WASHINGTON–CUNA President and CEO Jim Nussle acknowledged credit unions are sick of hearing it, but stressed CU reps must continue to tell their story in Washington and at home—and realize the “home” part includes their own employees and members who are struggling financially.
“Because if we don’t tell it, who will?” said Nussle of the credit union story. “I know there are others who are happy to tell your story for you.”
Nussle began his remarks on stage by extolling the size of GAC, the health of credit unions and the strength of the economy and job market. But he was interrupted by a woman in the audience who stood to say enough was enough. The woman was Nussle’s wife, Karen, who joined her husband on stage as part of a give-and-take that was both humorous and serious.
“All that stuff about how the economy is going great, everything is wonderful and all our phone calls are perfect” isn’t all true,” said Karen Nussle. “Some people are doing well. But if you talk to the front line people, the tellers, they will tell you not everything is going so well. There are record amounts of debt and a lot of anxiety about the future. If you look at the whole picture, all of it, you will see Americans are struggling, credit union members are struggling.”
After sharing three member stories, Karen Nussle exited the stage and Jim Nussle said the point raised was a good one for GAC attendees to keep in mind.
‘More to the Story’
“There is more to the story. Politicians and the media aren’t telling you something that necessarily isn’t true, but they aren’t telling you the whole story. That’s the story you need to be telling on Capitol Hill,” he said. “Eight-in-every 10 workers are living from one paycheck to the next. Let that sink in—80%. And it may be a pretty good paycheck. And that means it might be 80% of every room we are in. It could be eight of every 10 people who walk through our doors. Six-in-10 do not have three months of savings on hand. And we have all heard four-in-10 don’t have emergency savings of $400.
“It’s about how that makes you feel,” Nussle continued. “The research suggests it affects you physically and mentally. It’s how you treat your family and friends and it affects the decisions you make.”
Nussle told the audience they cannot overlook the fact the credit union “workforce is not immune to this.”
Other Statistics Cited
He noted many Americans, including CU employees, are holding multiple jobs. He also cited a number of financial statistics:
- Consumer debt just crested at $14 trillion for the first time in history, with $450 billion of that credit card debt. The average American has four credit cards in their wallet. The average debt-per-household in the U.S. is approximately $136,000.
- 25% of Americans earning over $150,000 don’t have emergency savings.
- A Gallup Poll found 45% of the country said what they feared most financially is they would go bankrupt if they suffered any sort of health event.
- The National CU Foundation found among CU members, nearly 60% admit openly they are financially struggling, and 43% of CU members said they ran out of money at least one time during the last year.
What Is Being Done to Help
Nussle told the meeting credit unions know each person and know each person is different and that no one-size-fits-all solution exists. He further noted that while financial education is good in schools, it needs to occur at all various life stages from college graduation to birth of a child to a new home to retirement.
“It’s our sole motivation to help. We’re not here for the profits. We are here because we know we can make a difference,” said Nussle.
The results credit unions have gotten, according to Nussle, include:
- 115 million stories of how people’s lives are changed
- $19 billion in benefits to credit union members in 2019
- $25 billion in small business loans creating 386,000 jobs
Do Three Things
“Are we always perfect? No. We can always improve, individually and collectively. But we don’t have to do it alone,” said Nussle, touching a theme he has frequently alluded to, “cooperative superpowers.”
Nussle called on GAC attendees to do three things this week:
- “The first is the reason we have a GAC, advocacy. We are going to have more than 600 meetings across Capitol Hill.”
- We need to amplify the CU story and create awareness, especially at home.
- Exercise. “I’m not talking about the treadmill. I’m talking about the credit union and cooperative superpowers.”