Simpson to policymakers: Look first to credit unions

America’s credit unions are once again filling critical financial gaps for federal workers as the government shutdown continues. In a CUToday op-ed, America’s Credit Unions President/CEO Scott Simpson highlights just how invaluable credit unions are to their communities as the shutdown stretches into November.

“When Washington slows, credit unions move,” writes Simpson. “We act quickly to keep members steady in uncertain times.”

Simpson notes credit unions provided more than $46 million in low- or no-interest loans during the 35-day shutdown in 2019. This time around, credit unions immediately launched support programs, emergency counseling, and relief options for furloughed members. “You find solutions in the moment, without worrying about what it will mean for your bottom line,” he writes. “But we know offering solutions at the magnitude we’re seeing amid the shutdown cannot continue forever.”

He notes credit unions don’t just step up in times of need—they operate this way year-round, fulfilling the credit union mission daily by supporting their communities. “Your members aren’t shareholders looking for profit; they’re owners who share your purpose,” adds Simpson. “That distinction guides every decision you make, and every position we take as America’s Credit Unions.”

In the op-ed, Simpson outlines three key objectives America’s Credit Unions’ advocacy will continue its focus: safeguarding the credit union tax structure that allows credit unions to act so swiftly, empowering financial resilience through affordable credit and guidance for members, and expanding access to communities overlooked by traditional finance options.  He also shared examples of credit union efforts across the country.

“Together, these principles remind us that credit unions exist to serve people. The strength of credit unions, from the Central Valley of California to the heart of Pennsylvania and the states and communities in between, lies in the collective stewardship fostered by millions of individuals who pool trust and resources to create financial institutions that answer to their communities.”

“To policymakers: If you want to see what works in the American financial system, look first to your local credit union,” Simpson concludes.

Read the full op-ed