June 2013 – June 2014
Credit unions promote the economic well being of their members, especially those of modest means, through a system that is member-owned, volunteer-directed and not-for-profit.
The credit union mission has always been to ensure secure financial choices at lower costs for their members. That’s why credit unions offer financial products that provide better returns on savings, reduced rates on loans and lower or no fees on services.
While credit unions are regulated by the federal and state governments, they are also governed by volunteer boards elected by their membership. Credit unions don’t answer to stockholders, but to each of their 96 million members.
Credit unions invest in people by helping those who have been traditionally underserved by banks. Groups like seniors on fixed incomes, single working moms, minority communities needing greater community investment, and small business owners struggling to raise capital all rely on credit unions for important financial services at reasonable costs.
While the big banks have abandoned small businesses in droves because they just can’t make enough money, credit unions promote their small business members in a struggling economy by providing low cost credit alternatives. This credit union investment means millions of jobs across America.
Unfortunately, the big banks and some in Congress want to raise taxes and impose new fees on 96 million credit union members who represent 40% of all Americans, yet represent only 6% of the assets in financial institutions. And, they want to do this despite the fact that credit unions are not-for-profit and meeting their core mission every day.
That’s wrong and will imperil the credit union movement that so many have come to depend on for real financial choice.
Don’t let Congress raise taxes on 96 million credit union members. Don’t let Congress eliminate real financial choice. Don’t let Congress destroy our credit unions.
To learn even more about credit unions in your community, or join a credit union please visit http://www.asmarterchoice.org/.
The Financial Reality Fair to be held at Connecticut College in New London will attract a large number of high schools from surrounding towns with participating students numbering in the hundreds!
Many volunteers are needed to insure the success of this important educational activity.
Please consider volunteering for this exciting event!
Our first compliance networking meeting was a great success. Our open forum provided opportunity to express concerns, exchange ideas and understand best practices our credit unions have put in place as it pertains to the new mortgage regulations that came into effect January 2014. Thank you to all who attended and contributed. Our lively group is excited to meet again on May 20, 2014 at 9:00 am at the league. The topic of choice is Fair Lending. This topic was chosen based on the next league in house training session “Fair Lending and How to Conduct a Fair Lending Risk Assessment” scheduled for May 14, 2014 at “IL Monticello”, facilitated by M & M Consulting. We felt this would be a good time to discuss the takeaways from the May 14th training session. If you were not able to join us today, we hope you will consider our future meetings.