CUNA’s Stverak: CUs continue to meet needs in tough economy

Credit unions are invested in their communities because they are a part of the community, CUNA Deputy Chief Advocacy Officer for Congressional Relations Jason Stverak said on AM 1100 The Flag this week. Stverak spoke with host Scott Hennan on issues such as the rising consumer costs, the role of community financial institutions, and the climate for business lending.

“We’re not seeing the signs of a growing, healthy economy,” he said, adding that consumers are increasingly “turning to their community-based financial institutions like credit unions to address the problem: how do they meet these challenging financial times?”

Stverak also noted credit unions continue to find ways to serve members and businesses as costs and interest rates are rising.

“Credit unions are working with members to grow small businesses and keep them open during these challenging times,” he said. “Our numbers show the number of credit union loans loans rates are 8% greater at this time this year versus last year. So we’re seeing many more members turn to us to meet their needs.

The show is broadcast from Fargo, N.D. and reaches listeners throughout the state, as well as in Minnesota, Montana, and South Dakota.