The P.A.

A weekly address from Patrick Adams,
President of St. Louis Community Credit Union

Credit Unions Offer The Freedom Of Consumer Choice

On June 22nd, 2009, posted in: Uncategorized by

Ever been to Boston? Great city. Other than the unfortunate “butt-whoopin” they laid on our beloved Cardinals back in 2004 to gain the crown of baseball’s world champions, I like the city. They talk funny in Boston – especially words like car, park, party and chowder. They also appear to be loaded with lots of smart people. You know – Harvard and MIT. Seems to me with all those smart people hangin’ out, they’d figure out a little better traffic flow. That being said, I love it there. They’ve got lots of history…and Dunkin’ Donuts.

Remember the story of Paul Revere? He notified the fine citizens of the surrounding landscape that “the British are coming…the British are coming.” That’s right, Paul shot off into the woods (presumably without a GPS) and got everyone ready to fight the “King’s Regulars” and their aggressive advance in order to keep the progress of freedom right on track. We kicked the Brits’ butts (sort of like the Red Sox kicked ours) and, as a result, we are who we are today and enjoy the freedoms of being American citizens. One of those freedoms is credit unions.

I was in Boston to emcee the credit union industry’s 100-year celebration on Sunday night. So let’s see…doing a little math…that means credit unions kicked into full gear somewhere about 134 years after Mr. Revere sounded the alarm to wage an important defense that helped insure our independence.

Like the folks in Paul’s day, I’d bet you’d wage the same battle for the freedoms you enjoy today, if they were attacked. You may not know this, but banks want the worst for credit unions. Yep, they want us gone. Well, this year credit unions are celebrating 100 years of serving American citizens because we have fought – and will continue to fight – for your right to choose a credit union.

On a much smaller scale than the historic ride of Paul and his fellow patriots, but nevertheless of dire importance, are the legislative battles we fight for our members every day. Banks (like the autocratic Brits) would like nothing better than to see us abolished. That would give them free reign to do with you and your fellow consumers what they please. A world without credit unions would severely hamper the freedoms you have in consumer choice. Keep supporting your credit union. It means continued great rates, low fees, great service and freedom to choose. Because we exist, banks must compete fairly. Don’t ever forget it.

Paul Revere didn’t use a blog to sound an alarm. He used a horse and word of mouth. Minus the equine, we need you to get the word out. Tell your family, friends, neighbors and legislators that “the banks are coming, the banks are coming.” And not in a good way. Together, we’ll preserve credit unions for the next hundred years.

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