New Partnership to Strengthen Credit Unions' Essential Role in Empowering Consumers

Tansley Stearns

A coalition of 11 credit unions today announced the launch of Backbone, a partnership aimed at strengthening and defending the essential role credit unions play in American communities.

The organizations will work together to protect consumers’ and communities’ rights to access a variety of financial options. Consumers need to know that credit unions answer to their communities — not Wall Street shareholders — and put members' interests first. Credit union members enjoy $12.5 billion in higher yields on savings, $1.5 billion in lower fees, and $8.8 billion in lower loan rates compared to banks, and credit unions routinely serve people and communities overlooked and ignored by others.

The coalition’s name embodies its commitment to show the world how credit unions serve as the backbone of financial stability for more than 100 million Americans in every community across the United States.

“As not-for-profit, member-owned financial cooperatives, credit unions are the backbone of personal and family finance in America,” Backbone coalition leader Tansley Stearns said. “With a personal touch and digital ease, we serve the real, everyday needs of people and communities, with higher rates on savings, lower borrowing costs, and customized experiences above all.” 

“Credit unions are not just financial institutions; they're community partners that walk with members through life's journeys— both light and dark,” Stearns said. “Our brightest dreams and toughest times all have financial implications. Credit unions are a best friend that helps make the most of the good times, and provides strength and support when times are tough.” 

In the months to come, Backbone will educate consumers on the wide variety of financial options that put members and communities' needs first.

The members of Backbone are: 

• Bethpage Federal Credit Union (New York)
• Community Financial Credit Union (Michigan)
• Credit Union 1 (Alaska)
• Ent Credit Union (Colorado)
• Everwise Credit Union (Indiana)
• Farmers Insurance Federal Credit Union (California)
• OneAZ Credit Union (Arizona)
• Palmetto Citizens Federal Credit Union (South Carolina)
• Vantage West Credit Union (Arizona)
• Verity Credit Union (Washington)
• WEOKIE Federal Credit Union (Oklahoma)

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