WASHINGTON (12/2/13)--As credit union leaders prepared to celebrate Thanksgiving this week, Credit Union National Association President/CEO Bill Cheney in the Cheney Report noted that there is much to be thankful for in the credit union system.
"We are thankful there will be no corporate assessment scheduled for credit unions in 2014--which we had called for just this past summer--and that the likelihood of assessments in years beyond that is growing increasingly remote," he wrote. What's more, credit unions could see rebates for the funds paid into the Temporary Corporate Credit Union Stabilization Fund within the next four to five years. "That's certainly something to be thankful for considering where we've come from," Cheney said.
"We can be thankful that credit union members value their credit unions so much that they are willing to get politically active," as millions have used traditional methods and social media to tell their legislators "Don't Tax My Credit Union!" This level of involvement is a tribute to the great job credit unions do every day in serving their members, Cheney added.
Cheney also took time to thank the more than 86,000 credit union volunteers that serve their institutions and fellow members, and, overall, gave thanks for the "great system that we are all part of...A system that puts people first." Credit unions truly do believe, "people are worth more than money," Cheney said.
Cheney also noted developments on the regulatory front, where CUNA and credit unions are making some progress towards building credit unions a better operating environment, and working with the National Credit Union Administration to build a better exam experience for credit unions.
"Let's be thankful that more Americans are choosing to do business with credit unions," as total credit union membership crests 98 million. And, he wrote, "despite our many challenges in recent years, we can all be thankful that Americans have a credit union movement that is strong, safe and sound--and continues to be dedicated to the ideals of "not for profit, not for charity--but for service."
For more of The Cheney Report, use the resource link.