WASHINGTON — An overflow crowd of credit union reps who gathered here for an early morning event was told it’s time to be assertive, not defensive, and that when they hike Capitol Hill their messages often “aim too low.”
In remarks at Filene’s Chairman’s Breakfast, held in conjunction with America’s Credit Unions’ Governmental Affairs Conference, Filene CEO Mark Meyer urged credit unions to recognize that what they represent is a “big, darn deal” and that Congress and the country need to know it.
“This is not a defensive moment for credit unions. It’s really an assertive one,” Meyer said. “Politics and government are frozen. It’s not solving some of the problems we need policymakers to solve.”
While corporations are designed to serve capital, credit unions serve people, Meyer said.
“I really fundamentally believe your credit union was built for this moment,” Meyer said. “The model is not a protest. It’s not a replacement for government or markets. It’s a complement. It’s practical. It’s proven. It’s rooted in this power of helping ourselves and doing it together with structure, with discipline and with shared ownership.”
‘The Real Question’
With credit unions in town for America’s Credit Unions’ GAC, most attendees will “hike the Hill,” where advocates will talk about safety and soundness, growth and market share.
“If so, we’re aiming too low,” Meyer said. “The real question isn’t whether we will survive, which is the soup du jour today. The question is whether we will lead. Economic mobility is what all of us want. It’s strained right now. For too many people, it feels way out of reach. It’s going to take more than fintechs and institutions. It’s going to take a group to act with intention and purpose. That’s us.”
Meyer noted that the crowd at the Filene event represents “billions and billions and billions of dollars in capital.”
“That’s a big, darn deal,” Meyer said. “You’re trusted by your communities. That is not an accident. That is called a platform. Congress believed credit unions belong in the economy. Access to that capital can expand opportunity, not detract from it.”
Time to Be Bolder
Meyer added that this is not a time for credit unions to “protect what we have,” but instead to “ask what does the economy need us to become.”
“It’s bolder and more intentional,” Meyer said. “If we do, tens of millions of Americans won’t just have more financial services, they will have a stake, they will have mobility.”
Meyer said that moving forward, Filene will be “leaning into what truly differentiates credit unions.”
