The headline of a recent video story appearing on CNN.com says, “Credit unions keep perks, banks won’t.” In an interview with reporter Poppy Harlow, Credit Union National Association (CUNA) President and CEO Bill Cheney confirms that, unlike many banks, most credit unions are not raising fees and cutting benefits. When asked if he thinks doing so is “a sustainable model” for credit unions, he was emphatic.
“I do, absolutely,” Cheney said. “You know, credit unions are fundamentally different than banks, in that credit unions don’t have stockholders. We have members. We’re a financial cooperative.”
A former credit union executive himself, Cheney also said credit unions are managed differently. “Anything you can do to help your members,” he said, “especially during trying economic times like now, you’re going to do it.”
For ECCU, one way we can help members is by presenting events where they can connect and learn together about how to better manage ministry finances. Follow this link for the latest upcoming events.