CUNA
  • Advocacy
    • Priorities we’re fighting for
    • Actions you can take
  • News
  • Learn
  • Compliance
  • Shop
  • CUNA News
    • Policy & Issues
    • CU System
  • Credit Union Magazine
    • Technology
    • Lending
    • Compliance
    • Marketing
    • Management
    • Operations
    • Human Resources
    • Volunteers
  • Advertise
  • Contact
  • Subscribe
  • Buyers' Guide
  • Awards
    • CU Rock Star
    • CU Hero
Learn More about Member Value

News

Member Benefits
Learn more
Learn more about the benefits of membership.
Home » CUs Crucial to Economy & Consumers, White House Advisor Says
Management
#CUNAGAC

CUs Crucial to Economy & Consumers, White House Advisor Says

CUs play a key role in 'Middle Class Economics'

March 10, 2015
Tom Sakash
No Comments

GAC 2015 Jason Furman

President Barack Obama understands the critical role credit unions play in the broader U.S. economy, Jason Furman, chair of the council of economic advisers at the White House, told GAC attendees Tuesday.

“We know that you provide better pricing and higher-quality service for [your more than] 100 million members than many of the alternatives,” Furman said. “We also know that because of your strong [community] ties, your loan performance often holds up better than many of your competitors. That’s good for your members, your communities and, from my perspective, for the overall economy.”

The credit union movement celebrated the 100 million memberships milestone in September. Since then, memberships have climbed to 102.3 million, CUNA reports.

Furman also said the administration acknowledges that ongoing financial reform has affected credit unions, and that he and the president are aware of CUNA’s ongoing legislative and regulatory proposals to address reform.

“While I’ll hold off commenting on specific proposals, we’ve always tried to strike a balance,” Furman said. “We would strongly oppose changes that threaten to undermine the fundamental protections achieved through financial reform. But there may be room for appropriate regulatory relief for small institutions. This is something we’d very much like to work with you on.”

Furman discussed the new economic policy the president unveiled during his State of the Union Address in January: Middle Class Economics, which aims to complete the recovery and set the stage for stronger economic growth in the future.

He said the concept is about creating an economy that grows faster and that allows more people to afford expenses such as college tuition, child care, retirement, and housing. “Many of you in this room play a role in many of the steps of that process.”

  • Related Articles

    Nussle: Engage Our Members

    Your Say: How Do You Remove Barriers, Foster Service Excellence?

    Ari Fleischer: D.C. Gridlock an 'Aberration'

Tom Sakash

Nussle: Tell your CU story to legislators

More from this author

Post a comment to this article

Report Abusive Comment

This Month Payments: Perils and Promise

Payments: Perils and Promise

The payments arena offers new opportunities to connect with members.
Cards Are (Still) King

Cards Are (Still) King

Credit and debit cards still drive the competitive payments market.
Open Banking on its Way

Open Banking on its Way

Prepare for the impact it will have on member relationships and competitive positioning.
App Digital Edition Subscribe

Trending

  • Compliance: New mortgage servicing rules now effective

  • Nussle: Any change to CU tax status would harm consumers

  • Nussle issues statement after NCUA responds to Sen. Hatch

Tweets from @CUmagazine and @CUNA_News

Polls

How often do you talk to the board about compensation?

View Results
More

Champion of America’s Credit Unions

Credit Union National Association is the only national association that advocates on behalf of all of America’s credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

More CUNA

  • About
  • Careers
  • Contact Us
  • Recommended Websites

Resources for

  • Credit Union Advocates
  • Leagues
  • Press
  • Vendors