CUNA News
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • Credit Union Magazine
    • Buyers' Guide
    • COVID-19
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • Advertise
  • 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
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Contact

News

Home » Credit union benefits promote financial well-being for all
Policy & Issues

Credit union benefits promote financial well-being for all

June 7, 2021
FWBFA2

Cornerstone Credit Union League President/CEO Caroline Willard debunked several credit union myths with indisputable facts in an article published in CUInsight. Willard notes that despite bank claims to the contrary, the credit union system provides billions in taxes and consumer savings, money that helps promote financial well-being for all.

Responding to questions about bank sales to credit unions, Willard notes that these transactions are voluntary on the part of the bank and are made because the bank believes the credit union will be a successful partner.

“Community banks are very open to and often seek credit union purchasers, especially when their big brother banks show no interest…According to a 2019 CUNA Bank Purchase Study, bank owners have various reasons for selling to a credit union, which include better cultural fit, likelihood of employee retention, and preservation of a community service legacy,” she writes. “A bank selling to a credit union is an efficient way to enhance brick-and-mortar access or add commercial lending expertise. Each entity stands to also gain immediate proficiency in areas outside their core expertise, such as community outreach.

“A community bank’s original purpose is to channel loans back into the communities it serves. If a bank closes its doors with no buyers, that community is left unserved and unbanked, creating a financial desert. A credit union acquisition is an outstanding solution for that entire community,” Willard added. “The fact is, what’s good for business is good for the community and employees.”

She also highlights that many banks actively seek buyers, including credit unions, and that both staff and incoming talent can benefit from a bank sale to a credit union.

Credit Union Magazine: Spring 2023

Spring 2023

Credit Union Magazine’s Spring 2023 issue features the 2023 Credit Union Heroes and examines CUNA-League advocacy priorities, board leadership, the impact of financial well-being efforts, fee-related compliance issues, predictions for the year ahead, and more.
Digital Edition •  Subscribe

Trending

  • CUNA Mascot Madness: Voting opens for East Region

  • Mascot Madness: East winner crowned; Midwest voting opens

  • League leaders highlight credit union difference, safety, soundness

Tweets by CUNA_News

Polls

CUNA Mascot Madness: Which West Region mascot is your favorite?

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