In 2013, Jim Collins introduced the concept of "10X" companies in Great by Choice, identifying those that outperformed peers through consistent excellence and innovative strategies. In early 2023, we asked, “Who are the 10X credit unions?”
THE 'tude
The Independent Community Bankers of America (ICBA) is once again trying to eliminate competition by pushing a tax on credit unions—this time targeting those with assets over $1 billion.
If Punxsutawney Phil were a banker, he’d wake up every February 2nd, see his shadow, and complain—once again—that credit unions don’t pay federal income taxes. Just like Bill Murray’s character in Groundhog Day, bankers keep hitting the snooze button and repeating the same tired argument year after year, decade after decade.
The practice of “debanking”—closing or restricting business and personal accounts without clear justification—has become an alarming trend in the banking industry. This issue has affected countless individuals and businesses, often leaving them without access to essential financial services. While the reasons for debanking vary, ranging from regulatory scrutiny to reputational risk concerns, the lack of transparency has sparked widespread criticism.
To improve the digital member experience, credit unions must address operational challenges that cause friction and slow service. Many credit unions are turning to cloud-based platforms to streamline processes, enhance interactions, and empower employees to deliver exceptional service. These platforms address operations' pain points and provide the foundation for future innovation.
The Independent Community Bankers of America (ICBA) recently published an article titled "Standing Up for Community Banking: A Call for Fairness in Credit Union Policies," which presents a mischaracterization of credit unions and their mission. While advocating for fairness is a noble cause, the ICBA’s arguments fail to acknowledge critical distinctions between credit unions and community banks.
Over the last four years, the Consumer Financial Protection Bureau has increasingly strayed from its core mission to protect consumers and promote fairness in the financial marketplace.
Judith’s quote says it all. “I never felt that their biggest concern was for my potential losses, although they repeated the word scam but absolutely no context of what that could look like,” she said of the banks. “Rather, they described their institutional losses from other scams and how the individuals came back to blame them . . . Had they just been more personal and descriptive about what a scam could look like, maybe I would have wised up sooner.”
The U.S. Department of the Treasury recently released its National Strategy for Financial Inclusion, a set of objectives and recommendations to enhance access to affordable financial services for all Americans.
“You’re gonna need a bigger boat!” This movie quote was made famous by the fictional character Chief Martin Brody (Roy Scheider) in the 1975 movie “Jaws.”