America’s Credit Unions Launch Campaign to Show Economic Benefit to Local Communities
FOR IMMEDIATE RELEASE
October 19, 2020
Credit Union National Association (CUNA) today launched the Advancing Communities campaign – an initiative designed to inform state policymakers and consumers about the economic and social impact that credit unions provide to communities across the country. The campaign was made in collaboration with state Leagues to reinforce how credit unions are providing personalized support to members navigating difficult circumstances, namely financial recovery from the coronavirus (COVID-19) pandemic.
“At the core of the credit union mission is a commitment to our communities. And now that the pandemic has upended finances for people across the country, credit unions have returned to that commitment tenfold,” said CUNA President/CEO Jim Nussle. “As policymakers consider the pathway toward economic recovery, we want to make sure that credit unions have a platform to share the work they’ve done to preserve their local economies while assisting members and small business that might otherwise be left behind. It is an important message that both federal and state lawmakers need and want to hear.”
The Advancing Communities website features data and statistics on how credit unions are creating opportunities for underserved populations, expanding financial services in rural areas, and helping small businesses thrive, as well as first-person testimonials from credit union members sharing how credit unions have benefitted their lives. According to the campaign, America’s credit unions provide $223 billion to the economy, over 1 million jobs, and $13 billion in total financial benefits for Americans.
In a commitment to ensure economic prosperity and fairness for all, the campaign features a Plan for Better Communities to addresses systematic socioeconomic disparities and inequalities across the country. The bipartisan set of solutions includes:
- Providing affordable financial services to more Americans, no matter where they live–especially for underserved and diverse communities in rural and urban areas;
- Protecting families from abusive lenders by providing low-interest and responsible short-term loans when facing an unexpected medical debt, surprise medical billing, job loss, or other emergencies;
- Helping more Americans achieve the American dream of owning a home with access to easy and lower-cost home loans;
- Assisting working families in sending their children to college via lower-cost student loans;
- Ensuring their members’ personal financial data is secure and their privacy is protected against hackers and other bad actors;
- Investing more in the local communities they serve, growing the local economy by expanding small businesses loans, and empowering job growth; and
- Ensuring that all Americans have access to a not-for-profit cooperative choice when it comes to their families’ financial futures.
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 120 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. To find your nearest credit union, visit YourMoneyFurther.com.