By John Flynn, CEO, Open Lending
As we all gather with friends and family for grand fireworks displays and backyard cookouts, let’s remember what Independence Day represents.
July 4, 1776, was the day the United States of America officially declared itself independent of the British monarchy, and instead chose local governance, free will and responsibility. Our forefathers crafted a democracy that’s lasted more than 200 years. We’ve had some hiccups, but it’s certainly one of the best the world has experienced. The Declaration states:
When in the Course of human events it becomes necessary for one people to dissolve the political bands which have connected them with another and to assume among the powers of the earth, the separate and equal station to which the Laws of Nature and of Nature's God entitle them, a decent respect to the opinions of mankind requires that they should declare the causes which impel them to the separation.
That is not only how our nation came to be, but also how credit unions were created in the US. Even in our land of opportunity, some were denied to fully participate because of the color of their skin, their accents, their religion, and, yes, even their money – or lack thereof. When the banks of the time wouldn’t open an account to help everyday people, credit unions stepped in and launched a revolution that provided equal access to everyone by democratizing capitalism. Credit unions helped to bring our nation’s democracy to the next level, fulfilling the meaning behind “life, liberty and the pursuit of happiness.”
Credit unions also derive “their just powers from the consent of the governed,” through democratically elected, volunteer boards of directors and one-member, one-vote governance. Every member has the right to run for a credit union’s board; every member has the right to vote for who serves on that board. Credit unions were set up for their boards to be representative of their membership! Sound familiar?
We “provide new Guards for [members’] future security.” Credit unions provide members with fair rates on loans and deposits, as well as so many other things that cultivate financial stability, from student scholarships to budgeting advice and beyond to support the American Dream – accelerating the peoples’ pursuit of happiness.
That is why Open Lending supports credit unions to reach more consumers – especially those who have a few bumps in their credit. Contact us to learn more. We all deserve an opportunity for independence, whether a nation or a single mom, working two jobs to make ends meet. So, this Fourth of July, Open Lending celebrates the nation’s independence and credit unions.