WASHINGTON—As Thanksgiving arrived, NAFCU last week shared with Congress 10 reasons to be thankful for credit unions, while CUNA highlighted the 111-year history of CUs in a letter of its own.
In an email to Capitol Hill, NAFCU Vice President of Legislative Affairs Brad Thaler highlighted a number of reasons to be thankful for credit unions, including:
- Credit union interest rates and returns on savings
- The industry's commitment to diversity and inclusion
- How credit unions stepped up during the financial crisis and last year's government shutdown
Thaler noted that in addition to their work in communities and service to members, credit unions support bank customers. Contrary to bankers' claims, competition from credit unions is good for the economy. Bank customers benefited by an estimated $102.2 billion from 2006-2015, Thaler noted.
CUNA Letter
Separately, CUNA pointed to the 111 years history of not-for-profit financial cooperatives in America in a letter sent to all 525 congressional offices by CUNA Chief Advocacy Officer Ryan Donovan.
“Since the first credit union was established in 1908, our mission has been to promote savings and provide consumers and small businesses access to safe and affordable credit, and we're incredibly grateful to be able to meet those needs,” Donovan wrote last week.
He goes on to say that without Congressional support of the credit union structure and mission credit unions would not be able to meet community needs, including:
- Investing in branches in rural and urban communities no matter the socioeconomic or cultural makeup
- Making mainstream financial products and services available to those who need them most
- Serving a remarkably diverse membership—one that truly reflects the community