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| Expanded Credit Union Access Means More Affordable Financial System |
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If affordability is the economic issue of our day, then debates on policy solutions should center around access to affordable, reliable financial services. Americans are increasingly turning to credit unions as the solution, and America’s Credit Unions President/CEO Scott Simpson says policymakers should focus on increasing access.
Across every major measure tied to affordability and accountability, credit unions outperform large national banks, Simpson wrote Monday in the Washington Reporter, because they deliver affordability that people feel in their day-to-day lives.
“That difference is not abstract. Consumers who rely on credit unions are far more likely to say their financial institution cares about their financial well-being, offers affordable credit, and makes it easier to manage their money,” he wrote. “In an era of rising fees and increasing distance between consumers and financial decision-makers, Americans are gravitating toward institutions that are accountable and local, not transactional and remote.”
Credit unions remain fixtures in the community, even in tough economic times, which is why 94% of Americans support allowing Americans to expand into more community and lend more to small businesses.
“That support cuts across geography, income levels, and political lines. It also raises a fair question: if Americans are this clear about what they want, why does federal policy still make it so hard for them to choose the path to financial freedom that credit unions provide?” Simpson wrote, adding, “Congress has an opportunity to fix that.”
The Credit Union Board Modernization Act and other bipartisan, commonsense legislation would improve credit union access, itself a “practical, bipartisan step toward a more competitive and affordable financial system.”
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