CUNA: Meeting the needs of 83 million members
redit Union National
Association (CUNA)
works in cooperation
with all the state credit
union leagues and the
District of Columbia for the betterment
of America’s credit unions-not-for-profit cooperatives that provide
affordable financial services to
people from all walks of life. More
than 90 percent of the nearly 10,000
credit unions in the United States
which are owned by more than 83 million
consumer members are affiliated
with CUNA through
membership in their
leagues.
CUNA, chartered in
1934, is headquartered
in Madison, Wis., and
Washington, D.C.,
where it maintains a
governmental affairs
office. CUNA provides
national leadership, a
liaison with Congress
and the various federal
agencies, publications
and Internet-related services,
market and demographic
research, new
product development,
economic analysis, public
relations, education and training
and other services to its affiliated credit
unions.
United with CUNA and the leagues
through a combined management and
leadership structure is CUNA
Strategic Services, Inc. (CSSI), the
association’s financial products and services
affiliate. CSSI provides credit
unions with access to high-quality
products, services and technologies
delivered with a competitive advantage
made possible through volume pricing
and strategic program development.
Products offered by CSSI’s chosen
providers include: office supplies,
imaging equipment, promotional products,
rate intelligence services, money
handling equipment, ATM access,
security systems, membership and
audio marketing programs, share
drafts, member business lending, ID
verification, money orders, IRAs, travelers
checks, etc.
Another CUNA affiliate, U.S.
Central Credit Union in Lenexa, Kan.,
provides investment, liquidity and correspondent
financial services to credit
unions through a network of state or
regional ‘corporate’ credit unions,
which are essentially credit unions for
credit unions.
Some of CUNA’s recent accomplishments
and challenges facing it include:
- Privacy and the Fair Credit
Reporting Act: FCRA reauthorization
was passed as part of the “Fair
and Accurate Transactions” (FACT)
Act of 2003. President Bush signed
it into law on Dec. 4, 2003. CUNA
played an integral role for credit
unions and consumers in advocating
passage of the legislation, which
ensures that our national system of
credit reporting continues without
interruption and, in turn, assures
that our nation’s consumers have
easy access to credit and receive fair
and appropriate protections of their
personal financial information to
help protect against identity theft.
CUNA was the only national trade
group for credit unions to testify
before the full House Financial
Services Committee on this legislation.
- Challenges from banks: Banks are
continuously lobbying to have credit
unions pay federal income taxes
despite credit unions’ exemptions
through their not-for-profit status.
These additional taxes would ultimately
prove detrimental to credit
union members, as this exemption
allows credit unions to return their
would-be “profits” to their members
in the form of lower loan rates, higher
deposit rates and lower fees than
other financial institutions.
Additionally, these lower rates benefit
all American taxpayers, because
they ensure that other financial institutions
stay competitive and avoid
usury which was a major contributing
factor behind the beginnings
of credit union organization.
- Financial literacy: CUNA works
tirelessly to inform credit unions, the
government, the media, America’s
youth and the general public on the
importance of financial literacy.
- Hispanic Initiatives: As a tribute to
another founding principle - serving
people of modest means CUNA
works to help credit unions better
serve the financial needs of the United
States’ growing Hispanic community.
Here are some of the ways that
CUNA has worked to achieve this
goal. CUNA has published a free
resource guide for Hispanics and the
newly translated version of the
National Endowment for Financial
Education’s High School Financial
Planning Program student guide
designed to help build financial literacy
among high school seniors. CUNA
is also fostering use of IRnet to provide
a lower cost remittance alternative
to Hispanic and other immigrant
populations.
Contact information: website:
www.cuna.org; phone: (800) 356-9655;
address: P.O. Box 431, Madison, Wis.
53705. President/CEO: Daniel A.
Mica; Board Chair: Dick Ensweiler,
(Texas Credit Union League).
