Institutions that are virtually indistinguishable from mutual banks. Some in the credit union movement have advised me that this drift toward a bank-like structure has already gone too far to be stopped. I don't believe that. It is not too late to stop this drift, but it will not be easy to do so. Changing course will require an honest acknowledgment of the problem.
Stubborn denial serves no productive purpose.
A thoughtful decision is needed. I believe credit unions of all sizes and of differing memberships need to decide whether they wish to remain involved in the historical, philosophical and statutory mission of reaching out to people of small means. Whatever their own size, structure or membership characteristics, credit unions need to decide whether they wish to remain involved in the cooperative effort to reach out to empower the economically underserved. Indeed, whether they wish to continue operating in a cooperative atmosphere. It does not appear that these questions are being sufficiently acknowledged, debated, or discussed in the grassroots credit union movement.