Credit unions can do good things for communities and the American economy by serving as disruptors in the financial services industry, CUNA President/CEO Jim Nussle told Radio Iowa in an interview Thursday. In Des Moines to meet with credit unions at the Iowa Credit Union League’s annual convention, Nussle spoke with Radio Iowa about how credit union growth is helping Iowans and Americans.
“When I started in congress back in 1990, seems like ages ago now, small community banks made up about 75 percent of the entire marketplace of financial services,” said Nussle, who represented Iowa in Congress from 1990 to 2006. “That’s down to 17% today.”
Nussle said his message is ICUL’s convention is “Don’t be disrupted,” recalling that credit unions were the original disruptors in 1934.
Nussle also addressed recent developments in the larger financial services system, from the Consumer Financial Protection Bureau’s investigation into Wells Fargo to the creation of online peer-to-peer lending.
Instead of viewing those developments as a challenge, Nussle said credit unions should view them as an opportunity.
“We can be that new kind of disruption, which I think many people have interest in, like millennials in particular, but do it in a safe-and-sound and with-a-track-record-to-prove-it sort of way,” Nussle said.