Capitalizing on credit unions’ forward progress

Credit unions must build on their forward momentum to serve members, communities, and the nation even better. That’s the commitment made by America’s Credit Unions President/CEO Scott Simpson in an op-ed published Monday.

“My top goal is to listen to our credit union community across the country, gather your stories, and share them with Washington to showcase our purpose and value,” he wrote. 

Credit unions are locally rooted and are a part of the communities they serve, Simpson added, and the tax status successfully secured this year enables credit unions to respond rapidly in times of hardship, including the recent government shutdown.

As credit unions continue to share their efforts during the shutdown, providing updates to overall industry impact, recent submissions to America’s Credit Unions’ survey found:

• 78% launched new relief loan programs;
• 88% modified existing loans;
• 58% waived fees or penalties to reduce member strain; and
• 66% offered services including financial counseling or budget management support.

“Our advocacy going forward will continue to center on three core priorities: protect, empower, and advance. That includes continuing to preserve the industry’s not-for-profit tax status, defending against fraud, ensuring a fair regulatory environment, modernizing outdated restrictions, and advocating for greater flexibility and innovation,” Simpson wrote, adding “together, we’ll continue to lead with purpose, protect what makes us unique, and show the country that people helping people isn’t just our history, it’s our future.”

Read the complete op-ed