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|Articles - June 2013|
|Tuesday, May 28, 2013|
BY MANDY JONES
My mentor was my dad, who owned a small business in Milwaukie, Oregon. He taught me the importance of businesses being involved in their community and the joy of making a difference in people’s lives. He was not surprised when I chose to work in credit unions. Today I’m CEO of Oregon’s second largest state-chartered credit union, and I love going to work every day, making a difference in the lives of our members, employees and the communities we serve.
Credit unions have been so focused on serving communities and providing excellent financial services to members that we have failed to tell our story — who we are and what makes us different. Here are some key facts I hope you find interesting.
1. We are people helping people.
Many credit unions were started by pioneer member-owners who began the business in the garage of someone’s home and pooled their funds in a shoebox. The focus was always clear: providing access to credit for people who could not seem to get it at the local bank. Fast forward and today you find 71 Oregon credit unions and thousands of stories annually about members who need help — and get it —from their credit union.
Even in this tough economy, credit unions understand that “bad things happen to good members.” In the last three years, credit unions have continued to loan and work diligently to help members who have lost their jobs to keep their autos and stay in their homes. These efforts have helped stabilize families during the worst economic downturn since the Great Depression.
At Oregon Community, we helped more than 500 members in 2012 alone with special workout loans that adjusted rates or payments on auto loans and mortgages.
2. It’s all about the members.
Credit unions are member-owned, not-for-profit financial cooperatives. That means everyone who becomes a member owns a piece of the rock. No shareholders. No paid board of directors focused on profits. Every decision the credit union board and management makes takes members into consideration first. Decisions such as convenience, rates, branches, technology, products and services are all made to support the needs of the membership. Over a million residents in Oregon belong to a locally owned credit union, and that number is growing.
3. Everybody benefits.
Credit unions are a positive influence on all financial services in the communities where they do business. Here in Oregon, credit unions hold a small percent of market share, but even so, we effectively help to control costs and maintain the rate environment for everyone. Research shows that when credit unions are in a market, all loan and deposit rates are positively impacted.
In 2012 Oregon credit unions put more than $110 million back into the pockets of members as a result of lower loan rates, free checking, higher rates on savings and other benefits. That works out to an average of $152 per credit union household. That’s real money our members didn’t spend to get access to vital services like credit and a safe place to keep savings. Given the cost of groceries or gas these days, that’s a great reason to be a credit union member.
4. “Community” is our middle name.
Credit unions have a well-deserved reputation for superior service and being the kinder, gentler financial institutions. But it’s not just our members who benefit. Community service is in our DNA. For example, Oregon Community Credit Union is the single largest corporate scholarship sponsor at the University of Oregon. UO is where our membership started. Our members believe in supporting education, so it only makes sense to give back through scholarships for Oregonians, many of whom are the first of their families ever to go to college. Along with supporting other scholarship programs in 2012, Oregon Community also donated over half a million dollars, and our employees volunteered over 2,000 hours to help our members have the opportunity to live in a vibrant and prospering community by supporting many nonprofits.
The simple truth is 1.3 million Oregonians have figured out that being a member-owner of a credit union is their first choice when it comes to financial services.
Mandy Jones is CEO of Oregon Community Credit Union.
Friday, February 20, 2015
BY JACOB PALMER | OB DIGITAL NEWS EDITOR
“We thought there was room for something new.”
Monday, February 23, 2015
BY JACOB PALMER | OB DIGITAL NEWS EDITOR
Power Lunch at Swagat in Hillsboro.
Friday, February 27, 2015
PHOTOS BY JASON E. KAPLAN
Images from the 2015 celebration of Oregon's great workplaces.
Sunday, February 15, 2015
BY LINDA BAKER | OB EDITOR
As the investigation against the governor moves forward, those of us in the news business should reflect on our own potential for subverting the democratic process.
Thursday, March 26, 2015
BY LINDA BAKER
Everyone knows cell phones and driving are a lethal combination. The risk is especially high for teenage drivers, whose delusions of immortality pose such a threat to us all. Enforcement alas, remains feeble; more promising are pedagogical approaches aimed at getting people to focus on the road, not their devices.
Monday, January 26, 2015
BY AMY MILSHTEIN
Thinking about starting an internship program? Be careful. Navigating unpaid internships can be tricky.
Thursday, March 19, 2015
BY APRIL STREETER
How the private sector can ride the next transit revolution.
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