AURORA, Colo.–Leaning into the “road trip” theme that was central to the GoWest Credit Union Association’s MAXX Conference here, the association’s president and CEO opened the meeting with comments about where credit unions came from, where they are, and what they will need to continue to do to meet the future.
The MAXX theme this year is “Our Next 250 Miles: Celebrating Where We’ve Been. Building What’s Ahead,” which the association said is meant to give a nod to America’s 250th anniversary and use the road-trip theme to “explore the people, milestones, and moments that have shaped the credit union movement and looks to what’s coming on the road ahead.”
“Sometimes, to understand where we’re headed, you’ve got to look in the rearview mirror,” said Stang, sharing “mile markers” to be celebrated, including how credit unions have helped strengthen communities and fulfill the promise of the American Dream.
“We will modernize to serve the next generations without losing the trust, the relationships that make this movement so special,” Stang continued. “As communities changes, do did credit unions. They evolved. One thing didn’t change and that is your purpose: changing lives. That’s what people helping people is all about. That’s one of our greatest advantages. Trust. Trust that’s earned one relationship, one decision and one changed life at a time.
“Financial products can be replicated,” Stang continued. “But the trust that you have built can’t be replicated. There are competitors with new platforms and new tools, but trust, that trust has been earned. We see financial services changing faster than ever before. But I believe that what we do with the trust we have built with members will help define in this next chapter where this movement is going.”
History Lesson
Stang noted that in 1931 that Colorado adopted its first Credit Union Act, three years before the FCU Act was passed. In 1934, credit union leaders gathered in Estes Park to form the Credit Union National Association (CUNA).
“Opening MAXX here in Colorado following America’s 250th anniversary feels like coming back to a story that started here,” Stang told the meeting. “Colorado played such an important role in the early history of the Credit Union Movement, and we’re still building on the same simple but impactful idea: people can do more when they come together. It’s a powerful reminder of just how far a people-powered movement can go.”
Reflecting on the Estes Park meeting, Stang added, “Those leaders could not have possibly imagined a world where members’ financial lives were managed on a mobile device,” Stang said. “They couldn’t predict the future, but they could build something strong enough to meet it. Credit unions were created because people needed access and opportunity for what they were trying to build, and not simply to conduct a transaction. They needed someone they could trust to help build a stronger financial future. It became the foundational part of this movement.”
Responsibility Remains
Today, said Stang, the world may look different, but the responsibility credit union leaders carry has not.
Stang shared the story of how his grandfather in rural Minnesota during the Depression needed financing for a tractor and was turned down by local banks. In response, he and others formed a credit union, a credit union where he would later get his first job.
“Now, a century later, it’s so clear that trust matters more than ever in our communities and among members,” said Stang. “We often tell the credit union story through asset size, membership numbers, dates on a timeline, legislation–but they are not the reason this movement exists or why it matters. It’s about the people we serve.”
Recent Stops
The most recent stops on the road trip, said Stand, include work done by Colorado’s credit unions to defeat interchange legislation at the state level. He said credit unions succeeded because they made the story “human,” and that in a meeting with the governor he was able to demonstrate how the legislation was harmful to credit unions and their members. Ultimately, the governor vetoed the bill.
Stang also shared another story on “how local financial institutions matter,” in this case the purchase by PNC Bank of First Bank, which led to the layoffs of 777 people. As the CU Daily reported here, credit unions in Colorado created a job bank for those workers, leading to hirings by credit unions in the state.
The Need to Modernize, But…
“We have to modernize. Evolve technology. Rethink how we operate. Move faster,” Stang said. “But we cannot innovate away the very thing that makes us different: the human connection. It’s the human-centered approach that is our enduring advantage. The opportunity is not to protect the movement we inherited, but to build the movement people are going to need next, with trust as the centerpiece. Our organizations must evolve, but our purpose must not.”
