It’s official. Credit unions nationwide have reached and exceeded 100 million memberships. In Missouri, 1.4 million people are members of credit unions – and that number keeps growing.
The 100 million member campaign, with its increased awareness about credit unions and the fact that more consumers are choosing credit unions as their financial institution, is getting attention from the media – and bankers.
The St. Louis Business Journal ran an article on August 7, “Top Banker Goes Crazy Over Credit Union Claim.” It highlights the attack on credit unions by American Bankers Association President/CEO Frank Keating, and then counters Keating’s complaints about credit unions and taxes with comments by First Community Credit Union President/CEO Glenn Barks.
“Everybody has a job and has to support a cause,” says Barks. “When I meet with bankers in Washington on the Federal Reserve committee, we all get along, but they always bring up taxes. I tell them, ‘Hey guys, if you feel that strongly, change your charter and become a credit union.’”
The article also notes that banks pay higher taxes because shareholders own them, whereas credit unions are owned by their members and are not-for-profit financial institutions. For the full St. Louis Business Journal story, click here.
There are support materials available to help promote the 100 million member campaign at your credit union, and you can also visit America's Credit Unions website to submit a photo “selfie” and get the latest news. If your credit union is promoting the 100 million member effort and has received local news coverage, please share that information with Nora Holloway via email.
Caption: Pictured is First Community Credit Union president and chief executive officer, Glenn Barks.