GoWest Advocates to Share CU Impact Data During GAC’s Hike the Hill

At its first CUNA GAC since becoming a six-state league, the GoWest Credit Union Association plans to emphasize details of the positive economic and community impacts its member credit unions have been responsible for in their respective states during meetings with lawmakers on Capitol Hill Wednesday.

The league released data Friday detailing $21 billion in economic impact that its credit unions funneled into their states’ economies in 2021. The organization became GoWest Credit Union Association last year as a result of a merger between the Northwest and Mountain West Credit Union Associations and represents credit unions in Arizona, Colorado, Idaho, Oregon, Washington and Wyoming. Advocates representing GoWest will participate in GAC’s traditional Hike the Hill day Wednesday afternoon on Washington, D.C.’s Capitol Hill, during which advocates from credit union leagues across the nation will push for legislation that supports the credit union movement.

“We’re excited to be part of the CUNA GAC, to join thousands of credit union colleagues from across the country in sharing the credit union difference with our federal elected officials,” GoWest President/CEO Troy Stang stated. “With all of the priorities elected officials are addressing, credit unions are a bright spot on their radar, an area where they can all agree that the not-for-profit cooperative financial services model is essential for consumers and communities, and necessary to balance the nation’s financial structure.”

While advocates will share economic impact data specific to their states and communities, GoWest shared the following highlights from the data it collected for the entire six-state region:

• A $21 billion boost to the states’ economies;
• 35,450 family wage jobs in not-for-profit, cooperative credit unions, which supported a total of more than 100,000 jobs in the six states;
• $1.1 billion in direct benefits returned to members, resulting in a ripple effect benefit of $2.7 billion when those benefits were spent in Main Street economies;
• 6,374 local non-profits supported;
• 135,000 hours contributed by credit union employees to community service; and
• 54,000 hours of free financial education provided across GoWest states.

The data was derived from an independent study and analysis performed by the Portland, Ore.-based economic firm ECONorthwest, as well as a community impact survey conducted by GoWest. ECONorthwest’s research combined credit union member surveys, NCUA Call Report data and CUNA’s Project Zip Code data, among other analyses, and produced reports at state, county and congressional district levels. GoWest’s survey was designed to capture data not included in ECONorthwest’s research.

Jennifer Wagner, GoWest’s EVP and chief advocacy officer, commented, “All in all, credit unions partner with public and private stakeholders to help solve critical issues in their communities. Through outreach and participation at all levels – individual, community and state – credit unions continue to perpetuate the ‘people helping people’ philosophy that is central to the mission of improving the lives of members and the communities where they live, and our elected officials will value the data supporting our services.”