GoWest advocates to share $21 billion impact with Congress
A delegation nearly 400 strong joins their colleagues for CUNA GAC next week.
TIGARD, OR (February 24, 2023) — As nearly 400 advocates from Arizona, Colorado, Idaho, Oregon, Washington, and Wyoming join the GoWest Credit Union Association at the CUNA GAC this week, they will have rich data to share with Congress documenting how they are serving 16.5 million of those elected officials’ constituents across their six-state region.
Advocates will be armed with two recent reports proving credit unions’ economic footprint and community services, driven by their not-for-profit, cooperative structure.
Impressive Collective Impact
While advocates will share data unique to each state and congressional district, here are examples of the region’s collective impact:
- $21 billion economic boost to states’ economies,
- 35,450 family wage jobs in not-for-profit, cooperative credit unions which supported a total of more than 100,000 jobs in the six-state region;
- $1.1 billion in direct benefits returned to members, resulting in a ripple effect benefit of $2.7 billion when those benefits were spent in Main Street economies;
- 6,374 local non-profits supported;
- 135,000 hours contributed by credit union employees to community service; and
- 54,000 hours of free financial education provided across GoWest states.*
*2021 data; analysis by ECONorthwest and GoWest Community Impact Survey
“We’re excited to be part of the CUNA GAC, to join thousands of credit union colleagues from across the country in sharing the credit union difference with our federal elected officials,” said Troy Stang, GoWest’s president and chief executive officer. “With all of the priorities elected officials are addressing, credit unions are a bright spot on their radar, an area where they can all agree that the not-for-profit cooperative financial services model is essential for consumers, communities, and necessary to balance the nation’s financial structure.”
Background on the Data Collection
The well-respected economic firm ECONorthwest conducted an independent study and analysis across each GoWest state. They used a combination of member surveys, call report data from National Credit Union Administration (NCUA), data from Project Zip Code (Credit Union National Association, CUNA), the IMPLAN input-output model, and other analyses to formulate a robust economic impact report. These reports were distilled at the state, county, and congressional district levels to showcase credit unions’ unique economic impact.
In addition to the work done by ECONorthwest, GoWest surveyed members to capture data not covered in the economic analysis. The intent was to measure those differentiating contributions that make credit unions the member-focused, community-first organizations they are. The community impact data helps present a more holistic picture of the true contributions of credit unions in their communities.
“All in all, credit unions partner with public and private stakeholders to help solve critical issues in their communities,” said Jennifer Wagner, GoWest’s executive vice president and chief advocacy officer. “Through outreach and participation at all levels—individual, community, and state—credit unions continue to perpetuate the “People Helping People” philosophy that is central to the mission of improving the lives of members and the communities where they live, and our elected officials will value the data supporting our services.”
About GoWest Credit Union Association
GoWest Credit Union Association is the trade association representing credit unions in Arizona, Colorado, Idaho, Oregon, Washington, and Wyoming. GoWest advocates on behalf of more than 300 member credit unions, and their 17.4 million consumer members. The region’s not-for-profit cooperative credit unions take a bold, innovative, and forward-thinking approach to improving the lives of their members and enriching their communities. Follow GoWest Credit Union Association on LinkedIn at LinkedIn.com/GoWestCreditUnionAssociation, Facebook at Facebook.com/GoWestCUA, and Twitter at Twitter.com/GoWestCUA for the latest updates on the regional Credit Union Movement.
