SYDNEY, Australia–CUNA CEO Jim Nussle provided an update for credit unions in this country on what has been taking place in the United States.
Nussle’s remarks were part of a World Council of Credit Unions-organized trip in which U.S. CU representatives are visiting this country. Nussle specifically focused on CUNA’s efforts for advocacy and promotion of credit unions in the U.S.
“Credit unions in the U.S. have seen many positive trends in 2018 – from membership growth to increased financial benefits for both members and non-members,” Nussle told the meeting. “The credit union difference is our cooperative superpower. It’s our best asset, our competitive advantage, and it extends across the globe.”
Nussle told the assembled group U.S. CUs provided more than $16 billion in benefits to American consumers, members and non-members alike. The industry also added nearly five million members and grew five times faster than the U.S. population during 2018.
Nussle further provided an overview of the advocacy pillars that CUNA plans to tackle in the 116th Congress, namely enhancing information security, preserving the tax status, expanding opportunities for consumers and small businesses and continuing to reduce regulatory burden.
WOCCU said the study trip brought the delegation of U.S. credit union industry executives to Australia for a deep-dive examination of how financial cooperatives there are working to overcome regulatory, taxation and branding challenges to grow membership, as well as how to develop innovative digital solutions.