WEST PALM BEACH, Fla.-Credit Union Journal asked state leagues around the country the following questions:
How are you leveraging the role of credit unions in the current economy, and what effect would acceptance of any federal funds by CUs have on the credit union tax exemption and/or perceptions of CUs by lawmakers and consumers?
Alabama
BIRMINGHAM, Ala.-As other sectors of the financial services industry continue to report bad news, declining services, and tightening of credit, credit unions in Alabama are increasingly being viewed as a safe harbor for consumers to save and to borrow. Credit unions, both individually and collectively in Alabama, are undertaking efforts to educate the public about our unique nature, structure, and operation that create a real beneficial difference for consumers during difficult economic times.
Although credit unions in Alabama are affected by the economic downturn, we are financially sound and are taking every opportunity to inform the public that we are ready, willing, and able to provide the best financial services and products at a time when so many others are pulling back. Credit unions are facing challenges, and must be willing to explore all options necessary for the survival of the credit union system. However these problems are ultimately addressed, the commitment to serving members, putting people first, and maintaining our unique structure and philosophy will ensure that our tax exempt status, and our independence, does not change.
Alaska
SITKA, Alaska-Alaska's economy and Alaska credit unions have not yet been hit as directly by the economic downturn as have many other states, but we anticipate that the years ahead will become increasingly challenging. As things stand today, we feel it would have a net negative effect on credit unions in terms of public perception to accept "bailout" funds; however, it may well be premature to make a definitive statement with respect to future needs.
Arizona
PHOENIX, Ariz.-The message to lawmakers, media, and consumers alike regarding credit unions in the current economy is truly that of a larger picture. Credit unions have stood the test of time simply though upholding the principles of the not-for-profit, cooperative structure. The integrity and best interest of the member is the priority of the credit union movement. That is not to say that credit unions are immune to the current economic downturn. They feel it as each of their members do.
Although the Arizona league along with CUNA support an internal system-based solution, access and availability of federal assistance is important and would only serve as a benefit for the members. Our tax exemption should not be disputed nor should it be a targeted issue when considering access and eligibility for federal funds.
California
RANCHO CUCAMONGA, Calif.-The 1934 Federal Credit Union Act is clear: credit unions' tax exempt status is due to our structure as a cooperative organization, operated entirely by and for members. Critics have wrongly argued the tax status should be eliminated if a credit union becomes "too large." No matter the size, the structure remains unchanged. Big or small, credit unions exist to serve their defined fields of membership, do not have stockholders, and are governed by a volunteer board of directors - something unheard of among banks.
When the Economic Stabilization Act became law last year, credit unions were deemed eligible for TARP funding to help people stay in their homes. However, the former Treasury Department pulled a classic "bait and switch" when it denied funds for credit unions and community banks. Chairman Barney Frank introduced legislation early in the 111th Congress to clarify Congress' intent in implementing the TARP program, and we're proud that Rep. Joe Baca (D-CA) inserted language that ensures that credit unions are eligible for TARP funds.
Access to TARP funds will become an important part of the economic solution for consumers and businesses. Credit unions should work with legislators and news media to make that clear to everyone.
Connecticut
MERIDEN, Conn.-The Credit Union League of Connecticut and Connecticut's Gov. Rell saw and met a need to provide state-backed, low-cost loans for educational purposes. We are fortunate that we have a good relationship with our lawmakers who view us as viable strategic partners to help mend our economy. The Connecticut credit unions that are providing these educational loans are helping their members who have been affected by our current economy by providing financial assistance to stay in school. The loans are also geared to help those who need to be re-educated so they can re-enter the workforce due to layoffs.
We believe it is wise to look at all options to assist the corporate credit union system. If TARP funds are ultimately needed, we do not believe that they will negatively impact our tax-exempt status, as it is our cooperative structure that makes us tax-exempt. Although credit unions have fared better than most financial intuitions, Congress made these funds available to us because all financial institutions are in some way feeling the effects of the recession. We do not believe that Congress will punish us for accessing what they made available to help us during these trying times.
Delaware
NEW CASTLE, Del.-In today's economy, Delaware credit unions are upset by the perception that the entire financial community is in trouble caused by sharp practices and greed. As a whole, credit unions are in great shape and are trying to get funds into the marketplace. The reality is credit unions did not create this crisis. Credit unions are trying to reach out to lawmakers, communities and consumers to help.
Credit unions must fight our current status at every turn. We are capped on member business loans. Yet even the government realizes that to turn the economy around we need to create jobs and that the small business community is where most of the new jobs will be created.
We constantly fight for our tax-free status. We are different from banks and need to remain so! Credit unions can help to turn around the American economy because we are consumer and worker based. We can be the fuel that restarts the engine that gets this country moving again. However we do need legislative support to get regulatory relief, and we want a strong regulatory body, but an independent one.
Florida
TALLAHASSEE, Fla.-First, credit unions are experiencing the "collateral damage" from the economic collapse. That is, they did not engage in sub prime mortgages, or speculative mortgage backed securities. The loss of jobs, especially construction jobs in Florida, has had a negative affect on CU loan delinquency and loan losses. The housing "free fall" has resulted in many Floridians, unemployed and otherwise, being unable to sell their homes. This is creating a tremendous financial hardship on CU members.
Credit unions do have some opportunities in this crisis. We can become the Mortgage Loan Originators (lower origination costs that the typical market costs) for the newly emerging Government Guaranteed Mortgage Loan program that will be offered through Fannie Mae and Freddie Mac. At a 4% mortgage rate, for 30 years for qualified buyers, it has been estimated that 80% of home mortgages in America would refinance in two years.
Credit unions are, right now, uniquely positioned to be a major deliverer of such programs, without adversely affecting their asset/liability models. The confidence of the CU member in his/her CU is unprecedented. Credit unions will seek to take advantage of this through cooperative image campaigns that "Toot the very successful CU horn!"
Hawaii
HONOLULU-Hawaii residents are looking for the best value in today's challenging economy. Credit unions offer better value than other types of financial service providers through higher returns on savings, lower fees, and lower rates on loans. Hawaii's 91 credit unions are also committed to helping members improve their quality of life through financial education and counseling. As responsible corporate citizens, CUs give back to the community as a regular part of doing business by raising thousands of dollars for local charities and providing financial services to low-income residents.
To promote those benefits of credit union membership, the Hawaii league has initiated a public advocacy campaign theme of "Hawaii's Credit Unions: A Better Value For A Better Way of Life." HCUL is encouraging CUs throughout the state to use this theme in newsletters to members, statement stuffers, lobby posters, and advertising messages. Repetition will help to reinforce the unified theme.
Hawaii's credit unions have not been critical about banks that received taxpayer funds from TARP. However, HCUL has repeatedly informed lawmakers the only way CUs can increase net worth is retention of earnings, and no CU has ever received a taxpayer bailout.
Idaho
BOISE, Idaho-We are using every tool at our disposal to get out the word that credit unions maintained good underwriting standards while others were recklessly chasing profits. However, while credit unions never were part of the problem it seems Congress is slow to understand how they can be an integral part of the solution. As a consequence, Congress has been reluctant to make changes in the law so credit unions can get to work making the loans our small business members so desperately need. If credit unions were granted this authority, it would have an immediate positive effect on our local communities and do much to jump start our local economies. To us this seems a no-brainer.
Idaho credit unions are nearly unanimous in their opposition to any sort of federal bailout for natural-person credit unions, because such a bailout would work to lump credit unions with the institutions that caused our current problems, diminish our reputation in the public, and brand credit unions as part of the problem instead of the solution.
Indiana
INDIANAPOLIS, Ind.-Throughout the current economic crisis, the Indiana Credit Union League has emphasized the key role that credit unions can and should play in helping consumers and small businesses. We have communicated regularly with our Congressional delegation to remind them about credit unions representing the right way for a financial services provider to operate, that we have continued providing consumer and business loans at a strong pace during the past year, and that we could do even more if Congress removes the MBL cap.
In addition to communicating with legislators, the league spearheaded a significant statewide advertising campaign which emphasized the CU difference and credit unions' commitment to members on Main Street. The campaign helped credit unions deliver the message that "you belong here," encouraging consumers to join. Ads appeared on TV, radio, newspaper and billboards, with funding for the $449,000 media buy coming from 75 credit unions, seven chapters and the Hoosier CUES organization. The $100,000 cost to develop the ads was covered by the League's Servicecorp. In addition to the campaign, the league leveraged several earned media opportunities throughout Indiana to emphasize credit unions' safety and soundness and their status as a source of locally rooted loans.
Iowa
DES MOINES, Iowa-During the summer of 2008, Iowa credit union members and their communities were impacted by record floods and life-taking tornadoes to our state. These natural disasters, on top of tough economic times, have allowed credit unions to embrace the true spirit of the CU movement.
In Iowa, credit unions are assisting with the rebuilding efforts from the natural disasters and working to offer responsible lending options to meet the specific lending needs of their members. We are proud to offer help to our members, whether it be sandbagging to save their home from flood waters, direct recovery grants through the Iowa CU Foundation or working with them during tough times to meet their financial needs.
The effect of accepting federal funds for assistance from TARP should not be linked to the tax status of the credit union industry; our tax status is based on our cooperative structure. Any credit union that accepts federal assistance does so out of the best interests of its members.
Kansas
WICHITA, Kan.-Credit unions here are working hard to help members with basic financial needs. We are helping members save money and make good financial choices. In most ways, credit unions are doing business as usual; the difference is that members are appreciating the value of the credit union now more than ever.
Should credit unions accept federal funds, acceptance should be viewed by lawmakers and consumers only as a necessity to assure that credit unions are able to continue to provide the nation with viable financial services alternatives. Our tax exemption continues to be based on our not-for-profit cooperative structure and should be free from criticism, especially during a time when a Congress has moved to take all necessary steps to support the nation's financial system.
Kentucky
LOUISVILLE, Ky.-The general consensus with the credit unions around Kentucky is that they do not support credit unions taking TARP funds. They understand the political impact it could have on credit unions nationwide. The threat to our tax exemption and our reputational risk with our lawmakers are huge areas of concern. I think it's a fair assessment to say that our credit unions support a system-wide solution but also understand that doesn't come without costs. The CUs in Kentucky are diligently getting the word out to their members that they are strong, stable and have money to lend, while continuing to promote all the benefits of credit union membership in order to retain consumers' confidence in our industry.
Maine
WESTBROOK, Maine-The league has been proactive in communicating the safety, soundness and strength of credit unions. This outreach has included a significant amount of media interviews and awareness efforts including new statewide TV and radio commercials highlighting that CUs have money to lend, and the value and benefits of using a credit union. We are also providing frequent updates on creative loan programs, financial education efforts to struggling consumers and other programs to legislators. This effort has helped position Maine's CUs as a solid source of stability and assistance to consumers in this economy. The league's position on our tax status has always rested on our not-for-profit, cooperative structure. While we don't anticipate any Maine CUs needing direct TARP assistance, these are unusual times and unusual times call for us to explore all options and have those options accessible to credit unions. We feel strongly credit unions should have the same resources at their disposable as other financial institutions.
Massachusetts
MARLBOROUGH, Mass.-Throughout the current financial crisis the credit union model has surfaced as a shining example of the way that the financial services industry ought to perform. The simple, transparent and consumer-focused way that CUs operate stands in stark contrast to the convoluted and profit obsessed short term strategies employed by huge financial conglomerates. Credit unions need do nothing more than stick to the facts and the consumer will be able to connect the dots.
The idea that credit unions accepting some TARP assistance would call the tax exemption into question relies on the same skewed logic that has been a staple of the banking industry's tired propaganda for years. How can the banking industry accept billions and billions of dollars in government money after precipitating one of the worst economic collapses in our nation's history and then be allowed to attack credit unions for serving the needs of the nations consumers?
Michigan
LIVONIA, Mich.-The Michigan Credit Union League's subsidiary, CUcorp, created a program called "Invest in America" (www.lovemycreditunion.org) that extends credit union member buying discounts on GM and Chrysler products. It's amazing how credit unions, the automakers and their dealerships have responded. CUcorp estimates that 25,000 credit union members took advantage of the discount during the first month it went nationwide. Over 1,000 credit unions and 26 state associations are supporting the program. It has the potential to produce one-million auto sales for GM and Chrysler in 2009 and more than $10 billion in auto loans for credit unions as well as a catalyst for new membership. The positive impact for the auto industry and our national economy could be huge. Credit unions have also garnered significantly positive public relations benefits with the media and with lawmakers from this program.
Michigan credit unions have also been working in extremely positive ways to address the housing and foreclosure crisis and to stimulate the economy with significant loan growth in all categories including small business loans, mortgage loans and auto loans. The Michigan CU Foundation commissioned a significant research report that will provide public policy recommendations for addressing the rise in foreclosures. The report was finished in mid-February.
Minnesota
ST. PAUL, Minn.-In light of the current economy, the Minnesota Credit Union Network (MnCUN) is taking every opportunity to emphasize the safety and soundness of credit unions when speaking to legislators and members of the media. We have sent multiple rounds of releases to newspapers and TV outlets statewide, keying in on various state and national developments to illustrate our message and shed positive light on Minnesota credit unions.
CU professionals and volunteers reiterated this message when meeting with legislators during MnCUN's Credit Union Day at the Capitol in January. Billboards (above) were placed on the major highways leading to the state capitol during January, and two new radio ads recorded by MnCUN said that "Minnesota's credit unions are healthy, strong, and federally-insured."
While we currently have no indication that credit unions will accept government assistance, this decision should have no bearing on the CU tax exemption, which was granted to CUs because of their not-for-profit, cooperative structure, and that structure has not changed. In addition, Congress is aware that thousands of for-profit banks do not pay corporate income taxes-classified as Sub-Chapter S banks-and Treasury specifically noted that the TARP program was designed to be sensitive to the restrictions applicable to Sub-Chapter S banks. This is not an issue of concern to policymakers.
Mississippi
JACKSON, Miss.-This year, Mississippi is conducting our first-ever cooperative awareness campaign. There has never been a better time to communicate to members and non-members alike the safety and soundness of credit unions and the benefits membership brings. Credit unions didn't really begin to thrive until the Great Depression; we have the opportunity to see a significant growth in awareness, confidence and dollars during and after this recession.
We all know credit unions, in general, didn't contribute to the current financial industry crisis. We also know that despite that fact, we, and our members are still feeling the pain. We share a common vision with legislators to do what is in the best interest of "the people," in our case, our members. Using that as a guiding principle, our history, philosophy and purpose will not be undermined.
Missouri
ST. LOUIS-People come first at Missouri credit unions. Sharing that message with the public and lawmakers is a priority for the Missouri Credit Union Association (MCUA). With both of these groups, MCUA emphasizes our efforts to reach out to members and consumers who are facing tough economic times. Because credit unions didn't create the economic crisis and problems - but are in a position to help - we have a unique opportunity to share the credit union difference with a wider audience of people who are searching for a financial institution that truly cares about them and their financial success.
Credit unions advocacy efforts in the community speak to our commitment in helping people. Missouri credit unions track activities in political advocacy, contributions, financial education, philosophy in action and community involvement for the "You Make the Difference" advocacy program. This further helps Missouri credit unions differentiate themselves during these challenging economic times.
Nebraska
OMAHA, Neb.-Nebraska's credit unions have been in close contact with our federal and state lawmakers regarding current economic conditions and have expressed to them that in times of economic turmoil, consumers gravitate towards CUs because they see credit unions as a safe harbor. The league, with support from our member credit unions, have paid for ads in the state's largest newspapers to educate current CU members and the general public on the safety and soundness of our credit unions. We are urging our congressional delegation to increase the cap on Member Business Lending to get capital flowing into the economy again.
In the event that a credit union should need to utilize TARP funds, we don't believe that our lawmakers would question our tax status. First, the federal tax exemption for credit unions was provided by Congress because of the credit union structure: not-for-profit, member owned, directed primarily by volunteers. This structure would not change if a credit union accepted TARP funds. Subchapter S banks, which pay no corporate taxes, are able to accept TARP funds and therefore we see no reason why credit unions should not also be included.
New York
ALBANY, N.Y.-The Association and New York's credit unions have been leveraging their role in the current financial climate by promoting credit unions' not-for-profit cooperative status, as well as their safety and soundness to members, legislators, the public and media. Through communications packets, interviews, in-person meetings, letters to the editor, press releases, etc. the same message is emphasized-credit unions' history of being responsible lenders, their commitment to financial education and their "people helping people" philosophy. We have also been quick to point out that although credit unions did not cause the current financial crisis, they are ready to assist members and communities in need-and are doing so.
Whether credit unions accept federal funds or not would in no way change their not-for-profit, cooperative structure, which is the justification for credit union's tax exemption.
North Carolina
GREENSBORO, N.C.-The league has worked with credit unions to inform the N.C. media about the safety and soundness of the credit union system, which has been the chief concern during the financial crisis. The league has also worked with credit unions to highlight how they are different from banks.
Credit unions continue providing loans to members who need them, they have worked diligently to assist members trapped in bad loans made by other lenders, and they have continually stressed the safety and health of the credit union system-even as longtime banks here go away. These efforts have served to highlight the key differences between cooperatives and for-profit financial institutions. In a time when trust in the financial system is lacking, credit unions have made a compelling case for themselves in the NC media.
Ohio
COLUMBUS, Ohio-The Ohio Credit Union League has taken proactive steps to impress upon our public audiences the philosophy, structure, and soundness of Ohio credit unions.
By further differentiating credit unions from for-profit financial institutions, we help members, consumers, the media, and legislators understand that the majority of credit unions were not a contributor to the declining financial markets, but should be seen as a very real solution. We communicate regularly with our member credit unions, helping them understand the current growth opportunity. Our messages have concentrated on safety and soundness, strong capitalization, and community focus, while reminding each credit union to exercise caution when developing their own promotional messages.
Discussions between Ohio's lobbying team and federal lawmakers has resulted in some opposition to the idea of credit unions accepting federal funds as part of the financial rescue package. For years, credit unions have conveyed their not-for-profit message to Capitol Hill, bringing their member-focus and community-based values to the forefront. However, credit unions have been negatively impacted by the collateral damage caused by the recent financial collapse. Moving forward, it is important that credit unions consider all options.
Oregon
BEAVERTON, Ore.-The Credit Union Association of Oregon is focusing on the positive opportunities this economy is providing for credit unions. Our proactive public relations outreach has resulted in a good amount of positive press for our credit unions around the state. We are taking advantage of the renewed consumer interest in the Credit Union Difference by focusing on safety and soundness messages, as well as the broad access to credit union membership.
Our outreach to legislators started on day one of the Oregon and the Congressional legislative sessions that began in January. We have been holding meetings with Oregon legislators to go over items on our legislative agenda, as well as to begin the education process about the Credit Union Difference with freshman delegates. Oregon's delegation to CUNA's GAC will be one of the largest we have brought and we anticipate our credit unions being able to share personal anecdotes about how they are helping their communities work through these challenging economic times.
To provide quick updates to our busy legislators, we introduced a legislative newsletter that focuses on one topic per issue, such as safety and soundness, or community outreach.
Pennsylvania
HARRISBURG, Penn.-In Pennsylvania, we continue to run our statewide iBelong campaign to reinforce credit union awareness amongst consumers, legislators, and other opinion leaders. In fact, we just refinished two TV and radio spots to include safety and soundness messaging and the fact that CU deposits are insured up to $250,000 by the federal government in addition to our traditional eligibility, better rates, low or no fees, and credit union difference messaging.
We've also received excellent coverage in statewide and local general circulation press regarding our Credit Union Better Choice alternative payday lending program, credit unions making small member business loans, and generally providing credit for vehicles, student loans, and other consumer lending products in a tightening credit environment.
Acceptance of federal funds could negatively impact the perceptions of credit unions held by lawmakers and consumers. Currently, most credit unions have weathered the financial storm, finishing 2008 with a positive return on assets and an increase in loans. Credit unions are, arguably, the only financial services provider executing its core function in a difficult economy. As such, credit unions can position themselves as a safe haven for consumers. Additionally, credit unions can distinguish themselves from for-profit institutions by continuing to lend, and asserting that our capital position and relative liquidity eliminates the need for things like TARP money.
NCUA's recent efforts to shore up some corporate credit unions casts a cloud over credit union expectations for 2009. A write down of the 1% NCUSIF deposit, coupled with a premium increase, wipes out any expectation of positive earnings for 2009. With that in mind, the NCUA move is a system-based solution. Credit unions are taking care of their own house and not relying on the taxpayer to shore up balance sheets. This further differentiates credit unions.
South Carolina
IRMO, S.C.-At all opportunities, we remind audiences of credit unions' strength and stability and that our not-for-profit institutions are part of the solution, not part of the problem. It has been helpful to hold for comparison the backlash of unscrupulous lending, so any retreat into bailout funds certainly could be misconstrued as "another financial failure" and appear to favor the position for common regulation.
Nevertheless, credit unions' eligibility for TARP assistance was given without respect to or impact on the tax-exempt status, and independent oversight has kept credit unions as the most consistent performers among financial institutions for the American people. It helps to also have the 75-year and 100-year anniversary celebrations that reinforce credit unions' founding principles of cooperation and economic democracy. What better example is there that credit unions remain true to their roots than the fact citizens today can rely on and feel secure in their own financial cooperatives just as people discovered when given the choice so many years ago?
Texas
FARMERS BRANCH, Texas-Not-for-profit credit unions are shining brighter than ever to lawmakers and the media, compared to for-profit banks. Auto dealers have flocked to our doors as auto lending credit sources have dried up, small businesses are flocking to CUs for member business loans as banks turn them down, and we have seen a flight to "trust and quality" with influxes of member deposits as our members seek to weather this gathering economic hurricane.
As the American Banker article of Jan. 30th makes clear, banks will use any CU system tapping of TARP funds as a reason to push for CU taxation. We will remind lawmakers it's our structure-as not for profits-that is the basis for our tax-exempt status. In Texas, we remain hopeful that although credit unions may be eligible for TARP assistance, that we can manage this situation within the system. Should the system ultimately require TARP assistance, we believe lawmakers and consumers will not fault their credit unions. Frankly the catastrophic nature of this meltdown makes it clear-it's beyond the ability of any single industry to contain.
Vermont
SOUTH BURLINGTON, Vt.-Vermont credit unions and the Association have an excellent relationship with Vermont state and federal legislators, the Administration, and the state regulator. It is part of our Association's daily mission to maintain these relationships and there has been no need for us to do anything differently in the current economic climate. Vermont credit unions remain strong and viable financial alternatives to for-profit institutions and were not involved in questionable business practices that led to billions of taxpayer funded federal bailout dollars being distributed. To date, Vermont credit unions have not required access to federal bailout funds and will address the need for additional informational efforts if and when the issue requires attention by our state's credit unions.
Washington
FEDERAL WAY, Wash.-Washington credit unions are among the strongest financial institutions in the nation and have been serving their members for more than 75 years. Because they were built during tough economic times to help members survive, and even thrive during those times, the Washington league has successfully used that angle to reach out to the state's media, lawmakers and consumers to tell the credit union story in its current context. And our cooperative advertising group made up of credit unions from around the state has gone forward with a $1-million strategy-based campaign to lift the credit union message above the noise to raise consumer confidence in their local credit unions.
According to every poll commissioned, the TARP program is hated by consumers who feel slighted by government who issued the dollars and defrauded by the banks that accepted. By wading into the muddied TARP pool, credit unions would be not only be turning in their 100-year-old "bailout free" talking point, but giving a new opening for bankers to attack. However, with the question of survival at hand, that talking point becomes currency and may be all that stands between a credit union serving its members and not.
West Virginia
PARKERSBURG, W.V.-Fortunately for West Virginia, the economy for the most has not taken the severe downturn that has been evident in other parts of the country. Credit unions continue to be an alternative to people of modest means seeking lower fees and lower loan rates. In turn, we have communicated tangible evidence of this to our lawmakers. Whether or not credit unions become eligible for federal funds the premise of our tax exemption is based on our not-for-profit cooperative structure and therefore shouldn't have any effect on our tax status. If any misperceptions do exist, we will act to clear-up any misperceptions through various communication channels.
Wisconsin
MADISON, Wis.-Today's economy has proved a renaissance for credit unions, whose first great "boom" came during the Great Depression. And like the tough times then, conditions now have caused many people who may never have shopped around for financial services to look for greater earnings on their savings and more affordable loans. Credit unions are talking to media and members about their role in refinancing mortgages to prevent foreclosures, to help families weather an illness or job loss while preserving access to affordable credit, and even finance car purchases at far lower rates such that people buying new vehicles not only save money, but help reinvigorate the troubled auto industry -a critical sector of our economy.
The basis for credit unions' tax status is their not-for-profit, cooperative structure, so whether or not CUs tap federal funds has no bearing on the tax exemption. In Wisconsin, credit unions have remained strong; 62% of credit unions have refinanced other lenders' mortgages to prevent foreclosures. And many are helping members deal with job losses and mounting bills. Consumers are recognizing this, many flocking to credit unions from banks. Lawmakers have applauded credit unions and have urged them to continue to aid in economic recovery.
