The credit union difference stands out

The news of recent bank collapses is troubling, especially as we grapple with the prolonged economic effects of the pandemic.

Naturally, consumers are naturally concerned about the effects, and credit unions—as the original financial consumer protectors—are working to continue to meet member needs.

CUNA, Leagues, and credit unions got the word out this week that credit unions are safe and sound and remain consumers’ best financial partner.

• We launched a webpage with resources for member credit unions looking to highlight credit unions’ safety and soundness.?
• Many League leaders including Cornerstone League President/CEO and CUNA Board Vice Chair Caroline Willard engaged with media channels to highlight the credit union difference.
• Credit unions are proactively reaching out to their members with details about the unique credit union structure, the share insurance fund, and more.

Our member-owned, not-for-profit structure stands out at a time like this when risky, profit-driven big banks find themselves in trouble.

I’m proud to be part of a movement that is there for members in good times and bad, and I thank you for the work you do to live the credit union difference every day.?

Read how credit unions have responded

Foundation launches philanthropy toolkit

The National Credit Union Foundation launched a philanthropy toolkit this week to help credit unions connect more deeply with their communities and fund common priorities with local philanthropic organizations. It contains detailed information for credit union executives, boards, and staff to help them when considering charitable outreach projects, starting a foundation, and more.

View the toolkit here

Credit Union Hero voting closes March 18

This is the last chance to cast your vote for Credit Union Magazine’s 2023 Credit Union Hero of the Year. The nominees are SAFE Credit Union Community Impact Manager Amanda Merz, PAHO/WHO Federal Credit Union VP of Business Development Michael Ray, Numerica Credit Union VP of Community Engagement Amanda Swan, and Northeast Family Federal Credit Union President/CEO Amanda Swan. Voting closes Saturday, March 18.?

Cast your vote here

Credit card late fee proposal data must be made public

We joined organizations calling for the Consumer Financial Protection Bureau (CFPB) to release the underlying data used in its proposed rule on credit card late fees. The proposal is extensively uses a Federal Reserve data collection that has not been released to the public. This not only deprives stakeholders of vital information, it runs contrary to the principles of administrative law. We call on the CFPB to release the data—anonymized to protect confidential information—and extend the comment deadline to allow for proper analysis.

Read more here

More from 360-degree advocacy

• The NCUA finalized its CUNA-supported subordinated debt rule at its Thursday meeting.
• We suggested improvements to the Federal Communications Commission’s draft Report and Order on blocking illegal robotexts.?
• President Joe Biden’s FY24 budget proposal contains items of interest for credit unions, including the Community Development Financial Institutions Fund, Community Development Revolving Loan Grant, and Cooperative Development program.
• February’s Consumer Price Index showed inflation is slowing down, and might slow further in the coming months, says CUNA Senior Economist Dawit Kebede.
• The Department of Labor’s February jobs report came in “stronger than expected,” according to Kebede.