The credit union industry was founded based on need; those unable to secure financial services turning to their communities for help. Chip Filson argues that this founding nature is slipping away but can still return to its roots.
NCUA board member selection is a process that has slipped away from the credit union industry. One in which board members are not selected based on their familiarity or connection to the industry, but thanks to political favors. Chip Filson says it’s time credit unions spoke up and changed this.
A 95-year-old lesson on pioneering new credit unions is still applicable today. Chip Filson shares the lesson of fifteen women with $4.50, the difference that can make, and wonders who will be the pioneer of credit unions today.
Part 3 of this credit union history series explores the formation of the Federal Credit Union Act in 1934, the rapid growth of credit unions nationwide in the decades to follow and sets us up for the emergence of an independent governing agency for credit unions, which had been passed around between four different supervisory agencies!