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PSCU Supports Credit Union Industry Initiative for Transparent Process to Select NCUA Leaders Who Understand Cooperatives
CUSO Urges Credit Unions to Engage Members in Signing Petition to President Obama.
ST. PETERSBURG, FL (March 19, 2013) – PSCU today cast its support behind an initiative that calls for an open and transparent process to appoint directors to the National Credit Union Administration who understand the nature and value of cooperatives. The CUSO endorses the effort to gather signatures on a petition that asks President Obama to give consideration to appointing Directors to the NCUA, the governmental agency that regulates credit unions, who understand cooperatives and are not just political appointees.
“This call to action for our industry is rooted in the belief that informed and enlightened governance of cooperatives will help move the transformation of the industry forward and drive sustainable relevance for credit unions,” said Michael J. Kelly, PSCU President and CEO. “NCUA leaders who are intimately familiar with the purpose, mission and values of the cooperative model can be powerful agents for the changes our industry needs to achieve its full growth potential.”
Kelly noted that cooperatives fill a special role in financial services. In 2012, 2.1 million new members chose to join a member-owned and member‐funded institution. Credit unions granted a record $330 billion in new loans, which helped millions access record low rates, refinance debt and build consumer confidence. Over 90 million Americans are now credit union members.
“PSCU’s mission is to help credit unions grow and prosper,” said Kelly. “As an industry leader, we have a responsibility to advocate for credit unions. Having leadership and regulators in the NCUA who understand cooperatives affirms and reinforces the credit union business model.”
PSCU, in unity with other organizations in the industry, is calling on the credit union community to rally its population of over 260,000 employees and 95 million members in support of the petition, which requires 100,000 signatures by March 26. PSCU has added links on its website to help credit unions access tools for building banners and communications on their websites. Visit www.pscu.com.
About PSCU
Established in 1977, PSCU (St. Petersburg, Fla.) is the nation’s leading credit union service organization (CUSO) and serves more than 1,500 financial institutions nationwide. The company is owned by nearly 700 member credit unions representing 16 million credit, debit, prepaid, online bill payment, mobile and electronic banking accounts. Comprehensive 24/7/365 member support is delivered through four Contact Centers located throughout the United States that handle more than 19 million inquiries a year.
PSCU’s MōPRO initiative marries emerging technologies, such as EMV and mobile and digital wallets, with proven strategies and empowers the CUSO to lead the industry in developing innovative payments solutions. This new culture of engagement, agility and energy can enhance both revenue and market share for Member-Owner credit unions. For more information, visit the PSCU website at www.pscu.com.