and say to the world, “We may be many credit unions, but we are one, united movement.”
Language matters. Despite the assurances of the treasury secretary, anyone reading what the proposal actually says should be concerned for the credit union movement. But this is also true: information is currency, and our stories in this context make us fabulously wealthy. No matter the outcome of the Paulson Plan, I believe both our individual and collective dedication to sharing the credit union difference will determine the fate of the credit union system.
What a way to close the 2008 CUNA GAC! Even as the House Financial Services Committee was starting its hearing on the Credit Union Regulatory Improvements Act, the 4,700 attendees of GAC were closing out the conference with belly laughs courtesy one Dave Barry. The Miami-based humorist told many a funny story, including the true account of Oregon’s exploding whale.
Now, the whale didn’t explode on its own - it had help from the Oregon State Highway Division. If you missed his presentation and have a couple of minutes to kill, here’s Barry’s column detailing what happened on the beach in Oregon in 1970.
And because Friday is here and it seems like today is as good a day as any to show you video of an exploding whale, the news report of the event that sparked Barry’s 1990 column follows.
I love to watch credit union people converge on Capitol Hill to tell their stories to elected leaders in Washington. The discussions are quite cordial and they showcase the work that credit unions in NC are doing to serve members. (A few Flickr photos are located here.)
This year, we kicked off our meetings with Senators Elizabeth Dole and Richard Burr in the Indian Affairs Committee Room. It’s a beautiful space that in this case was packed to the gills with 120 NC credit union people. Senator Dole praised the work of credit union people in NC. Recalling her years in the American Red Cross, Dole likened credit union work to the mission field. “Making that positive difference in so many lives has to be so rewarding for you,” Dole remarked to the credit union staff and volunteers.
Credit union people taking their message to Washington were energized by the news that a companion bill to CURIA was introduced in the Senate early Wednesday morning. Despite a lot of walking through the various offices buildings through the afternoon, this news gave an extra spring to everyone’s steps.
It’s tempting to get all wonky in these meetings and talk about how policy changes would impact the ability of credit unions to fulfill their missions - but really, the work of credit unions speaks for itself. When you share the ways in which consumers benefit from choosing a credit union, you really show how different — how unique — credit unions are in the marketplace.
When you start talking about the difference credit unions make for members … like the year-end rebate that a North State Telco CU member received … and how he gave this rebate money away to help save a family he cared about from foreclosure … you begin to discover the real differences between banks and credit unions.
Banking industry flacks like to compare surface things like products or brick and mortar in a vain effort to restrict credit union growth — but we all know it ain’t about that. It’s about that mission field that Senator Dole talked about. It’s the chance to get up out of bed and know you can do something good for people, and make the world around you better.
That daily commitment, and the values that commitment reflects, can’t be legislated into or out of existence.
The 120 representatives of NC credit unions have really enjoyed their stay in Washington thus far - and today, the rubber meets the road! Late this morning, our group will head to the Capitol to meet with Senators Elizabeth Dole and Richard Burr - these meetings will kick off our afternoon of visits with members of Congress from NC.
The group is anxious to meet with our elected officials and share their thoughts about credit union regulatory relief. I think our elected leaders also appreciate it when they get the opportunity to meet with “real folks” from back home as well.
In addition to reg relief, the group will be sharing how NC credit unions are returning value to their members and boosting the NC economy. Included in this will be the stories of a few NC credit unions that made year-end dividends and rebates. Combined, these credit unions put more than $750,000 back into the hands of members - many of whom live in small towns in NC that are struggling economically!
Much more to come on our day in DC on the Hill. In the meantime a few pictures are posted on Flickr. Click here to view them in a slide show. Much more to come!
The 2008 CUNA GAC has given NC credit unions a lot to crow about in the past couple of days. Last evening, we watched as State Employees’ Credit Union received the Herb Wegner Award for the outstanding accomplishments of its Foundation. The SECU Foundation, which is only three years old, has already given millions of dollars to support education in NC, health care and human services in the Tar Heel State.
Of particular note are the scholarships that the foundation awards to one student in each public high school in NC each year! The Foundation has also made an interest-free loan to aid in the construction of a housing complex for teachers in eastern NC. This complex has helped teachers come into Hertford County, a rural and economically stressed school system. This housing complex has been so successful, the Foundation is now in the process of replicating it in other counties!
Today, an accomplishment credit unions in both Carolinas share in hit the GAC stage. Richard Petty surprised the 4,700 person audience by appearing at GAC about 9:30 am. Petty, whose family started the Victory Junction Gang Camp a few years back, praised the more than $1.6 million credit unions in the Carolinas have combined to give to the camp for chronically ill children.
The King also announced the Petty clan is planning a new camp for the Kansas City area - and he called on credit unions to support this new effort.
Later in the morning, retired General and former US Secretary of State Colin Powell brought an optimistic message to the GAC halls. Powell reminded the audience how different the world was in the cold war era in which he served as a soldier, and how the world has so dramatically changed. Powell also told many humorous stories about his time in Washington as Secretary of State.
One of the fun events that happens each year at GAC is the CULAC Raffle. This raffle, while helping raise funds, also provide entrants with the chance to win some great prizes.
Mickey Fanney, the League’s Grassroots/Political Action Specialist, clues us in on the raffle and its importance. Mickey has done a wonderful job the past two years energizing NC credit unions in a very important aspect of our grassroots efforts.
(Edit to add that Mickey reports that NC credit union people combined to raise more than $5,200 for CULAC in the raffle this year. Way to go, everyone!)
The 2008 CUNA GAC is officially underway! The exhibit hall opened today, and the first general sessions were held at the Washington Convention Center.
The new location is being hailed by everyone as a roomy facility that is really going to allow this conference to continue its growth in the future. NC credit unions have heard the call to pack the convention center, bringing 120 people to the conference! This is an increase of more than 30 people from last year! All told, more than 4,700 credit union people are here - it’s a glorious thing!
The video captures a few of the sights and a few thoughts from the NC contingent. Also, Brent Dixon is doing terrific work posting pictures, audios and videos from national CU figures at GAC. You’ll find this on the REAL Solutions page .. http://realsolutions.coop/. Check it out! (A late edit to add that our friends in Michigan are chronicling the GAC day-by-day as well, and you’ll find news-style reports from the Michigan CU League’s Mike Bridges at http://cunagac.cutvonline.com/.)
We’re shutting down the videocamera for today, and will spend the evening watching State Employees’ Credit Union being honored at the Herb Wegner dinner. It’s a great day to be a Tar Heel! More video highlights tomorrow …
A quick hit on Friday morning to let everyone know that REAL Solutions, a program of the National Credit Union Foundation, will be providing coverage of the 2008 CUNA Governmental Affairs Conference! The site will include audio, video and still pictures of CUNA’s flagship event in Washington, DC!
With all the events going on in DC … including the long-promised hearing on CU regulatory relief Thursday … this page will be a key spot for keeping up with all the happenings! Check them out at http://realsolutions.coop/.
I’ll have my trusty video camera in-hand for the week, and will report back with a few clips of the 120-person strong NC contingent for GAC. Look for these pictures here and on the League web site.
CUNA just christened another viral video starring the “evil banker” star of an earlier business lending video. This time, Uncle Big-Bad is out on the street lobbying against CURIA, and for higher bank profits and fees.
It’s funny - and all too true. Check it out …
(Edit to add: right after I posted this to the blog, CUNA released another video and announced a third is on the way. The second video is posted below, and I’ll post the third when we get it.)
(Edit August 3: Here’s the third video …)
CUNA is also producing “situational cartoons” in the ongoing bank vs. credit union struggle. These cartoons are sent out by email, in hopes that receivers will get a laugh, and then become senders of the same email. Here’s the latest one …
I like what CUNA’s doing and hope they’ll keep it up. Feel free to share your own thoughts on this by posting a comment.
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Advocacy, CUNA, Credit Unions, PR | 
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