WASHINGTON—With a message that stressed the need to focus on financial well-being, CUNA CEO Jim Nussle said it’s no longer enough to simply tell the credit union story when meeting with state and national leaders--it’s time to back the discussions up with data to “paint an undeniable picture” of what credit unions are doing to help millions of Americans.
Just prior to GAC’s launch, CUNA unveiled “Financial Well-Being for All,” which it said is to be a “movement-wide effort to amplify and quantify how America’s credit unions are working to improve the financial state of their members and to encourage them to more obviously integrate financial well-being into their corporate strategies.”
In addressing the trade group’s virtual GAC, Nussle emphasized not only do credit unions have a great story to tell about what they have done for members and their communities since they have been in business—throughout the Great Recession and for some even the Great Depression—but especially about what they have been doing for members who have been hit hard during the pandemic.
The Next Level
“We have had varying degrees of success in sharing how we have changed members’ lives,” said Nussle. “Now it’s time to take it to next level—not just share anecdotes and stories, but back those things up with facts and data. Back that up with data about how you have made a difference in people’s lives, protected those who have lost paychecks or jobs, saved people’s jobs and homes…Literally show the impact credit unions are having at the state and national levels. Paint an undeniable portrait of what credit unions are doing to help members.”
Nussle reminded credit unions to think back on all of the good they have done for members, and their employees as well, during the COVID-19 crisis and to not overlook anything.
“Everyone can remember a time in the last year when you made a life-changing difference for a member—some big and some may seem smaller,” noted Nussle. “Sometimes it was just being there to listen, and maybe that seemed like a routine issue, but for the member it was big. If we don’t share these facts and data someone else will and it won’t be the story we want to tell.”
Doing Good When Times Are Bad
Nussle emphasized that credit unions do their best work when economic times are bad.
“We are an incredible force for good, and we can do more and we can do better,” said Nussle, about telling the CU story to legislative decision-makers. “Let’s start telling our story more strongly today. Let’s start right now. It’s the backbone of all we do.”
Nussle added CUNA will be emphasizing financial wellbeing of credit union members in its discussions on Capitol Hill.
“Financial well-being takes on new meaning now with the pandemic, which has impacted everyone,” said Nussle, adding that rural and low-income communities, as well as people of color, have been hit the hardest from the COVID-19-driven economic downturn. “Data show two-thirds of Americas, or 170 million people, are really struggling financially. Black Americans are 25% more likely to be financially unhealthy today, and Latinx 15% more likely. And people making $30,000 or less, 90% of them are financially unhealthy. In these communities is where credit unions are doing their most important work.”
Commitment to Financial Well-Being
In terms of its new Financial Well-Being for All campaign, CUNA cited Financial Health Network data that show 67 million people in America are struggling financially.
“Credit unions are uniquely positioned to address this challenge due to their core mission, affordable products, and member-centric service model,” said CUNA, adding it will be joining with state leagues on a larger, coordinated effort.
The CUNA board issued a statement saying, “Financial well-being is the state of a person’s financial situation, their degree of control, and how they feel about their money.
“Improving people’s financial well-being is at the heart of the mission and structure of America's credit unions. The essence of this commitment is reflected in each institution's bylaws and it’s something credit unions have been doing for more than 100 years.
“On behalf of America’s credit unions, our shared commitment is to continue to accelerate the vital work of improving financial well-being for all and advancing the communities we serve.”