This year at NAFCU, we are celebrating 50 years of raising credit unions’ voices in Washington and making lawmakers and regulators aware of what makes credit unions special and different. With every passing year, there are new things to celebrate about the credit union industry and the amazing relationships credit unions form with their communities – but each year the credit union difference remains as important as ever.
During NAFCU’s 50 years representing credit unions, we’ve had an incredible opportunity to witness the credit union difference up close. We have members all over the country serving all kinds of communities – branches of the military, students, churches, urban communities, rural communities, and more. What has remained consistent over all these years, with all these different credit unions, is the trust members have in their credit unions.
Credit union members around the country continue to discover that they can trust their institutions with their finances – whether they’re saving up for future plans or putting those plans into action. Their credit unions will be there for them, providing them the best rates and best quality programs and services, no matter what.
We all know that trust is hard to come by in the financial world. Consumers are still reeling from the news that Wells Fargo fraudulently created 2 million “ghost” accounts – a scheme that apparently involved 5,300 bank employees. The scandal showed a betrayal of trust and a complete lack of respect for customers. That kind of heartless prioritization of profits over people is a big part of what drives consumers to join their local credit unions instead.
As not-for-profit, member-owned institutions, credit unions are fundamentally different from banks like Wells Fargo. Credit unions draw strength from their communities and, in turn, give back to those communities every chance they get. When the shareholders are the members, the goal is to succeed together – not to profit off of consumers.
To celebrate our members and what they do every day for their communities, NAFCU recently created a video – “Banking Without Bankers” – to help members spread the word about the credit union difference. The video highlights credit unions’ dedication to their members and communities. After all, who ever said banking needed bankers?
NAFCU member credit unions are invited to use the video in social media and post it to their websites to promote their services and the industry. We could all use a reminder of what makes the credit union industry great; and the more we spread that message, the more people will be able to benefit from that difference.