CUNA News
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • Topics
    • Community Service
    • Compliance
    • Credit Union Hero
    • Credit Union Rock Star
    • Credit Union System
    • Directors
    • Human Resources
    • Leadership
    • Lending
    • Marketing
    • Operations
    • Policy & Issues
    • Sales & Service
    • Technology
  • Credit Union Magazine
    • Buyers' Guide
    • COVID-19
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • Advertise
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Jobs
  • Contact

News

Home » Consumers Can Use Credit Unions, Not Postal Banking for Financial Services
Press

Consumers Can Use Credit Unions, Not Postal Banking for Financial Services

May 9, 2019

FOR IMMEDIATE RELEASE 

May 9, 2019 

Sen. Bernie Sanders and Rep. Alexandria Ocasio-Cortez announced a proposal to cap the interest rates consumers pay for credit card and other loans. In that proposal they also called for the U.S. Postal Service to start providing more affordable financial services products to consumers.  

Credit Union National Association (CUNA) responded to the proposal with a letter refuting the need for such legislation, detailing why credit unions are the best option for consumers and already provide safe, affordable and quality financial services to local communities.  

Membership through a credit union provides a consumer with all the protections that Sanders and Ocasio-Cortez are seeking, including:  

  • A usury cap on most financial product, including credit cards, 
  • Broad, surcharge-free ATM networks across the country, and 
  • Lower rates and fewer fees on credit cards. 

“Congress doesn’t need to ask the postal service to something it was not intended to do. Congress should encourage all consumers — and certainly the most vulnerable — to seek out service from credit unions,” said CUNA Chief Advocacy Officer Ryan Donovan.  

CUNA is looking to work with Congress to increase awareness among unbanked consumers that options for affordable financial services are available and convenient through the credit union system. The trade association has consistently advocated for solutions to help consumers access credit unions, including expanding fields of membership.  

“While everyone cannot join the same credit union, there is a credit union for everyone to join,” CUNA President/CEO Jim Nussle wrote.  

As the nation’s original consumer protectors, credit unions have a long history of providing affordable, responsible access to banking services. 

Read the letter in full here.  

###       

About CUNA:        
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 115 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org. To find your nearest credit union, visit YourMoneyFurther.com.  

CONTACT:       

Lauren Williams      
CUNA Communications      
202-672-3396   

Credit Union Magazine: Winter 2022

Winter 2022

Credit Union Magazine’s Winter 2022 issue highlights data-driven marketing, the board’s role in cybersecurity, elder abuse scams, credit unions’ auto lending advantage, and more.
Digital Edition •  Subscribe

Trending

  • House passes CUNA, League-led board modernization bill

  • CFPB issues CUNA-opposed proposal on credit card late fees

  • Key committee leaders supportive of credit union priorities

Tweets by CUNA_News

Polls

Vote for the 2023 CU Hero of the Year

View Results
More

Champion for the Credit Union Movement

Credit Union National Association is the most influential financial services trade association and 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

  • Membership
  • Contact Us
  • Careers

Resources for

  • Credit Union Advocates
  • Leagues
  • Press
  • Providers

Our Affiliates

  • American Association of Credit Union Leagues (AACUL)
  • Credit Union Awareness
  • Credit Union House
  • CUNA Strategic Services
  • National Credit Union Foundation
GET CUNA UPDATES
© 2023 Credit Union National Association | ADA Compliance Notice & Legal
Email Us