The primary differentiator between banks and credit unions is the organizational structure. Banks are for-profit entities while credit unions are not-for-profit financial cooperatives. Almost everyone in the credit union industry understands this structural difference. Some people coming into the industry pick up this core difference quickly while others never seem to truly grasp its significance.
NCUA Board members are political appointees. Some have had industry experience and a solid background in cooperative principles; others were relatively new to the concepts. By virtue of the Agency being both the federal regulator and administrator of the deposit insurance fund, the impact to the industry by any NCUA Board member can be substantial. Having a background and deep understanding of cooperative principles is a very desirable attribute of any incoming NCUA Board member. That's what the We The People petition is all about.
Day Air Credit Union has an excellent relationship with both our state regulator and NCUA. We try to promote the core principles of being a financial cooperative to the best of our ability and strongly support the concept that NCUA Board members have a true understanding of those fundamental differences that set apart credit unions from the other financial service providers.
Please sign the petition