The Evolution Of Cooperative Principles...

  George Orwell masterfully described the erosion of values and the rise of exploitation in his classic novel Animal Farm.

Every civilized society, every social movement, every cooperative effort needs and creates a set of guiding principles - a social compact, a credo, a charter which explains shared beliefs and values. The animals of Animal Farm were no different: 

✅ ORIGINAL PRINCIPLES: 

1. Whatever goes upon two legs is an enemy.

2. Whatever goes upon four legs, or has wings, is a friend.

3. No animal shall wear clothes. 

4. No animal shall sleep in a bed.

5. No animal shall drink alcohol.

6. No animal shall kill any other animal.

7. All animals are equal.

✔ EVOLUTIONARY PRINCIPLE:  

1. All members are equal, but some members are more equal than others.

 

Over time, those principles somehow evolved into something different! "Isn't that what we originally revolted against?", some animals quietly asked.

 

So, what's the point? In the beginning, there were several essential ideas which formed the core values of the credit union movement: one member, one vote; cooperative; non-profit; equal service to each member; consumer advocacy; volunteer leadership; unstandard answers; shared concerns; us not me. 

   Checked the barn wall lately? 

When did we abandon the average man and woman - the working class?; change our focus to the primacy of the bottom line?; lower ourselves to worshiping before the false altar of market share?; begin acting in the best interest of "the credit union" - not the members?; and start offering excuses rather than solutions?

 

  Hey really, what happened... Who turned the hawgs loose?

The Other Side Of Mega-Me Mergers: Eulogy For Small Credit Unions...?

   Small credit unions are changing ... and disappearing rapidly.  

Badin Employees Federal Credit Union used to be tucked up against the Uwharrie Mountains on the banks of the Yadkin River, about 40 miles east of Charlotte - the hometown of banking giants Bank of America,Wells Fargo and Truist.

Badin is a company town. In 1917, Alcoa dammed the Yadkin River to generate hydroelectric power for a new aluminum ingot plant - the IA data center power guzzlers of their day! The lake and town, which sprang from those efforts, are postcard picturesque. Driving into town down Falls Road is a journey home, a journey back in time The town is just two blocks long, but makes the most of it. 

 In "downtown" Badin, the candy-striped awnings of the Badin Town Hall adjoin the police department and Masonic Lodge #637. Next up is the post office with its single wicket window, fleet of post office boxes, and a very active community bulletin board - a.k.a. "social media".  Shading the post office is Veterans' Memorial Park, with a cedar grove honor guard, for seven Badin young men who died in World War II.

And, out of sight up a short dirt road, is the best named roadhouse on the planet: The Bottom of the Barrel Disco and Cafe; now vacant, having recently burned to the ground.  Bet that last party was a great one. 

But, the center attraction  was the Badin Employees Federal Credit Union. The Credit Union was housed in a one story, red-brick building with blue shuttered windows and a "no-way-to-miss-it", bright burgundy door. The Credit Union always closed for lunch from 12:30 to 1:30 pm, but you could still sneak a peek into the office through the partially drawn, real-wood Venetian blinds. It was a comfortable, inviting looking kind of place; where you could sit a while, have a cup of coffee, and personally talk to the manager. Y'know think it through a bit with a friend.

Badin Employees Federal Credit Union was reliably prosperous with assets reaching $4 million,  18% capital, loans available to all, delinquency negligible. Everyone in town was a member; no local banks remained. Badin Employees FCU had achieved "market dominance" without ever spending a penny on member engagement, naming rights, nor resorting to self-important declarations of "our passion" for service.

Folks in Badin held strong opinions about their Credit Union. The members were just regular folks, who didn't need "thought leaders", "X", nor talk show radio to form an opinion! The "word around town" took care of all the "market-branding" the Credit Union ever needed. 

The beauty of credit unions used to be something you couldn't easily wrap, bottle, or "spin" - you didn't need to!  Credit unions were really member-owned, were really member-led, were really member-governed   

But Badin no longer has its credit union - or any credit union - to make a difference.  Guess the need is gone, gone the way of merger.  

😎 There is, at least, still an ATM at the Express Mart...

 Are we getting close to "The Bottom of the Barrel" on what's important in America ... including credit unions?