Credit unions poised to help families thrive in a changing economy

Affordability and the economic pressures facing American families are expected to be key topics during the State of the Union address on Capitol Hill later today. In a new CUToday op-ed, America's Credit Unions President/CEO Scott Simpson highlights the powerful affordability engine that is already hard at work in communities and serving 145 million consumers nationwide: the country's 4,500 credit unions.

"While credit unions are already hyper-focused on increasing affordability, with the right policy environment, they can better protect and empower working families, advance access to affordable credit, and support small businesses, helping translate national economic growth into lasting prosperity in communities across the country that other financial institutions can’t or won’t support."

Simpson shares insights into why credit unions remain such a strong ally for consumers, and why they enjoy a favorability rating that far outpaces large national banks. Rates on savings, checking, money market, and retirement accounts are 66–87% higher than those offered by banks; mortgage rates average 7% lower, and car loans are 32% lower. These savings collectively put about $16 billion back into consumers’ pockets each year.

"Credit unions stand ready to hear how President Trump will advance his pro-growth economic agenda, and, more importantly, how it will translate into real opportunity for American families. As member-owned, not-for-profit cooperatives, credit unions are uniquely positioned to turn economic growth into tangible financial security. Credit unions will continue their work expanding access to affordable credit, strengthening household resilience, and driving prosperity in communities nationwide. Because when credit unions thrive, working families thrive, and that’s an outcome worth championing," Simpson concludes.