SAN ANTONIO–How do you know when you’ve struck a monster of a chord or hit a nerve? When you share a viewpoint that sees more than 8,100 views in just the first two days it was published on The CU Daily.
Under the headline “For Credit Unions, Now is the Time of Monsters,” retired credit union CEO Ed Speed shared his thoughts on where credit unions in the United States stand in 2025. He quoted 1930s Italian political thinker Antonio Gramsci, who had been imprisoned by Mussolini for his opposition to fascism and who wrote from his cell about what was taking place around him by saying in part, “The old world is dying, and the new world struggles to be born. Now is the time of monsters.”
In his op-ed, Speed observed, “I believe the credit union movement is in its own version of that moment. The old moral and operational framework that once defined us is fading, while a coherent new vision has not yet taken hold.” He, too, challenged much of what it taking place in the world of credit unions.
On the LinkedIn page of the CU Daily’s Frank J. Diekmann, and in the comment section below Mr. Speed’s opinion piece, credit unions largely agreed with the views shared, and had questions, worries and thoughts of their own over what might become of the monsters credit unions face.
What Credit Unions are Saying
Here are some of the comments that have been posted in response to Mr. Speed’s op-ed:
- It is spot on to everyone who doesn’t call what we do a movement…we have purpose.
- I think this industry is on the precipice of a paradigm shift. There may indeed be a split, a crossroads, where some take one path and some the other. I, for one, will advocate for the path that doubles down on our decentralized cooperative roots.
- Spot on article. Have worked for banks & credit unions at senior management level, and have seen score cards measuring the level of product fees to banks instead of peer credit unions while not giving it a second thought about the credit union mission and discussing if the CU even needs to charge the fees since it is operating very profitable.
- Also, members should know that as non-profits, CUs have to file a 990 and disclose executive pay. To use the words of the article, “Obscene Pay.” You should pull the 990 on your credit union and see what your CEO is making; you will be shocked when you see yours may be making far more than your local bank CEO.
- Seeing (Ed Speed) has a background & training in theology gives him an interesting lens you don’t see often in financial-focused writing. I appreciate the cultural take he takes on the shift we see unfolding —the human components of these changes are too often overlooked
- It’s an interesting article and I really appreciate Ed for authoring it.
- The change has really been driven by technology and the need to innovate. Tech is moving fast, and disruption is taking members from credit unions.
- The dirty truth about technology is that tech is scalable, and that’s its best attribute. You can create a service that works for one person or one million people and, if architected properly, nothing needs to be done to support one million people vs. the one person. That single-handedly changed the game for credit unions. You cannot (and will not) survive by being the “bookshop on the corner.” You have to rise up and become more than that and leverage the scale of technology to do that.
- I’m a firm believer that credit unions need to be LEADING the path forward for financial literacy and wellness.
- I would argue that financial wellness is the “new mission” of the credit union. The question for the industry is – how many credit unions believe that financial wellness is the new mission? And for the credit unions that claim they do…how many REALLY live that mission? Or is it just creative marketing?
- Agree with Ed Speed’s powerful piece on credit unions being in a “time of monsters.” CUs absolutely must preserve their soul and cooperative mission – but that doesn’t excuse avoiding digital transformation and brand modernization.
- The harsh reality? Credit unions are on the verge of losing TWO entire generations (Millennials & Gen Z) because they haven’t prioritized real digital transformation or authentic brand evolution.
Digital marketing ≠ digital transformation. CUs need to meet members where they actually are, not where they were 20 years ago. You can honor your mission AND embrace the future – it’s not either/or.
Time to get out of the old lane before it becomes a dead end. - It was well said…the question is, what comes next?
Note: The CU Daily has endeavored to build the most diverse and thought-provoking forum for opinions and viewpoints in credit unions. We encourage you to share yours. Contact Frank J. Diekmann at [email protected].
