Ore. CUs stress economic power during Capitol visits
April 1, 2015
SALEM, Ore. (4/2/15)--Credit union advocates from throughout Oregon swarmed the offices of all 90 state legislators this week for the Northwest Credit Union Association's (NWCUA) annual Credit Union Day at the Capitol.
Troy Stang, president/CEO, Northwest Credit Union Association, left, visits with Oregon Gov. Kate Brown on Credit Union Day at the Capitol in Salem Tuesday. (Northwest Credit Union Association Photo)
In addition to asking for support on key legislative issues important to Oregon's credit unions, such as prize-linked savings account legislation, the credit union leaders also handed their elected officials a report performed for the NWCUA that spells out the economic benefits credit unions provide the economy (Anthem March 31).
The 2015 Northwest Credit Unions' Economic Impact Report, compiled by ECONorthwest, found that in 2014 Oregon's credit unions provided their 1.63 million members with $103 million in savings, which translates into $206 million in buying power.
"It looks like you had a total economic impact on the state of $1.9 billion--almost $2 billion," said newly minted Gov. Kate Brown, who also met with credit unions during the day.
The visits were prefaced by a Statesmen Journal opinion piece written by Jean Wheat-Palm, president/CEO, Valley CU, Salem, Ore., who expanded on the ECONorthwest report by saying that not-for-profit cooperative credit unions are foundational to the state's economy.
"The credit union movement continues to fulfill the role for which it was created," Wheat-Palm wrote in the Statesmen Journal (March 29). "Through our not-for-profit, financial cooperative approach, we generate thousands of family-wage jobs, hundreds of millions in direct member benefits and $1.9 billion in economic impact in Oregon alone."
The NWCUA also brought its prototype "home" for a credit union family to show off at the Capitol.
The fabricated, four-wall "house" displays a typical credit union family, and how a family can take advantage of credit union membership to improve its home, start a business or buy a car.