During any crisis, it is imperative that the reputation of the credit union remain of firm footing. A single negative tweet or facebook comment can destroy months of great work.

While many will pay lip service to say “we have a social media program”, it really becomes apparant that they haven’t thought through the whole problem. And the time to do that thinking isn’t when the credit union has just experienced a catastrophe or crisis that sets off a series of eventsbeyond their control.

As Sun Tzu said, “Plan for what is difficult while it is easy.”

Not sure I agree with this. In the middle of the first decade of the new century, there were plenty of mortgage lenders in the market, making loans to people who were ill-prepared to pay for those loans.

What’s needed is smart lending, not more lending.

And while I’m not against raising the lending cap, let’s be honest about why CUs are REALLY advocating for the increase:1) Because they’re flush with deposits that they need to do something with (because consumer lending is still depressed), and 2) Because they need new sources of revenue as they cling to free checking in a world where everyone else has abandoned it.

You are absolutely correct that “credit unions interested in increasing their volume of business loans should focus on their evaluation of business customers before making loans.” I do wonder, however, how many CUs are really good at doing that.

It explores the transformation of many American credit unions from small, limited service institutions run largely by volunteers to today’s full-service, professionally staffed institutions serving more than 90 million members.

It chronicles the factors that have moved credit unions into the mainstream of American life. These factors include legal and regulatory developments, technological changes, new products and services, and competitive pressures.

The 379-page book discusses the impact of these developments on credit union size, structure, and philosophy. It places credit unions in the context of the nation’s major economic events and trends, from the Great Inflation of the 1970s to the S&L debacle of the 1980s to the Great Recession of late 2007-2009. Among other things, it touches on the role of credit unions in community development and African-American and feminist history. It also gives a detailed description of two historic credit union frauds — Hyfin Credit Union and Franklin Federal Credit Union.

I am a journalist and student of credit union history. I served as speechwriter for the leadership of the Credit Union National Association (CUNA) from 1986 to 1998. I am a certified Credit Union Development Educator (CUDE). In preparation for writing the book, I interviewed many credit union leaders and studied the extensive written record of the period.

The book is available in softcover and e-book version from lulu.com. The e-book version can be read on the Ipad and on Barnes and Noble’s Nook Reader, and on personal computers equipped with free Adobe Digital Edition or Nook software down loadable from the Web.

Development of the Modern U.S. Credit Union Movement has won praise from early readers:

“The best credit union history I’ve read.” Dan Mica, president of the Credit Union National Association, 1996-2010.

“Entertaining . . . A very fine history of the credit union movement.” Wendell (Bucky) Sebastian, Executive Director, National Credit Union Foundation, former CEO of GTE Federal Credit Union, and former Executive Director, NCUA.

“Most comprehensive and well-written account of the past 40 years of credit union development . . . Should be required reading . . .” Matt Cropp, credit union historian, author of “The Vermont Credit Union League: A Brief History.”

Thanks,

Jean-Claude Leoux

Thanks a lot!