By Jim Nussle
I remember learning in school the importance of “show, don’t tell.” I was taught to not just tell a story, but enrich it with details to make it more immersive to the reader.
That lesson holds as true for credit union advocates as it did for me in grade school.
I took hundreds of meetings with leagues and credit unions over the past year, and the stories I heard about the credit union difference are amazing.
Now it’s time to show policymakers what that difference means for their communities, and what they can do to help their constituents even more.
I can tell you from firsthand experience: nationwide data on the good work that credit unions are doing for individuals and to advance their communities is helpful for policymakers. But what truly makes a difference are stories that illustrate how specific policies have led to life-changing moments for individual credit union members.
Keeping Businesses Afloat
During the pandemic, credit unions have kept thousands of businesses—and their employees—afloat. Sharing stories of local businesses who’ve benefitted from the $33 billion dollars freed up through temporary member business lending reform can make those adjustments permanent.
By detailing the ways your credit union provided individual pandemic relief to your members, through loan modifications and other provisions, we can prove why modernizing our field of membership restrictions can improve financial well-being for all consumers.
Financial well-being about the choices individuals can make with their money – from being able to handle an unexpected expense, to starting a family or being able to buy your first home. It’s also how folks feel about their finances.
For credit unions, that means being there for our members through every step of their journey, whether it’s getting them through once-in-a-lifetime pandemic, or simply providing them with the tools and resources to be comfortable with their finances. The credit union difference means supporting comprehensive financial well-being for all.
Not to Be Taken for Granted
It’s not something we can take for granted. The Financial Health Network estimates 167 million Americans are financially unhealthy.
Low-income communities, people of color, and rural populations are more likely to struggle with their financial health than the total population. Those are also communities credit unions are positioned to help.
It’s why as a credit union movement we’ve dedicated ourselves to financial well-being for all.
Financial well-being for all is the lens through which we must tell the credit union story. It’s how we turn that “credit union difference” into something tangible for our members.
And it’s how we get policymakers at every level and from every political persuasion to help us fulfil our mission.
By showing policymakers the undeniable credit union difference and show them what policies will help advance financial well-being for all, it makes it that much harder to turn us down.
The Future
Financial well-bring for all is the future of the credit union movement because it’s our past, as well as our present. It’s who we are, who we’ve always been. By recommitting to this core purpose of our movement, we’ll ensure credit unions are a vital part of the 21stcentury economy.
At CUNA’s GAC, you heard about the concept of financial well-being for all, from credit union leaders who have made it part of your journey.
Remember, it’s not ourselves we’re advocating for, it’s our members. All 120-million of them and counting.
Jim Nussle is president and CEO of CUNA.