CUNA has launched the “Advancing Communities” campaign, a new effort designed to provide state and federal policymakers and communities with information about the economic and social impact that credit unions provide across the country.
The campaign was designed with state credit union leagues and is intended to reenforce how credit unions are helping people during the financial recovery from the coronavirus crisis.
During next year’s legislative sessions, credit unions are likely to be engaged in a high-profile battle with banks on both the state and federal levels.
The American Bankers Association sponsors a website, explorecreditunions.com (link below), that provides state-level estimates of how much revenue is lost as a result of the credit union income tax exemption. The Independent Community Bankers of America sponsors a website, “Wake Up,” that argues that credit unions have an unfair advantage over banks because of their tax exemption.
The CUNA website attempts to counter many of those arguments.
“As policymakers consider the pathway toward economic recovery, we want to make sure that credit unions have a platform to share the work they’ve done to preserve their local economies while assisting members and small business that might otherwise be left behind,” CUNA President/CEO Jim Nussle said. “It is an important message that both federal and state lawmakers need and want to hear.”
The CUNA-sponsored site provides state-level data about the positive impact credit unions have on states and communities. CUNA said that credit unions provide $223 billion to the economy, have created more than one million jobs and provide $13 billion in total financial benefits for Americans.
The credit union campaign site does not state that it is sponsored by CUNA, although videos on the site have a CUNA logo on them. The site is sponsored by America’s Credit Unions and state pages will include information about the state leagues.
The campaign website also features a “Plan for Better Communities,” a set of policy goals for credit unions, ranging from providing affordable financial services for all Americans, to helping more people purchase their own homes.