By Kathleen Coulombe
I’ve been an advocate for more than 20 years and have seen my share of compelling, life-changing stories. But my experience yesterday was a little different.
Last night, I had the privilege of joining members of Congress and their staff, league and credit union leaders, and more than a hundred other stakeholders on Capitol Hill for an evening that reminded me exactly why I joined the credit union movement.
The occasion was a celebration of Opportunity Knocks, a PBS television series that follows real families navigating real financial challenges on their path to the American dream. And true to form, it is credit unions, rooted in communities across the country, who are helping those families every step of the way.
As affordability continues to weigh heavily on American households, this event shined a light on real families who are dealing with real challenges, find real solutions, all with dignity and hope. It was powerful to see lawmakers talk about their personal experiences with credit unions and amplify the impact that our movement has in communities across the nation.
While I’ve just begun my role as chief advocacy officer at America’s Credit Unions, I’m no stranger to the valuable mission of credit unions. Credit unions are just built differently. While banks champion profits, credit unions champion people and values. And our members themselves are living proof of the effectiveness of credit unions.
Having the opportunity to share this message not only during Financial Capability Month, but also ahead of bank lobbyists descending upon D.C., could not have come at a better time. As the bankers bring with them the same misleading claims and tired talking points, credit unions welcome the opportunity to ground the conversation in the truth.
Here is the real story:
- The "unfair advantage" argument? Credit unions serve 43% of all Americans yet hold just 8.8% of total financial assets. Banks hold the other 91.2%. That's not dominance, that's dedication to underserved communities.
- The tax status criticism? That tax status returned $42 billion in direct financial benefits to American consumers last year alone, nearly 17 times the supposed "cost." That's money back in the pockets of everyday people, not shareholders.
- The economic impact? Credit unions support 1.3 million American jobs and generated $352 billion in total economic impact this past year. And 94% of Americans approve of credit unions, with 79% agreeing that Americans would be better off financially if they used one.
Regardless of what bankers may say, America’s Credit Unions, leagues, and industry are dedicated advocates are on Capitol Hill, leading efforts to showcase credit unions’ impact directly to decisionmakers.
This week exemplifies why I joined the credit union movement: No matter where you are financially, there is an institution in your community that will sit across the table from you, listen, and help you find a way forward—and that institution is a credit union.
Kathleen Coulombe is Chief Advocacy Officer at America’s Credit Unions.