Back from my vacation and catching up on my google alerts. This one came across while I was gone. Battle between banks and credit unions rages on.

Two paragraphs from the article stood out for me:

“Credit unions originated in Europe in the 1840s, but really gained a foothold in the United States in 1934 with the signing of the Federal Credit Union Act by President Franklin D. Roosevelt, who saw credit unions as a way to help the nation recover from the Great Depression.”

“Credit unions were established to “make more available to people of small means credit,” in hopes of “helping to stabilize the credit structure of the United States,” and were therefore organized as non-profits that were owned and governed by their members.”

Also in my email box was an announcement for a webinar hosted by Callahan & Associates sponsored by Mark Weber of Weber Marketing.

Here’s an excerpt:

“According to Mark Weber of Weber Marketing Group, ‘A lot of credit unions are asking how much should they go back to the message that they are a non-profit credit union and their profit goes back to members. Is this an ownable, differentiated difference upon which to tell the credit union story?’ For many credit unions this simply isn’t enough to build a brand upon that will distinguish them in the market and lead toward increased membership and expanded services for existing members.”

The webinar promises to deal with the issue of name change and re-branding. It goes on to say:

“A credit union name change should be seriously considered by all those who are considering a re-branding initiative.”

The question, in my opinion, is not “Should you change your name?” but rather, “Do we change religions?”

Americans households are saddled with an average of $8K in unsecured debt. The household savings rate is in the negative (excluding retirement). The stock market is as volatile as ever. Subprime mortgages losses threaten the stability of our economy.

The last thing the America needs is another bank.

Let’s dig deep folks. We have a cause – it’s always been to promote thrift.

To help people live within their means. or as CUNA so eloquently said in a 1952 advertisement placed in Newsweek Magazine: “Thrift, economy and character are linked together. Credit unions do much to promote them. Thrift and better financial management contribute to high morale of employees and are fundamental to national well-being.”

It’s not about marketing that, it’s about living it!

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