You may have read that St. Louis Community Credit Union recently collaborated with a community bank (Carrollton Bank). You may have thought “these guys are sleeping with the enemy.” Not really. Some folks have asked outright… “What were you guys thinking?” Well, here’s my answer(s).
Richard Cordray is a name with which you more than likely have no familiarity. He is the head of the newly-formed, powerful government entity called the Consumer Financial Protection Bureau (CFPB).
Here’s a copy of my recent letter to Mr. Cordray. I thought you might enjoy.
Well, we did it! The St. Louis Community CU Foundation officially opened the doors of our financial literacy center (aptly named the CU Excel Center) on June 4th. This is a big deal. To our knowledge, it is the first of its kind in the community – and certainly the first in the region to be a collaborative effort by and between a bank and a credit union.
Remember when an attendant would sprint out from behind the counter of your favorite gas station to pump your gas, wash your windows, check under your hood and collect your money right at your car window? The guy in the uniform with his name emblazoned across his pocket was the difference-maker for you. If you remember all of that, two things come to mind: 1) I know how old you are; and 2) you can kiss that sequence of events bye-bye for good. There is no going back.