Credit unions promote the economic well-being of their members, especially those of modest means, through a system that is member-owned, not-for-profit, and run by a board of directors who are also member-owners
The credit union mission is to ensure secure financial choices at lower costs for their members. As not-for-profit financial cooperatives, it’s been our mission since the day we were founded. 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.
Credit unions don’t answer to stockholders, but to each of their more than 130 million members. While credit unions are regulated by the federal and state governments, they are also generally governed by volunteer boards elected by their membership. Credit unions invest in people by helping people – including those who are often underserved by banks. Seniors on fixed incomes, single working parents, minority communities needing greater community investment, and small business owners struggling to raise capital – these are just a few of the groups who 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.
There are more than 130 million credit union members nationwide. That’s 40% of all Americans, but credit unions only hold 8.5% of assets in financial institutions. Credit unions make the difference for consumers who need financial institutions that put them first. Letting big banks push for more taxes on credit unions is a bad idea, 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 130 million credit union members.
To learn even more about credit unions in your community, or join a credit union please visit: https://yourmoneyfurther.com/.