What poses a greater threat: ignorance or indifference?

Denise Wymore, Chair, CU De Novo Collective

Ignorance: The term “ignorance” is often misunderstood and misused as an insult. In reality, ignorance simply signifies a lack of knowledge, not a lack of intelligence. Some individuals, including myself, choose to remain ignorant about certain topics. For instance, I deliberately avoid engaging with US politics for the sake of my mental well-being despite being labeled irresponsible. 

Until I heard Randy Karnes, now-retired CEO of CU*Answers, speak a couple of years ago at the Underground in Las Vegas, I had no idea how challenging it was to start a new credit union, with an average of only two being established each year. I also hadn't been paying attention to the alarming number of credit unions disappearing due to mergers. 

At that event, Randy remarked: 

"In any industry, the absence of new entrants combined with the consolidation of existing ones marks the beginning of the end for that industry. That is what’s happening to credit unions." 

His words hit me like a slap upside the head. Suddenly, I was no longer oblivious; I was deeply concerned.

Shortly after that meeting, we launched the CU De Novo Collective website to highlight the concerning decline in the credit union movement. Our homepage serves as a scoreboard to inform and galvanize the credit union community. 

Indifference: Indifference, on the other hand, involves possessing knowledge and choosing not to care. The movement is contracting because of our complacency. Too many individuals adopt the mindset, “I won’t be around, so it’s not my problem.” This indifference fuels consolidation and poses a significant danger to credit unions’ future. 

Last June, the NCUA reported a more streamlined chartering process, revealing 51 applications in progress at various stages. By June of this year, that number had increased to 63, with three new charters granted in 2023. This clearly indicates a growing demand for new credit unions. Now that we are aware of this fact, the question is: will we choose to remain indifferent? Ignorance is no longer an excuse. The responsibility to support and foster new credit unions lies with us. Indifference at this critical juncture would only accelerate the decline of the credit union movement. 

Are we willing to let that happen?