CUNA President/CEO Jim Nussle outlined the many ways credit unions continue to fulfill their statutory mission in response to a question from Sen. Orrin Hatch (R-Utah) to NCUA on whether credit unions are evolving beyond their original purpose.
“As the only depositor-owned, democratically controlled option in financial services, credit unions' mission is to promote thrift and provide access to credit for members, particularly those of modest means. That’s a mission they have fulfilled for more than 70 years, through multiple financial crises, and it’s a mission that remains unchanged today,” Nussle said.
“As the prudential regulator for the credit union system, NCUA has done nothing more than ensure its rules and regulations are compatible with the modern financial services landscape, allowing credit union members and member business easier access to safe and affordable products and services, a demand that’s increasing as credit union membership continues to grow faster than the general population.
“In fact, CUNA recently completed a very rigorous statistical analysis finding that broader fields of membership unambiguously create substantial benefits to credit unions, their members and the overall safety and soundness of the financial sector.
“Our research also shows that community charters excel in their mission to ensure low-income populations have access to the financial system.
“All this comes as credit unions continue to receive high scores for outstanding member service, and as credit unions and members are an increasingly active voice working toward a regulatory environment that treats Main Street differently than Wall Street."