From right, Cooperative Credit Union President/CEO Ron McLean is interviewed by Financial Exchange Radio Show host Chuck Zodda. (CCUA photo)

Leagues continue to tout credit union difference

March 20, 2023

League leaders continue to work to highlight the credit union difference, especially as consumers may be concerned about their finances after recent large bank collapses. CUNA launched a webpage to support and provide resources for Leagues and credit unions.

Cooperative Credit Union Association President/CEO Ron McLean took to the airwaves to deliver a credit union message of safety and soundness on the Financial Exchange Radio Show

"You don't walk into a credit union as a customer. You walk in as a member-owner. We exist to help you, your family, your business get to a better place in life, because you are a member-owner," he said. 

Minnesota Credit Union Network:

  • Chief Advocacy and Engagement Officer Mara Humphrey told the Minneapolis/Saint Paul Journal, "credit unions are run very differently than the business model of Silicon Valley Bank. So reminding them that we are different financial institutions...and their money is safe."
  • Vice President of Communications and Engagement Andrea Molnau was a guest on WCCO Morning News to emphasize how credit unions are member-owned and deposits are insured.
  • Director of Governmental Affairs Ryan Smith was featured on the Wrong About Everything podcast to provide context and the credit union perspective.

Utah Credit Union Association President/CEO Scott Simpson spoke to Dave and Dujanovic about the differences between credit unions and banks, and to KSL At Night on potential effects in the state of Utah. 

"Credit unions are fine. Silicon Valley Bank had something like 5% of its deposits insured, the inverse is true with credit unions," Simpson said. "Our largest credit union has 93% of deposits insured, and the average has more than 90% insured."

Credit Union League of Connecticut President/CEO Bruce Adams appeared on Great Day @ 9a to talk about what the situation means for consumers. 

"Here in Connecticut, especially in Connecticut's credit unions, their money is safe and sound," he said.