PHOENIX–ABC 15 in Phoenix recently aired a report on the positive affects of the credit union member-centric structure, which was highlighted as part of reporting on the findings of the CFPB report on credit card interest rates.
The CFPB report called out a stark disparity in credit card interest rate offerings between larger banks and smaller financial institutions, the GoWest Credit Union Association noted.
In an interview with ABC 15’s Data Analyst Garett Archer, Troy Stang, president and CEO of GoWest Association, pointed out that credit unions, operating under a not-for-profit cooperative structure, are built to offer lower annual percentage rates than their larger banking counterparts.
"Relationship banking really matters,” Stang said. “What you see with credit unions being not-for-profit member-owned cooperative structure institutions is that a credit union's first line of accountability is to their members."
Watch the interview here.