As a B Corporation founder, and someone who spends much of my time helping push the B Corporation movement forward, I can say with my whole heart, the coolest finance kids on the block are Credit Unions. They created a framework in the 1800’s that is the equivalent of a solution based Occupy Movement. They worked to take money out of the central banking system, and placed it in non-profits who’s commitment is to the community first. This notion was nothing less than revolutionary. Today, Inspire Commerce and my family keep our money in Credit Unions. We want to see our capital in the bank benefit our community in the form of loans for community development. We do a ton of work with Wells Fargo as our sponsor bank, and we love them. There are things large international banks do that Credit Unions simply can’t do today. But the game of electronic payments is one Credit Unions can’t avoid if they want to survive.As B Corporations…
We need to support Credit Unions. I can say that their successes to date nourish my soul. They did something radical over 150 years ago that lives on today. I know in meeting with inspirational companies like GoLite, New Belgium Brewing, Ben and Jerry’s, Patagonia, Etsy, Kleen Kanteen, Best Organics, Namaste Solar, First Affirmative, and the list goes on 859 more times (and growing daily).. that we know we need to become the change we seek. I can say with my whole heart that the B Corporation movement has helped create more meaning in the world. And while we should feel incredible about this… launching in 2007 and now being in 26 countries… we should also take a moment to thank Credit Unions. They started this in 1852 and have a century and a half of wisdom from juggling the community first call.Conclusion
I hope that we can give Credit Unions the help that they deserve. When I’m with the leadership in the community here, I feel like I’ve stepped into a world of wisdom. They can’t afford to be radical… they are financial institutions. They need to be conservative. At the same time, what they did and do every day is radical. They help make your money matter in a world where most people are legally required to make your money profit for their share holders. So here is to credit unions, and a successful introduction of CU.PAY to the industry! We’ll share more about it as the project leaves our incubator to take flight in the world.
