WASHINGTON—After stepping on stage at the GAC dressed as the character John Dutton from the TV show Yellowstone, and with western imagery as his backdrop, CUNA President Jim Nussle used another Kevin Costner reference to tell attendees the wolves are coming for their business, and those wolves are bankers.
“A lot of wolves are coming down to our (credit union) valley,” Nussle said.
Using humor to set the stage for his message—before being relieved of his western wear by his wife, Karen--Nussle shared issues and concerns he believes the movement needs to address—none higher than credit union members increasingly struggling with their finances as the result of inflation and rising rates.
‘Looking Over Your Shoulder’
“We know our members’ lives are becoming more challenging to afford,” Nussle told some of what he said were 6,000 people attending GAC this week. “Two-thirds of Americans are living paycheck to paycheck. Two-thirds of America is financially unwell. If you don’t have money in your checking account, you don’t have freedom. You are constantly looking over your shoulder. This requires that we jump in and be diligent about this…Our members are facing their own debt ceiling, their own fiscal cliff.”
Nussle urged attendees to work to “future proof” the credit union movement.
“We control our future. We have the tools to future proof our movement,” he said. “We control our why. We know why we exist. We control our brand story. We know we have great stories about the credit union difference.”
The Superpower
As Nussle has emphasized at each of the past few GACs, cooperation among credit unions is critical, calling it, as he has in the past, the industry’s “superpower.” Nussle stressed that too much competition is beginning to occur between credit unions, asking that CUs instead focus on how they can better work together to meet their needs, challenges and take the movement forward.
“That is what we control,” he said. “We are not competitors. And we should not act like competitors. We are cooperators. We are not big and small. We are not urban and rural. We are the community leaders across the country and are offering the best in financial services to consumers.”
Nussle said data supports that assertion, as more members are coming to credit unions than at any other time in the movement’s history.
“And that is thanks to you,” he said.
Moving the Needle
Nussle added that credit unions have moved the awareness needle.
Nussle reminded that attendees are not just in Washington to reconnect and learn at GAC, and that advocacy—Hiking the Hill over several days to meet with elected officials—is their focus.
“These messages start with a compelling story, the why,” Nussle said.
Nussle, a former congressman from Iowa, explained that the personal stories about members CUs help are critical to influencing members of Congress.
“If you don’t have a good story, you’ve got nothing,” Nussle said, adding that the personal stories are what often provide the needed support to data points on how the credit union movement, collectively and at the state level, is making a difference in the financial lives of consumers.
The Message
Nussle said he expects CU leaders to meet with Congress and talk about protecting the CU tax status, the threat to credit card interchange, the growing attention from Washington on overdraft services (that he said members want and need), and the need to modernize the Federal Credit Union Act.
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