Northwest Credit Union Association President/CEO Troy Stang explains why the credit union difference is essential to Washington’s economy and residents in Biz Journals.
“As not-for-profit cooperatives, credit unions offer better deals to their members than profit-driven financial institutions,” says Stang. “What that means for the average member household in Washington is a return of $180 each year. That benefits the entire state to the tune of more than $330 million in economic impact.”
This is all part of credit unions legacy. Formed in 1934, President Franklin Roosevelt signed the Credit Union Act which enabled consumers to form member-owned financial institutions to meet the needs of their families. Credit unions have stood the test of time by assisting members from the Great Recession to current times.
“Nearly any financial service a Washingtonian needs can be obtained from a credit union,” says Stang.