Montana 1st CU Blog

Working with the CUNA Marketing and Business Development Council’s Executive Committee over the past few years has taught me some valuable lessons.  Perhaps the most valuable lesson comes from Anne Legg of Cabrillo Credit Union.  Anne is one of those people who can “make lemonade out of lemons”, and I think she might even enjoy it.  When faced with one of life’s “lemons”, Anne simply thinks to her self (or says out loud), “I didn’t know that I would have this opportunity today.”  On a recent trip across Montana, not only did I get an opportunity, but it also provided a moment of clarity.

While driving, my wife (knowing that I am a political junkie) asked, “So what is this public option that people keep talking about in relation to health care?” My answer surprised even me…

“Well, think of it like a credit union.  Credit unions keep traditional financial institutions “honest” by providing the marketplace with lower fees, better service, higher rates of return, and lower lending rates.  By doing this, credit unions create an alternative and therefore competition.  As we all know from Econ 101, more competition leads to an enhanced customer experience, and better pricing for consumers in the market.  Further, a credit union is a cooperative, which inherently aligns credit union interests with member interests.  In fact, much like the “public option” credit unions were born to help farmers and small business owners obtain financing when traditional lenders shied away from them.”

So, the question remains:  Are credit unions the ultimate “public option”?  Well, in one word…YES.