Initiating the credit union advocacy movement
Since the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act, less than 50 percent of politicians in office at that time remain in office today. This statistic and others create a challenge for industry leaders and credit union professionals today. They are tasked with educating not only the consumer population but also lawmakers and politicians on the “credit union difference” on a daily basis.
During PSCU’s Member Forum 2017, Jim Nussle, Credit Union National Association (CUNA) President and CEO, delivered an urgent message about the need for a strong industry advocacy initiative he dubbed the “Credit Union Advocacy Offense.” Nussle stressed that credit unions have a collective opportunity like never before to build a united campaign that truly advocates for credit unions nationwide.
The credit union movement itself touts some impressive statistics, which speak to the potential power of the industry to prevail with an advocacy campaign. In the United States, there are 111 million credit union members and just over 5,900 credit unions. At 111 million, credit union members far outnumber the member bases of some of the country’s most successful advocacy organizations, including the National Rifle Association and AARP, with nearly 5 million members and 38 million members, respectively. These numbers give credence to the argument that the time is now to act as an industry to convey the benefits of credit unions to government leaders and other influencers.
According to Nussle, disruption requires a holistic approach to advocacy. By marshaling the power and voices of the national trade associations and state leagues, addressing public policy issues and blanketing the Hill with the credit union message, credit unions can “get to the table” and earn a spot on the legislative agenda. Nussle’s five-point Advocacy Offense strategy includes:
- A 360-degree approach to advocacy to remove barriers to service and improve the operating environment for credit unions
- Promotions that create better awareness of the credit union difference
- Credit union relevance and solutions in a disruptive financial services market
- An interdependent CUNA/League value proposition
- Increased credit union market share, which has remained relatively flat since 1992 at about 6.8 percent of total assets
In an effort to support the movement, PSCU provides the national trade associations with payments-related data as needed for specific lobbying initiatives. PSCU representatives serve on various financial services advocacy committees and boards, bringing an industry perspective to important initiatives.
PSCU and CUNA Mutual, along with many others in our space, actively support the annual Credit Union Cherry Blossom Ten Mile Run. This event, a prime opportunity for advocacy, is held each year in Washington, D.C. What better way to showcase the credit union difference to legislators on Capitol Hill than bringing together credit unions from across the country in a shared effort to give back, as the proceeds support Children’s Miracle Network Hospitals?
Challenges and opportunities facing credit unions in 2017 and beyond include reducing regulatory burden, expanding consumer access to credit unions, taking the lead on payments and data security, protecting the current tax-exempt status, and leveraging industry supporters in D.C.
Educating credit union members and nonmembers alike on the credit union difference is an equal opportunity initiative. Let us find creative ways to leverage the nearly one-third of the U.S. population who are credit union members to advocate on behalf of America’s credit unions. A healthy and sustainable credit union movement is dependent on the continuation of a proactive advocacy campaign. It is incumbent on all of us to push forward and fight the good fight.
