Stang: CU difference demonstrated ‘time and time again’ in 2020

March 2, 2021

CUNA conducted its 87th Annual General Meeting Tuesday at the 2021 Governmental Affairs Conference, featuring a recap of the year and a look ahead. CUNA Board Chairman Troy Stang thanked his “amazing colleagues” on the board for their work keeping the movement relevant in 2020.

Stang, who is president/CEO of the Northwest Credit Union Association, also said that despite the hardships of last year, 2020 provided no shortage of opportunities to put people before profits, and credit unions did just that.

“In 2020, credit unions across America demonstrated time and time again how to cooperatively generate and deliver real, tangible value to their members,” Stang said. “You’ve exercised your storytelling power like never before. From the countless calls and emails you sent to the headlines you captured locally, more people and small businesses are experiencing the credit union difference.”

Stang noted that 2020 taught credit unions they can “do more, faster” to meet the needs of members and that he was personally moved by the way credit unions doubled down on member service during the pandemic.

“Looking forward, throughout 2021 credit unions will play a critical role in helping families and businesses get back on their feet,” he added. “The world will emerge from COVID-19, and credit unions will be more relevant than ever.”

CUNA President/CEO Jim Nussle thanked credit unions for “being at their best when things look their worst” in 2020 and for living their mission as financial first responders during the crisis.

“We know credit unions have their work cut out for them in 2021, but I also know we’re up for it,” he said. “The CUNA/league system brings unparalleled 360-degree advocacy offense to the table, supported by the stories and data of what the credit union difference means for the financial well-being of members and businesses across the country.”

Nussle also provided an overview of some of the CUNA/league system’s successes in 2020, including:

  • Advocacy. In addition to securing relief in several pieces of federal legislation, the leagues and CUNA coordinated more than 2,700 meetings with Congress, the administration, state legislators, regulatory agencies, governors’ offices, and local leaders. More than 3,560 credit union employees and board members directly engaged with members of Congress.
  • COVID-19 Restart and Recovery Task Force. After issuing its second industry outlook in January, the task force has transformed to focus on digitization, one of the top recommendations of the initial task force.
  • Solutions. In response to feedback, CUNA released 32 new CPD Online modules built around planning and training for credit unions to modernize operations. CUNA compliance staff kept abreast of the nearly 40 rules and amendments issued directly in response to the pandemic and launched the Credit Union Compliance Management System, which is now used by more than 670 credit unions.

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