Credit Union National Association (CUNA) President and CEO Jim Nussle outlined how credit unions continue to fulfill their statutory mission in response to a request for such information from Sen. Orrin Hatch (R-UT).
“As the only depositor-owned, democratically controlled option in financial services, credit unions’ mission is to promote thrift and provide access to credit for members, particularly those of modest means. That’s a mission they have fulfilled for more than 70 years, through multiple financial crises, and it’s a mission that remains unchanged today,” Nussle stated, responding to an inquiry from Hatch to the National Credit Union Administration (NCUA).
NCUA, as the prudential regulator for the credit union system, has worked to ensure that its rules and regulations are compatible with the financial services landscape. Further, it has focused on allowing credit union members and member business easier access to safe and affordable products and services, Nussle added. He said the demand for credit union products is increasing as credit union membership grows faster than the general population.
“In fact, CUNA recently completed a very rigorous statistical analysis finding that broader fields of membership unambiguously create substantial benefits to credit unions, their members and the overall safety and soundness of the financial sector,” Nussle said. “CUNA’s research also shows that community charters excel in their mission to ensure low-income populations have access to the financial system. All this comes as credit unions continue to receive high scores for outstanding member service, and as credit unions and members are an increasingly active voice working toward a regulatory environment that treats Main Street differently than Wall Street.”