WASHINGTON, DC (September 28, 2016) — National Association of Federal Credit Unions (NAFCU) President and CEO Dan Berger championed the value of credit unions’ member-focused business model in advance of the House Financial Services Committee’s hearing on Wells Fargo.
“Credit unions take the stewardship of consumers’ financial well-being very seriously. The commitment to consumers’ best interests is not just a philosophy, it is something they put into action every day. And since their members are the owners, credit unions put people before profits.”
“The growth in credit union membership is a testament to that commitment. A recent TransUnion survey reported that millennials are driving credit union growth. Based on the study, 25 percent of credit union members in the first quarter of 2016 were millennials. A top consumer magazine also noted that credit unions are among the highest-rated services they have ever evaluated. Putting members’ interests first is not a fad for credit unions, it is part of their business model…not-for-profit, member-owned, financial cooperatives.”
“Looking ahead, we hope lawmakers and regulators continue to acknowledge the value that credit unions represent to Main Street, individuals and small businesses, and our country’s financial well-being. America needs more Main Street and less Wall Street.”
The National Association of Federal Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation’s federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. For more information on NAFCU, go to www.nafcu.org or @NAFCU on Twitter. For additional information on credit unions, go to www.CULookup.com.
The National Association of Federally-Insured Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation’s federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. For more information on NAFCU, go to www.nafcu.org or @NAFCU on Twitter.
