CUNA President/CEO Jim Nussle joined us in the Studio Lounge to share highlights from his GAC keynote, addressing why credit unions were born to protect consumers.
According to Jim, banks are abandoning communities, and the ones that are left aren’t locally owned anymore. As a result, there are bank deserts are all over the place -- and fintechs, payday and online lenders can’t do what credit unions do and they certainly aren’t helping improve financial well-being of consumers.
Jim added that policymakers want to know how credit unions have earned that “special status," which requires credit union leaders to remain on advocacy offense.
To stay on offense, he said that data is a major part of advocacy, showing the numbers—often dollars and cents—behind the credit difference. He pointed to CUNA’s latest auto lending data as an example.
In addition, Jim talked about a clip from a February episode of The TODAY Show that showed personal finance reporter Sharon Epperson talking about saving money on auto loans, and that credit unions were demonstrably more affordable than banks.
Lastly, Jim provided a preview of his fireside chat with former Secretary of State Condoleezza Rice.