CEO Today - August 2023

One major accomplishment – we fought and won to ensure credit unions were included as lenders in the Paycheck Protection Program. For weeks, our team worked constantly to connect credit unions with agencies and lawmakers to ensure they were getting the guidance, clarity, and resources they needed to lend through the program quickly and effectively. Because of this, credit unions were able to support thousands of small businesses across the country when they needed financial assistance the most. Our research team also stayed on top of economic issues to help credit unions manage their portfolios. The association’s Preferred Partners offered invaluable resources and insights for operational efficiencies, risk mitigation, and technology. As we’ve recovered from the pandemic, many of the regulatory and economic challenges remain. Business models, the economy, and consumers’ financial habits have changed, and our job is to make sure credit unions are strong and have the tools they need to be responsive to changing needs. Diversity, equity, and inclusion (DEI) have become important issues across many industries, including finance. How is NAFCU addressing DEI within the credit union industry? DEI is very important to the credit union industry because it is core to its mission – to serve all individuals and families in need of safe, affordable financial products and services. Credit unions are more diverse than other financial institutions. There are three times as many credit unions designated as minority depository institutions (MDIs) than banks and ten times as many female CEOs at credit unions than banks. Credit unions are more likely to lend to minority and low-income individuals, and they are often the only financial institution in underserved areas. Credit unions have always prioritized DEI and continue to lead by example as other industries catch up. Through our foundation, NAFCU supports organizations such as AACUC, NAACP, and UNCF, which provide minority scholarships and promote diverse, strong communities. NAFCU also spends a lot of time and resources focused on strengthening our own culture and supporting our organization’s mission and values. In an industry known for “people helping people,” we recognize the importance of DEI among our staff. It’s important to have a diversified staff who represent different ways of thinking, experiences, and beliefs. What are your thoughts on the future of credit unions, and how do you see NAFCU contributing to their continued growth and success? You can’t think about the future of credit unions without recognizing the industry’s past. The Federal Credit Union Act was passed during the Great Depression that made federal credit unions tax-exempt. For nearly 90 years, this policy has remained in place because credit unions provide a valuable social service: safe, secure, reliable, and affordable financial products and services to all Americans – especially in areas banks have left. NAFCU’s advocacy team and I fight tooth and nail every day against the Big Banks that want to strip us of the very thing Congress gave us to bring service to people “Our industry prioritizes members’ financial wellbeing over profits.”

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