What Credit Unions Can Learn From Yellowstone National Park

By John Cooke

Yellowstone National Park turned 150 years old this year. President Grant signed the Yellowstone Protection Act into law on March 1, 1872. Although Grant never visited the park personally, his other travels stirred his interest in wildlife preservation. 

Since then, several Presidents have visited the park including Teddy Roosevelt, Warren Harding, Calvin Coolidge and Gerald Ford (who also worked at the park during the summer of 1936 in his youth). As Yellowstone has done, credit unions must keep the attention of the political powers – in a positive way. This can sometimes be a balancing act, however. 

In the early 1900s, the federal government (in its infinite wisdom) launched a campaign to kill off the bison. Luckily, it was not successful. 

Credit unions must always be watching, so the government's wisdom does not strike them like the bison. Whether tax status, field of membership, regulatory burden and more, credit unions must be proactive in their preservation. 

Bringin’ the Heat

In 1988, wildfires ravaged Yellowstone. The policy until that time had been to let the fires run their course without intervention for the most part unless life and property were in danger. Most (92%) of the fires did not burn more than 100 acres, yet on July 15, 1988, policy changed so that all fires were being fought by firefighters. When the fires were allowed to run their course, they cleared out underbrush to allow more nutrients to the more giant trees, additional sunlight and other benefits. But none of that mattered when the government came in to ‘help.’

When credit unions lend to the underserved, lower-income people, those with high debt-to-income ratios or lower credit scores, regulators pounce. Credit unions, as do wildfires, play an extremely vital role in their members’ lives. Credit unions understand the value of what they are providing to their members that regulators frown on. 

The government is good at talking out of both sides of its mouth. Publicly they talk a big game of helping the people of modest means, but on the other hand, regulators clamp down on credit unions’ calculated risk. Credit unions must fight to be the vigilantly observed wildfire with less intervention and not become the fire that’s stamped out. 

Be Members’ Boardwalk

Yellowstone has more than 10,000 hydrothermal features. For the safety of visitors, more than 15 miles of boardwalk have been built around it. The boardwalks are designed to keep people out of the more dangerous areas. Unfortunately, more than 20 people have died from severe burns in the park. 

Credit unions are the boardwalks for many people. I have heard countless stories from Sarah, who also happens to be my wife, of things credit unions are doing to help their members: a loan for a used car so they can get to work, financial education and getting that first mortgage, transferring high-interest debt to a lower interest program or credit card, and much more. Credit unions need to continue being that boardwalk for their members. 

Old Faithful

Old Faithful is one of the best-known features in Yellowstone and in the world. The geyser erupts every 45 to 125 minutes for 3 to 10 minutes with blasts reaching up to 185 feet in the air! When I was a kid, we took a family vacation to Yellowstone, and I remember the clock showing the next expected eruption time. We made sure to be there at that time and got to see a spectacular event. 

Credit unions must be like Old Faithful. Members expect their debit or credit card to work when they use it, their online banking operational and their money and data secure. If Old Faithful were to start missing eruption times, do you think it would remain such a magnificent wonder in 4 million peoples’ eyes each year? If your credit union is not dependable, like Old Faithful, do you think your members will keep coming back?

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In 2021, Yellowstone had a record 4,860,537 visitors. More than 40 years later, I remember our family vacation and look forward to visiting again. The wildlife and the fishing are outstanding. The waterfalls, thermal features, the views and so much more make the park a place of interest for all ages to visit. 

Credit unions can provide helps for people of all ages as well. As Yellowstone celebrates its 150th anniversary as a national park, what can your credit union learn from the park? Will your credit union be able to celebrate 150 years of serving members?