Taking a 'Community' response to compliance

Dakota credit union leaders talk credit union difference

June 14, 2022

Dakota Credit Union Association President/CEO Jeff Olson and First Community Credit Union President/CEO Steve Schmitz talked about the credit union difference in the Greater North Dakota Chamber’s latest Report on Business.

Olson was asked about what questions consumers should be asking their financial institution.

“One determining question to ask any financial institution is this: What drives your success? If you are seeking a financial institution that puts service before profitability, the answer your financial institution gives to that question will make your decision blaringly clear,” said Olson.

“As not-for-profit financial cooperatives, the primary goal of the credit union industry is to enrich the  lives of our members and the communities we serve,” he added.

Schmitz spoke on the cooperative nature of credit unions and their history of serving communities.

“Financial institutions should view helping businesses and our members as a partnership. It’s more than just lending money, it’s about making sure we have successful, thriving members,” he said. “Whether we are lending a business money, helping them connect with others in the community, or simply answering questions and being there when they need us we want to help our member’s businesses succeed.

“Anyone can write a loan, but the credit union difference is that we look to build relationships and add value to our business member’s lives. We believe in providing a better financial future for all members – your financial institution should,” he added.