CU's are turning around the life rafts...

I know that in this day and age just having any job is a blessing, but I am compelled to write today because of the special blessing I have to be part of the credit union movement. I know that this may not be the most exciting thing I write about to most of you, but I am passionate about what I do.

I am privileged to be the chief executive officer at a community chartered Federal credit union. I love my career. I love my members. I love the CU movement. In this tornado of economic mayhem the past 18 months, CUs have been doing whatever it takes to keep on doing what we do, taking care of our members and strengthening our communities. I like what Arthur Levitt, former Chairman of the US Securities and Exchange Commission said, "This country is going through no less than an economic revolution." I'll buy that. In my position at the helm of my small ship I have seen things that have never before floated to the surface. These times give new meaning to the term "uncharted waters."

Still, through all of the turmoil, all of the bad news and doomsday prophesy out there, credit unions have continued to be that bit of good news that the media brushes under the rug. With the age old "if it bleeds, it leads" attitude, the failed banks (one after another), the mortgage debacle and all of the painful foreclosures that followed (and continue to), the Madoff madness and the catastrophic credit crunch...it all takes a big fat front seat to the roughly 8000 credit unions that are still lending (over $1.4 BILLION dollars worth so far in 2009), still working hard on loan modifications and mortgages that help keep good people stuck in hard times in good homes, and still paying above market rates to people who are saving their money and we are keeping that money safe by investing it with SAFETY as our main concern instead of profit. Seems that slow and steady really does win the race sometimes and that companies motivated by greed will eventually have to reap what they sow...who knew???

It seems that in these troubled waters, credit unions have become the Coast Guard, the first responders to the crisis. We have stepped in and helped fill the void in credit when the banks decided to shut off the valve. We as an industry have actually increased our flow, made our terms easier, made our members stronger and turned on the lighthouse for the communities we serve because we as an industry know that doing ordinary things in uncertain times leads to extraordinary outcomes.

The cooperative nature of credit unions and the fact that we are people focused and not profit focused is what makes it work, what makes us tick and what keeps us going strong when others are sinking like rocks. Big rocks.

If you are reading this and are a part of a credit union, you know exactly what I'm talking about. Tell your friends and family, this is not a secret society or exclusive club...we want to help as many as we can get into the lifeboats. The way the banks are handling it reminds me of the Titanic. 20 life rafts paddled away from the ship as it went into the cold dark water, most barely half full. 300+ souls bobbed in that water in life jackets and screamed for help as the rafts continued to paddle further away. Only one of the rafts paddled back to the people, and only after nearly all of them had succumbed to hypothermia. They waited too long. They ignored the screams.

The banks are turning their backs on the very people who they made these mortgage loans to, just a few years ago. They are unwilling to work with families desperately trying to get back on track and stay in their homes. The little bit they are willing to do is too little and far too late to really be of any use.

In many areas that have been hit the hardest with foreclosures credit unions are going in full force, trying to work with members to get the financing they deserve and at terms that are fair and honest.

If you are reading this and are not part of a credit union, get online and find one in your area. No matter where you live and work there is a credit union that serves you. Sometimes it takes a little work to find us. We don't have a branch on every corner and don't spend millions on advertising, but we are there, and the only reason we exist is YOU.