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Advocacy

Advocacy in a new era: Change brings opportunity to share credit unions’ impact

Capitol building Washington DC sunset at US congress USA

The swearing-in of elected leaders and the gaveling-in of Congress and state legislatures mark the beginning of a new chapter. Familiar faces return, joined by new leaders stepping into their roles for the first time, with steep learning curves and a lot of work ahead.

It’s important that the credit union movement seizes this moment to educate and advocate, and here’s why: change presents opportunity for credit unions to bring fresh perspective and ensure our voices, and the interests of members, are seen and heard. What we’re saying to policymakers is, “We want to partner with you. Credit unions are on the ground in your local communities and serving your constituents. How can we work together to help solve the challenges on Main Street, to build brighter financial futures for consumers, small businesses, and local economies?”

A critical piece of building that relationship and developing that partnership is education. Credit union advocates must help our elected officials understand how credit unions are fundamentally different than other financial services providers.

Credit unions were founded as member-owned cooperatives, by and for everyday people who were not getting the financial services they needed from large, for-profit banks. Our mission hasn’t changed; in fact, it has become more meaningful than ever.

Every credit union has many great stories about how that mission has helped members build financial strength and made communities stronger. When we pool those impactful stories with hard data, it’s exponentially powerful.

GoWest Credit Union Association has long been committed to documenting credit unions’ economic and community impacts. Again in 2025, advocates from our six states will have the newest resources.

Oxford Economics, a highly regarded independent global advisory firm, has just completed an analysis of credit unions’ economic impact in Arizona, Colorado, Idaho, Oregon, Washington, and Wyoming, and in each of those states’ counties and federal congressional districts. The reports quantify credit unions’ economic footprint in terms of Gross Domestic Product, employment, and member benefits.

The GoWest companion Community Impact Survey measures credit unions’ partnerships with local organizations through financial support and volunteerism, financial education offerings, services to underserved communities, the capital they source for small businesses, and more.

The Economic and Community Impact results are available online.

It’s not just about numbers. This is real.

The stories shared by GoWest credit unions bring the data to life. Consider Isa Varela and her husband, Adrian Valencia, who expanded their catering business with a Small Business Resiliency Loan (SBRL) from Canopy Credit Union in Spokane, Washington. They’re two of the 600 entrepreneurs who might not otherwise have been able to obtain capital without the SBRL collaboration between Washington credit unions, the GoWest Foundation, and the Washington State Department of Commerce.

Another GoWest Foundation partnership, this one with Idaho credit unions and community partners, is literally going to open doors for families who can’t find affordable housing options. More than 30 new homes are under construction, many of them for middle-income workers such as teachers, firefighters, and healthcare workers.

Financial health is nurtured one member at a time, and credit unions enthusiastically make that investment. Ask Jimmy, a member of On Tap Credit Union in Golden, Colorado. He calls his one-on-one coaching sessions with On Tap’s Community Engagement Advocate Marshall Moore, “one of the most influential experiences that I’ve had,” saying it gave him the tools to help him reach his financial goals.

The team at Vantage West Credit Union in Tucson took the time to review a member’s high-interest loan from another lender, saving him more than $360 a month. Kids from financially struggling families in Laramie, Wyoming start school every fall with the supplies they need, because StagePoint FCU collaborates with local businesses to fill backpacks for them. Whether it’s sending kids to summer camp like 44 North Credit Union in Lebanon, Oregon has done for more than 20 years, or fanning out to volunteer at nearly 60 events like the team at Rogue Credit Union does during its annual Rogue Community Rally, not-for-profit cooperative credit unions are making an impact in big ways and in small ways, every day.

When policymakers hear advocates talk about impact, they feel it, and that sets the stage for advancing policy. We have a treasure trove of these resources to share this year. Let’s go!

For examples of ways leagues and credit unions can document credit unions’ economic and community impacts, visit GoWest Credit Union Association’s impact website, detailing data and stories in each of our states, please visit: https://gowestassociation.org/impact/

Troy Stang

Troy Stang

GoWest Credit Union Association