NEW ORLEANS (3/1/16)--More than providers of financial services, today’s credit unions are fulfilling the roles of economic drivers, community leaders and small business service providers throughout the state of Louisiana.
That’s according to Louisiana Credit Union League President/CEO Anne Cochran who shared the credit union philosophy in the February issue of Biz New Orleans.
While the numbers are impressive-- more than 1.2 million members statewide in nearly 200 credit unions, with a historical $10 billion in total assets--what’s most important is the idea that credit unions are not-for-profit cooperatives, Cochran said.
Members have a vote in future and success of their credit unions, governed by a board of volunteer directors. She also defined how earnings are returned to members--not shareholders--through lower loan rates and higher interest rates on deposits.
“They are making a positive difference in the lives of Louisianians during an increasingly difficult economic time,” Cochran said. “That is the credit union difference.”
During last week’s Credit Union National Association (CUNA) Governmental Affairs Conference, CUNA President/CEO Jim Nussle launched the #CUdifference campaign that encourages members to share what not-for-profit, member-directed, locally focused credit union cooperatives mean to them.