Students learn about credit union difference, history at Principles & Philosophy Conference

Twenty-eighty students from across the Cornerstone region learned about the credit union movement, its history, foundation, and purpose during Cornerstone Credit Union League’s Principles & Philosophy Conference held in Houston earlier this month.

Through team building exercises, networking, and sharing best practices, participants learned what “cooperative” means and how helping one another rather than competing helps make the credit union industry stronger. Students also learned the many differences between credit unions and banks – beyond better rates and lower costs. Some of these include helping members break the cycle of poverty with credit-building products, alternatives to payday loans, and making “character loans.”

Co-facilitators Lily Newfarmer, president/CEO of Tarrant County’s CU, and Courtney Moran, executive director of the Cornerstone Credit Union Foundation, asked attendees to think about ways to let members know that they are owners of their credit unions. Questions included, “What would happen if you repainted the parking spaces with ‘owner’?” “Would this cause chaos?” “How about putting mirrors in the lobby with ‘owner’ in the frame?”

Discussions also focused on the community aspects of credit unions and how to balance fiscal responsibilities with fulfilling social needs. Students brainstormed on ways to help members through financial counseling, reality fairs, and referrals to social services including 211.org, a comprehensive source of local human and social services in the U.S. provided by the United Way.

A total of 28 students completed the Principles & Philosophy training from 11 credit unions across the region.

Dynamic Duo: Courtney Moran (left), executive director of the Cornerstone Credit Union Foundation, teamed up with Lily Newfarmer, president/CEO of Tarrant County’s CU to facilitate the Principles & Philosophy Conference.

Feedback from attendees, included:

“Participating in the 2.5 day immersive experience with other credit union employees gave me an opportunity to network and begin building new relationships, discuss new ideas in order to better meet the needs of our employees and membership, gain a better understanding of the CU movement, and take hold of the importance in telling our story. This was time well spent!” Alexis Redick, University FCU

“Even as a 13 year credit union employee – I learned so much during the P&P Conference. I’m looking forward to taking all I learned back to my credit union.” Sara Freeman, Truity Credit Union

“Thank you for a great experience! I‘m a “newbie” to the credit union movement, and I’m grateful for the knowledge imparted and the networking opportunities. I’m walking away with a ton of notes and ideas.” Lacy Kendrick, Communication FCU

A half-day version of the Principles & Philosophy will be held in Arkansas on Aug. 19. Stay tuned for details.