Donovan to Congress: CUs look to increase service to un- and under-banked
February 9, 2022
The credit union difference means billions in savings for members, hundreds of billions in economic impact, and hundreds of thousands of jobs supported just last year, CUNA Chief Advocacy Officer Ryan Donovan wrote to all 535 Congressional offices Wednesday.
“We look forward to working with you this year to deliver not-for-profit financial services to your communities,” he wrote. “Together, we can better serve consumers who are all too often left behind, from those in banking deserts to those in traditionally marginalized communities.”
The credit union difference in 2021 includes:
$13.3 billion in annual savings to members through reduced fees, lower interest rates, and returned earnings to members.
$226 billion in economic impact.
More than 365,000 jobs supported through credit union business loans.
Credit Union Magazine’s Summer 2023 issue highlights the lending outlook for the rest of the year, how credit unions leverage fintech companies to boost digital lending, the power of lending partnerships, common Bank Secrecy Act violations, and the shift board members must make when becoming chair.
