NCUA Chairman Encourages CUs to "Tell Your Story"

PHILADELPHIA-NCUA Chairman JoAnn Johnson urged credit union executives to talk up all the good works they have been doing. During a meeting of the Credit Union Executives Society Council, Johnson said, “America’s credit unions are known for their good work in reaching into the depths of communities, especially those who have been left behind to predatory lenders, and serve as the financial partner folks can count on for mainstream financial services. However, the real challenge of this good work is documenting and singing your own praises of the service, when it is second nature to so many in the credit union community.” In a recent hearing in the House Ways and Means Committee, some members questioned the lack of documentation on credit unions’ service to those of modest means. Johnson told the credit union executives she has “long believed that credit union members are the true judge of credit union member service. Year after year, annual surveys indicate that these not-for-profit financial cooperatives are indeed making an indelible mark on their membership and communities. There is no credible evidence to suggest otherwise. However, credit unions should recognize that in this ever-changing, dynamic marketplace and legislative climate, I urge you to understand the need to document your service and success in serving millions of Americans of modest means.” Community Reinvestment Act-type requirements are not appropriate, the chairman emphasized, ” however, I do call on credit unions to more effectively communicate your service and likewise, I would be interested in the information potentially available through the 5300 Call Report data. NCUA is evaluating the best way to assist in this effort to highlight the credit union service to Americans from all walks of life.”