Branded under its new moniker, America’s Credit Unions (following the recent merger of CUNA and NAFCU), the 2024 Governmental Affairs Conference (GAC) was a successful one, bringing together credit unions from across the U.S. and the service providers and technology partners that are helping them better serve their members.
Credit unions are excellent financial partners for members. In addition to being not-for-profit financial cooperatives, many credit unions offer competitive services and higher interest rates on savings accounts. Moreover, they pride themselves on knowing the members within their community and offering personalized services that meet their unique needs. But they have to get creative in making their differentiators known.
As credit union leaders reflect on the past year and look toward the new year, growing deposits will continue to be a priority. Deposits are the lifeblood of any financial institution, and emphasizing deposits in 2024 is key to long-term growth and stability.
In a world seemingly dominated by commercial banks and other financial behemoths, credit unions stand as a unique and enduring pillar of financial stability and community empowerment. This year marks the 75th anniversary of International Credit Union Day, recognizing the history of the credit union movement and reflecting on its achievements and the shared member experience. Born from the need for economic solidarity and access to financial services, credit unions serve as a testament to the resilience of cooperative financial institutions.
Digital service and temperatures are heating up as credit unions leverage technology to provide their members with seamless banking experiences to match the sunny vibes of the season. From mobile banking apps that allow easy access to financial services on the run—even at the beach—to online loan applications that expedite the borrowing process, credit unions riding the digital wave will ensure their members can make the most of their summer adventures.
I recently had the opportunity to attend Credit Union National Association’s (CUNA) Governmental Affairs Conference (GAC) in Washington, D.C. The event is the credit union industry’s premier event bringing together leaders from across the movement to rally around a united case – to tell policymakers how their lawmaking affects credit unions and their more than 130 million members.