Credit unions have a “critical and irreplaceable role” in ensuring consumers have access to high quality and low-cost financial services. That’s according to the Consumer Federation of America’s (CFA) Board of Directors, which unanimously approved a statement of support for America’s credit unions.
The CFA Board adopted the statement at its November 30 meeting. The action comes when more consumers are looking for alternatives to for-profit financial institutions, noted CFA Executive Director Stephen Brobeck.
“At a time when consumers are increasingly critical of for profit financial institutions, it is important for not-for-profit, member-owned credit unions to survive and prosper and for all consumers to have access to credit union membership,” said Brobeck.
The CFA is an association of non-profit consumer organizations, created to advance the consumer interest through research, advocacy, and education. The CFA’s statement expressed support for such principles as maintaining credit unions’ not-for-profit, cooperative structure, the tax status that stems from that structure, and establishing an appropriate regulatory and lending environment that will enable credit unions to continue to thrive.
Here is the text of the full CFA Statement of Support:
Credit unions have long been a reliable source of financial services to millions of consumers. Across our great nation and beyond, military service members, the under-served population both in rural and urban America, and people from all walks of life have relied on credit unions to help assist them in hard times and solidify their financial standing in less difficult times. In contrast to the policies and practices of for-profit financial institutions, as consumer cooperatives, credit unions provide low-cost and consumer-friendly financial products and services. CFA stalwartly supports credit unions and recognizes the critical and irreplaceable place credit unions have in Americans’ lives and the key role they play in ensuring that consumers receive high quality and low-cost financial services.
CFA recognizes that credit unions need to be able to operate efficiently and effectively in today’s market and believes the principles outlined below are key to credit union survival:
For more information about the CFA, click here.