A White House Petition on We the People
“Choose NCUA Leaders who understand Cooperatives”
What is the Petition?
On February 24, 2013, a concerned group of credit union leaders filed a petition on We The People (petitions.whitehouse.gov) respectfully requesting President Obama nominate NCUA board members who understand the Cooperative model.
Two NCUA board seats will be open this year. We believe these appointed governing leaders should hold to the same standards credit unions follow themselves and be motivated by the unique contributions and needs of a Cooperative.
Credit unions are Cooperatives. They are built by members who fund them. They are democratically organized and operated. Credit unions start with no capital, just a passion for serving member needs by following the 7 Cooperative Principles. These are listed in the petition which is also presented at www.HYPERLINK "../www.Coops4change.org"Coops4change.org.
The Petition and Cooperative Principles
This petition is a public effort to provide credit union members throughout America a chance to show their support for cooperative principles. Democratic governance enables member owners to have a voice in the choice of their leadership.
This campaign will also encourage those who seek leadership roles at NCUA to step forward and to speak about their vision for a 21st Century Cooperative Regulator. Today the process is out of view.
When a petition receives 100,000 signatures within 30 days of being initially posted, that petition will be reviewed by the administration.
The White House will convene a meeting with representatives from all of the major policy offices that review petitions that cross the signature threshold. This group will determine which policy office should respond and ensure that the response is posted as quickly as possible.
When the White House responds, everyone who has signed the petition in question will get an e-mail from the White House with the response.
Why This Petition Now?
Cooperatives fill a special role in financial services. In 2012, 2.1 million new members chose to join a member-owned and member-funded institution. Credit unions granted a record $330 billion in new loans helping millions access the record low rates, refinancing debt and creating more confident consumers. Over 90 million Americans are now members.
The Federal Credit Union Act specifies that credit unions are “cooperative associations.” The financial crisis has created a misalignment between NCUA and the credit unions they regulate. Confidence in the power of the Cooperative model as the best charter to serve consumers is lacking. Trust needs to be restored in the ability of the regulator to unshakably hold cooperative principles as the foundation of policy.
These principles are an innovative and powerful way for citizens to build value for their needs and to pass that “common-wealth” forward to future generations. Congress created this independent member-owner-model based on self-help, to meet needs that other firms or government could not.
What we are asking our volunteers, employees, members and all stakeholders to do
We are asking all credit union supporters to sign the Cooperative petition on petitions.whitehouse.gov. We seek an open, visible process so that the best possible leaders can be chosen. A strong Cooperative regulator is essential for a sound credit union system.