The story of credit unions illustrates the best of human nature: People helping people. In a perfect world, policymakers at every level would fully embrace the power of not-for-profit financial cooperatives. But even when they don’t we hold the power to share these stories to shape the narrative.
As the leaders and advocates who make the credit union difference possible every day, you’re uniquely positioned to make that happen. There are so many examples where credit unions step up by putting people first: A business that gets a needed loan when no one else would help, helping a family buy their first home, giving someone a second chance to build credit. These aren’t just transactions, they are transformations in people’s lives. Because credit unions are so good at being there for the people they serve, it can be easy to overlook the impact of these daily actions. Actions that are second-nature to credit unions, but not seen anywhere else in financial services.
Because credit unions exist in the marketplace and do their jobs so well, we are a threat to banks. While credit unions represent only 8 percent of the market, they provide a necessary check-and-balance on the entire financial system that helps all consumers, including bank customers. And bankers do not hesitate to share their warped version of the credit union story with anyone who will listen. No surprise, it’s one filled with misleading stats, distortions, and often outright falsehoods.
For credit unions to continue to thrive well into the future, your stories must be front and center for policymakers at all times. And credit unions must be the ones to share them. Every single meeting you take with an elected official or regulator should include a story that only you can tell about serving your community, and how specific policy changes would help credit unions do more. When it comes to community outreach, that’s directly tied to making sure consumers are aware there are options available to them. Sharing our story, creating that awareness, and keeping the credit union mission at the forefront is vital.
Our unified efforts to showcase the credit union difference ensured the credit union tax status was secured at every step of the budget reconciliation process. But we must remain vigilant.
As Congress comes back from August recess, it’s a fresh opportunity to tackle legislative priorities to modernize the Federal Credit Union Act in ways that provide more flexibility and lending options. Our efforts will give rise to even more stories of credit unions helping people, big and small. This is how we create impact.
If we don’t tell our story, someone else will. Credit union members, and generations of future members, are depending on us.
