It is normal and perfectly acceptable that credit unions should evolve, CUNA President/CEO Jim Nussle wrote to Sen. Orrin Hatch (R-Utah). Nussle responded to a letter Hatch sent NCUA Chair J. Mark McWatters last week with questions about the state of the credit union movement.
“It is perfectly acceptable for credit unions to evolve – the whole financial services industry looks different than it did in 1934,” Nussle wrote. “Credit unions need to remain relevant to consumers in order to fulfill their mission, and they’re working to remain relevant within a charter that is overly restrictive and burdensome.”
Nussle detailed the background behind credit unions’ tax status, and how that mission has not changed. He noted that credit unions’ expanding their product offerings reflects ongoing change in technology and the financial services marketplace.
In the letter, Nussle also noted: