Simpson: Cooperative finance is ‘one of the most successful social movements’

Scott Simpson

For the first time as America’s Credit Unions President and CEO, Scott Simpson welcomed more than 6,000 credit union advocates to the Governmental Affairs Conference (GAC) Monday morning. Below, please find excerpts from his speech, and a photo is attached. 
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“The reason it's a big deal has more to do with the historic and ongoing execution of an idea, a social movement, and what it means. This is, in fact, more than a business model.  It’s one of the most successful social movements in the history of America,” Simpson said.   

Simpson touted the amount of lives credit unions have touched, including his and his family’s. 

“Credit unions’ greatness is the sum of millions of individual stories. You and I have seen them up close. And we’ve lived them in my family.” 

Capturing and amplifying credit unions’ stories is a core feature of this year’s GAC. 

“That’s a humanity that isn’t found anywhere else in retail financial services, and you as credit union leaders—as board members, marketers, communicators, and advocates—you’re part of the process of capturing, and retelling, these stories of humanity,” Simpson stressed. 

“As someone who has spent a career on both sides of policy meetings, I can tell you just one of those stories, coupled with data that brings the scope and scale of this work, resonates a hundred times deeper than any chart.  

“Every meeting has graphs, facts, and figures, but most do not have a ready example of a life changed for the better. These transformational experiences are also what’s at stake if we don’t advocate.” 

Simpson stressed that the cooperative finance model remains—and always will be—under attack, and that credit unions exist because government allows them to. 

“The truth is, every banker argument is based on one fundamental lie, and that lie is that growth somehow equals a departure from the foundational philosophy of being a cooperative financial institution.  And that is simply not true. 

“But that hasn’t stopped the banks from spreading that lie, and attempting to divide our movement from within. We cannot allow ourselves to be divided. Our mighty, small credit unions and large credit unions have so much more in common than any for-profit bank.  

“As a unified movement, all of us must have the discipline and wisdom to see this model is under constant threat. And the discipline and wisdom to stay together.” 

Simpson highlighted the credit union system’s political machinery, with America’s Credit Unions, leagues, credit unions and their members, and political activism helping to level the playing field with well-funded banks. 

“These 145 million Americans are the great equalizer as we’re up against well-funded opponents, in support of the business model they wish to destroy. That’s a lot of registered voters, and individual policymakers need to feel the earth move beneath their feet.” 

Simpson outlined a number of advocacy priorities that will be the focus of meetings on Capitol Hill this week and throughout the year. But he reminded credit unions to focus on the humanity of the credit union difference. 

“You and I are the stewards of this great social movement. There are 145 million people who are looking to us to stand between them and those who would destroy the pathway to their pursuit of happiness, to their economic freedom. That’s why we’re here. 

“We cannot give an inch to those who seek to discount this difference by merely institutionalizing credit unions. We need to capture and speak of the transformation that is delivered in the lives of your members, somewhere in your branches, every day.” ​

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