WASHINGTON–CUNA has launched an “Advancing Communities” campaign, an initiative it said is designed to inform state policymakers and consumers about the economic and social impact that credit unions provide to communities across the country.
The campaign was made in collaboration with state leagues to reinforce how credit unions are providing personalized support to members navigating difficult circumstances, namely financial recovery from the coronavirus pandemic, the trade group said.
“At the core of the credit union mission is a commitment to our communities. And now that the pandemic has upended finances for people across the country, credit unions have returned to that commitment tenfold,” said CUNA President/CEO Jim Nussle in a statement. “As policymakers consider the pathway toward economic recovery, we want to make sure that credit unions have a platform to share the work they’ve done to preserve their local economies while assisting members and small business that might otherwise be left behind. It is an important message that both federal and state lawmakers need and want to hear.”
According to CUNA, the Advancing Communities website features data and statistics on how credit unions are creating opportunities for underserved populations, expanding financial services in rural areas, and helping small businesses thrive, as well as first-person testimonials from credit union members sharing how credit unions have benefitted their lives. CUNA said America’s credit unions provide $223 billion to the economy, more than one-million jobs, and $13 billion in total financial benefits for Americans.
Solutions Outlined
In a commitment to ensure economic prosperity and fairness for all, CUNA said the campaign features a Plan for Better Communities to addresses systematic socioeconomic disparities and inequalities across the country. The bipartisan set of solutions includes:
- Providing affordable financial services to more Americans, no matter where they live–especially for underserved and diverse communities in rural and urban areas
- Protecting families from abusive lenders by providing low-interest and responsible short-term loans when facing an unexpected medical debt, surprise medical billing, job loss, or other emergencies
- Helping more Americans achieve the American dream of owning a home with access to easy and lower-cost home loans
- Assisting working families in sending their children to college via lower-cost student loans
- Ensuring their members’ personal financial data is secure and their privacy is protected against hackers and other bad actors
- Investing more in the local communities they serve, growing the local economy by expanding small businesses loans, and empowering job growth
- Ensuring all Americans have access to a not-for-profit cooperative choice when it comes to their families’ financial futures.