After a lengthy review with the NCUA (15 months), the American Consumer Council (ACC) has gained its long-awaited Associational SEG status. So what does this mean for credit unions? Turns out it's very good news for the industry as the ACC is a direct conduit for millennials to credit unions -- and we all know that CUs need to get younger for a bright future. So this status for ACC is a nice shot in the arm for credit unions.
So we ventured down to the ACC headquarters, which happens to be here in San Diego, for an in-person chat with their President Tom Hinton -- who is quite pleased with the good news. A lot of hard work now rewarded.
We asked him how credit unions and consumers will benefit from this status, what the NCUA review process was like, and how this decision will help other associations wanting to work with credit unions. Many thanks to Tom and his ACC crew for taking time to chat with us. Enjoy!