The Unofficial Credit Union Anthem

Thirty-five years ago, Morgan Freeman played a tough, forceful teacher who turned around a failing school in crime and poverty-ridden Paterson, NJ. Based on a true story, the movie took its name and theme from an old Bill Withers tune based on his own true story. Odds are, you already know the lyrics by heart.

Withers grew up in Slab Fork, WV, a tiny community in the heart of coal country that was even poorer than Paterson. But in Slab Fork, people were committed to helping one another through good times and bad.

Some times in our lives … We all have pain … We all have sorrow …

Both places are home to hard-working men and women living paycheck to paycheck with few or no assets, just one small emergency away from payday-lender hell.  They could be transformed by a purpose-driven credit union empowered to deliver meaningful value and life-changing support by taking smart risks and charging appropriately.

This is what visionaries like Desjardins, Maxwell, Bergengren, Herring, and Filene created American credit unions to do.

Distressingly, many — most? — credit unions do not feel empowered to deliver these services on a safe, sound, sustainable basis, being restrained by risk-averse examiners, interest rate caps, the anti-fee movement, and the demands of bankers for credit unions to be charities instead of not-for-profit businesses.

Lean on me … When you’re not strong … And I’ll be your friend … I’ll help you carry on …

There’s a well-worn proverb: “Give a man a fish and you feed him for a day. Teach a man to fish and you feed him for a lifetime.”

Giving a fish is charity; teaching is a profession.  It’s HARD (and underpaid), but invaluable for our society and our fellow human beings.

At its best, the credit union movement is in the teaching business. That’s the essence of our mission.  And it is a business.

Credit unions are NOT charities; they are not-for-profits for whom earnings are the result of delivering on mission.

Please, swallow your pride … If I have things, you need to borrow …

Everyone needs financial products and services. Not everyone is easy to serve, especially in the eyes of examiners and those with small risk appetites. That’s why so many Americans are over-charged for mandatory financial activity like cashing paychecks and paying for emergencies.

In the most literal and historically accurate sense, credit unions exist to meet needs like this. They also earn a return while doing so. As cooperative businesses, credit unions empower their member-owners to help one another through good times and bad, which means operating on a sustainable basis.

For, no one can fill … Those of your needs, that you won’t let show …

Credit unions have money to lend and services and support to provide. Unfortunately, not enough people are aware of the opportunities available through credit unions. That’s a long-standing challenge for “the best kept secret in banking.”

Joining a credit union when you are struggling financially also requires a willingness to rise above the understandable but debilitating shame almost everyone feels when facing financial challenges. It’s a vicious combination that people all too often feel powerless to overcome.

You just call on me brother … When you need a hand … We all need somebody to lean on …

Recently, some colleagues and I had the privilege of hearing Doug Fecher advocate for “Lean On Me” to be adopted  as the credit union anthem. Doug is the retired CEO of Wright-Patt Credit Union ($8.7B, Beavercreek, OH) and chair of Callahan & Associates.

Something of a Renaissance Man, Doug can weave together diverse interests and experiences to tease out the kinds of insights our movement needs. Then he tells a compelling story so the rest of understand what’s most important — what makes credit unions different and why it matters.

If, there is a load, you have to bear …That you can’t carry …

Doug makes a strong case that “Lean On Me” is the essence of a cooperative — a sustainable, not-for-profit business established to empower people to help one another through good times and bad.

This is a fundamentally different idea than the mantra: “No margin, no mission.”

That catchy but timeworn phrase implies credit unions should be making money to fund charity. At its best, that is a limited interpretation of just one of the cooperative principles.

I’m right up the road … I’ll share your load … If you just call me …

The credit union movement is a community in which we are all members and to which we all must contribute. For the average American, credit unions are a much better choice than a megabank. How do we ensure they know this? How do we help them experience the power of the cooperative model? How can we help them believe in it, share it with friends, family, and communities, and engage as volunteers so the movement’s promise will continue for generations to come?

“Just call me … If you need a friend … Call me … We all need somebody to lean on.”