Blog highlights credit unions’ commitment to their members
Credit unions’ commitment to their members is exhibited in their everyday operations and in their powerful advocacy actions at every level of government. The most recent posts to the America’s Credit Union Blog highlight the impact of this commitment: a single credit union difference explainer email sparked over 200,000 messages to lawmakers and the choice of a new credit union CEO to fight for their members brought them from the brink of shutting down to seeing incredible growth.
Seeing the tax fight in congress, California-based SchoolsFirst FCU decided to first educate their members on the issue before asking their members to act on the Don’t Tax My Credit Union campaign. Providing an initial four-paragraph message to their 1.1 million members, the credit union sought to break down what makes not-for-profit cooperatives different and illustrate how the industry’s "tax status" translated into everyday rates and fees.
"Members won't fight for what they don't understand," Vice President of Membership Development & Advocacy Diana Kot said, noting questions were minimal once members saw how the tax shift could negatively impact their financial well-being. This strategy actualized into a record turnout of member support: 66,000 members converted into industry advocates who sent more than 206,000 messages to lawmakers to defend the credit union tax status.
The success of SchoolsFirst Federal Credit Union’s advocacy strategy sets a strong model for member activation, directed by three core tenets:
- Educate first, then ask;
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Start inside; and
Track and report relentlessly.
Read more about SchoolsFirst’s advocacy strategy here.
Also describing the importance of member commitment, Teri Robinson, CEO of Ironworkers USA Federal Credit Union, completed an incredible turnaround of operations and growth simply by choosing to focus on staying and fighting for their members. In an interview on the A CU Seat at the Table podcast, Robinson described the process in detail, providing a blueprint for any organization seeking to grow not just in numbers but also in purpose and impact.
"I just knew in my soul this could be a better credit union," Robinson said. With her strategy, Ironworkers has grown from $7 million to $135 million in assets. Their return on assets consistently hovered around 2 percent—well above the industry average.
Robinson distills her success into three parts:
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Leading with heart, not just spreadsheets;
Service as strategy; and
- Be rooted in kindness.