SPOKANE, Wash. (10/10/14)--Northwest Credit Union Association President/CEO Troy Stang addressed credit union leaders at the association's annual Amplify Convention in Spokane Wednesday, reflecting on a year that marked 80 years since the signing of the Federal Credit Union Act and the welcoming of the 100-millionth credit union membership in the United States.
|Northwest Credit Union Association President/CEO Troy Stang envisions a bright future for his member credit unions. (Northwest Credit Union Association Photo)|
Based on these accomplishments, Stang looked toward a bright future for the credit union association's membership (Anthem Oct. 9).
"Think about this," Stang said, "there are 10.7 million people living in Oregon and Washington, and 4.5 million credit union members. You signed up nearly 200,000 new memberships last year."
This market share, Stang noted, together with credit unions' cooperative structure, generates tremendous economic value. He referenced a forthcoming study by prominent Northwest economic research group ECONorthwest that will reveal the true economic impact of credit unions in the Northwest.
"What we are saying here," said Stang, "is that the Northwest credit union movement, collectively, is one of the region's most impactful employers, charitable contributors and political influencers."
"Market share matters," said Stang, adding that the association's priorities of advocacy, public engagement and collective action will pave the way for greater market-share growth in the Northwest.
Stang also congratulated the crowd of Northwest credit unions on their advocacy efforts. "Here's some evidence of the power you have through relationships with elected leaders," said Stang.
"We preserved our tax status in round one of comprehensive (federal) tax reform. In the Northwest, credit union advocates' voices were heard loud and clear during this battle and our messages remain on the ready for when they might be needed again."
Stang highlighted the movement's advocacy success with regulators. "With your support we're able to lessen or even remove policy barriers," he said. "Credit unions have influence at every regulatory level.
"More often, regulators are asking for our input before they propose new rules. More often, regulators understand how proposed rules might affect member service. What regulators and the industry they regulate have in common is what's in the best interests of the members," said Stang.
Nearly a third of Northwest credit unions weighed in on the risk-based capital rule proposed by the National Credit Union Administration, said Stang. "From all indications, it is working. The NCUA announced last week it will release a new rule with an additional comment period."
Stang closed his speech with gratitude and an eye to the future of the Northwest credit union movement.
"If I can leave you with one thought today, it's gratitude for all you do, and especially for your engagement. And it's with a promise to work with you to drive the future through collective action, strategic philanthropy, growing market share and advancing public policy.
"When those missions are accomplished, credit unions are stronger, our communities are stronger, and members' households are financially stronger," he said.