Credit unions fulling their mission in financial services marketplace

FOR IMMEDIATE RELEASE

CONTACT: Lauren Williams – CUNA Communications; (202) 626-7642; lwilliams@cuna.coop                                                                                                                   

Washington, DC (January 31, 2018) – Credit Union National Association President/CEO Jim Nussle highlighted how credit unions continue to fulfill their statutory mission in response to a question from Sen. Orrin Hatch (R-Utah) to NCUA on whether credit unions are evolving beyond their original purpose.  

“As the only depositor-owned, democratically controlled option in financial services, credit unions' mission is to promote thrift and provide access to credit for members, particularly those of modest means. That’s a mission they have fulfilled for more than 70 years, through multiple financial crises, and it’s a mission that remains unchanged today.

“As the prudential regulator for the credit union system, NCUA has done nothing more than ensure its rules and regulations are compatible with the modern financial services landscape, allowing credit union members and member business easier access to safe and affordable products and services, a demand that’s increasing as credit union membership continues to grow faster than the general population.

“In fact, CUNA recently completed a very rigorous statistical analysis finding that broader fields of membership unambiguously create substantial benefits to credit unions, their members and the overall safety and soundness of the financial sector. CUNA’s research also shows that community charters excel in their mission to ensure low-income populations have access to the financial system. All this comes as credit unions continue to receive high scores for outstanding member service, and as credit unions and members are an increasingly active voice working toward a regulatory environment that treats Main Street differently than Wall Street.”

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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 110 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.