What Credit Unions Should Be Telling Their Members

Jeffery Pilcher provides pretty much the exact advice I gave our CEO on Friday night. His article is a must read for credit union leaders as they roll out reputation management strategies this week.

• Staff—They are going to be bombarded with questions all week. They are going to have to explain things in plain, simple English, which means they first must understand the situation themselves. And remember, every concerned member with a question gives you the opportunity to talk-up your strength and safety. Even if members don’t call specifically about the NCUA seizures, you should take the time to see what they’ve heard and offer reassurance.
• Website—Build a page dedicated to explaining what happened and what it means to members. Link to this page right off your homepage, preferably with a banner ad.
• Direct Mail—Craft a letter. Send it to all members. If you don’t have one in the mail by Tuesday afternoon, you’ve taken too long.
• Email—Send one in the next 24 hours.
• Public Relations—Don’t wait for the press to call you. Contact them right away. Don’t wait until Tuesday or Wednesday. Do it today. You may only have one chance to get the right story out.

I also agree with Pilcher about credit unions that don’t do business with U.S. Central or WesCorp: you have to tell your members explicitly. Pilcher writes…

If you have a capital position worth bragging about, do it. You can’t overwhelm members with too much information in this situation. People are starved for information about the health and well-being of their financial institutions. Embrace this as a chance to fully explain your position.

Another tactic worth considering is an OpEd to your local newspaper that explains credit unions and their place in the financial industry. During the Depression, commercial banks were far more reluctant to loan money to individuals. This behavior led to an enormous increase in credit unions nationwide.

UPDATE 3/23: Here is a link to the response by Argonne Credit Union and its corporate partner Members United.

Here are other articles I have written on this topic:

• Writing a Strategic Communications Plan: Key Messages
• Why You Should Be Proactive with Bad News
• What Twitter’s DoS Attack Can Teach Us
• Three Things People Want to Know in a Crisis
• March’s 5 Most Read Stories
• Are You a Salesman of Ideas?
• Can a Nation Rebrand Itself?
• Cessna Rises to the Occasion
• Facebook Caves on Usage Agreement
• How Do You Respond to Online Criticism?