NCBA: Celebrate co-op principles as a business advantage

COLUMBUS, Ohio (May 9, 2008)--Credit unions need to celebrate their cooperative principles, which represent a significant business opportunity in a world in which people are yearning for something with which to connect.

Paul Hazen, president/CEO, National Cooperative Business Association, delivered this message as a keynoter at the Ohio Credit Union System ZENITH08 conference, held April 24-25 in Columbus (eLumination May 7).

"While the cooperative model isn't perfect, it's better than all of the rest," Hazen said.

Credit unions and other cooperatives must ensure that their unique principles are put into action every day to deal with an increasingly complex and competitive business world, he added.

Fellow keynoter Carol Schillios, businesswoman, humanitarian and winner of credit unions' highest honor--The National Credit Union Foundation's 2007 Herb Wegner Award for Individual Achievement--emphasized Hazen's point by sharing her experiences of putting credit unions' cooperative principles to work in some of the world's neediest countries.

"Credit unions are the only financial institution exporting democracy," Schillios said. "People who can't say anything [due to political or social situations] can have a voice in their credit union. The power of decision is afforded to anyone."

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National Cooperative Business Association