HONOLULU—Citing credit unions’ commitment to improving members’ financial lives, and the growth they have achieved in memberships, assets and loans since the Great Recession, NAFCU President and CEO Dan Berger outlined what he sees as a strong period of growth for CUs in the coming years.
Berger shared his insights during NAFCU’s 50th Annual Conference here.
Recognizing NAFCU’s 50 years of service to credit unions, Berger hailed the association’s founders as visionaries for creating an association that has never been afraid to stand up and fight for its members. “We have worked tirelessly for advances that have dramatically improved the way credit unions do business and serve their members,” he said.
Berger noted NAFCU’s achievements include leading the way for federal share insurance, an independent federal regulator, expanded credit union powers, passage of the Credit Union Membership Access Act and protecting the federal income tax exemption.
“At a time when it seems that corporate America has lost its way,” Berger said, “credit unions are looking out for their members and communities and helping them grow.”
He described how credit unions are there for their members at every stage of their lives, providing needed loans, financial counseling and other services designed to help members achieve their financial goals and realize their dreams.
“From Wall Street to the airlines to the telephone and cable companies, it seems like no one cares about the average consumer,” Berger said. “But credit unions do. They get it, and consumers are starting to pay attention.”
Berger said credit unions’ strong growth in membership, lending and total assets is evidence that consumers understand that credit unions are a better deal than big, impersonal banks that are motivated by profit.
He recounted how credit unions are taking on tough financial issues to help their members get out of debt, pay for college and prepare for retirement. He also described how credit unions are using technology to provide greater convenience through mobile apps and smart branches, safeguard members’ data and transactions, use business intelligence to anticipate members’ needs and optimize their capital to invest in innovation and services.
For the past 50 years, he said, NAFCU has succeeded by providing its members with exceptional federal advocacy, top-rated education, the best compliance assistance in the industry and extreme member service. In fact, he said, NAFCU has a Net Promoter Score that is three times the average for trade associations, and it has a 98% member satisfaction rate.