The ‘why’ of Financial Well-being for All?

I found myself in a room with hundreds of credit union practitioners passionate about making a difference on the financial well-being of their members and their communities at the CU FinHealth23 Conference, co-hosted by the Cornerstone Foundation, California and Nevada Credit Union Leagues and the National Credit Union Foundation, earlier this week.

I was preaching to the choir when I spoke to this group, but I wanted to remind all of us why we must maintain a strong commitment to improving financial well-being for all.

It’s something we can never take for granted or lose sight of no matter what else we’re working on because:

• It’s the right thing to do: We were created to give people opportunities outside of mainstream financial services, and more people than ever need a credit union to help them manage their day-to-day needs, plan for their future and achieve their dreams.?
• It’s the smart thing to do: It shows we’re not satisfied with the status quo, and we don’t accept that certain people or communities are left behind. It shows that our policy asks aren’t about improving bottom lines, but about improving our communities.?
• It’s the relevant thing to do: The competition for financial services is unlike anything we’ve seen before but that competition is not from within the industry. We must leverage our cooperative power to demonstrate to new generations that we are the best financial partner.

It’s our job as leaders to deliver on improving financial well-being for all.

I encourage you to check in with your employees or peers that attended CU FinHealth23. Ask them about their biggest takeaways, the opportunities they see for your credit union, and the connections they made with others.

Don't let the momentum of this outstanding conference fade.?

Hawaii League, credit unions talk interchange

Shout out to the Hawaii Credit Union League, who organized a meeting with credit unions and Rep. Ed Case, D-Hawaii, to discuss how potential interchange legislation would disrupt the current system that works for everyone involved. Leaders told Rep. Case that interchange fees cover the cost of fraud detection, credit monitoring, and more, while the Credit Card Competition Act would increase risks to consumers and financial institutions.

Read about the meeting here

Worldwide Foundation assists Turkish cooperatives

The Worldwide Foundation for Credit Unions provided a $41,000 grant to Turkish agricultural cooperatives this month to help purchase 10 portable office units. These cooperatives saw significant damage to their permanent offices during the two Feb. 6 earthquakes, and these temporary units will allow these cooperatives to continue to help member farmers continue production and contribute to regional food security as recovery continues.

Read more here

Advance your decision-making skills

With bank collapses and an uncertain economic landscape, it’s vital to know how to guide your team and credit union through challenges and tough environments. CUNA’s Boost Your Leadership Effectiveness Virtual School—which starts May 2—looks to optimize results with a framework essential to navigating complex situations and growing as a leader.

Invest in your skills

CUNA responds to bank falsehoods

We wrote a comprehensive letter to the House Financial Services Committee as they returned to Washington, D.C., this week rebutting incorrect statements made by the banks earlier this month. Our letter clearly demonstrates that banker claims about credit unions and NCUA are the same tired, misleading points they use every year, and that credit unions remain dedicated to the communities banks are abandoning.

Read the letter here

More from 360-degree advocacy

• The NCUA Board issued a request for comment on climate-related risk and discussed the permissibility of a floating interest rate cap at its meeting Thursday.
• The Environmental Protection Agency released its Greenhouse Gas Reduction Fund Framework. Eligible credit unions are able apply to its competitive grant programs, and funding opportunities are expected in June.
• CUNA, the American Association of Credit Union Leagues, and 45 state Leagues and Associations wrote to the Federal Reserve to ensure privately insured credit unions can access its Bank Term Funding Program.
• We called on Congress to limit payment stablecoin activities to insured depository institutions and subsidiaries.
• We wrote a Senate Appropriations subcommittee in support of several international credit union priorities for FY24.