Jim Nussle

Nussle: Credit unions are safe harbor for consumers

March 17, 2023

Credit unions remain focused on keeping consumers’ money safe and secure, CUNA President/CEO Jim Nussle wrote in CUInsight Friday, noting that recent bank failures have consumers concerned. 

"As not-for-profit financial cooperatives, every credit union’s priority is their members – the people who own the credit union. We work towards financial well-being for all, and our actions show it," he wrote. "With people’s financial security and success as our priorities – credit unions don’t take unnecessary risks with those same people’s money because every single dollar belongs to our members. We provide a needed and valued choice in financial services."

Nussle highlighted research that shows 91% of respondents said allowing credit unions to expand into local communities and businesses would promote economic growth. Seventy-five percent agreed that consumers would be better off financially if more were to use credit unions instead of banks. 

"There is a credit union for everyone, and every need.  No matter what life brings, including times of financial uncertainty, credit unions are a safe and secure harbor that consumers can count on," he wrote. 

CUNA launched a webpage to support and provide resources for member credit unions looking to highlight credit unions’ safety and soundness.