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CUNA briefing covers CU advantage community work
WASHINGTON (3/31/11)--Credit Union National Association (CUNA) Senior Legislative Representative Phil Drager highlighted the many benefits that credit unions offer their members, including lower interest rates and fees on loans and higher rates of return on deposits, during a recent congressional briefing on cooperative businesses.
Click to view larger image Rep. Fattah’s Deputy Chief of Staff Debra Anderson opens proceedings as CUNA’s Phil Drager, left, and National Cooperative Business Association President Paul Hazen look on. (NCBA Photo)
The briefing was sponsored by the offices of Reps. Chaka Fattah (D–Pa.) and Jo Ann Emerson (R–Mo.). The National Cooperative Business Association moderated a panel that included representatives from CUNA, the National Rural Electric Cooperative Association, food cooperative Weavers Way, and the Evergreen Cooperative Initiative. Drager in his briefing discussed the history of credit unions and covered the most defining difference between credit unions and banks: member, not shareholder, ownership. He noted the positive work that credit unions have done by reinvesting in their surrounding communities. One example is TruMark Financial CU’s work in Fattah’s own district of North Philadelphia. Trevose, Pennsylvania-based TruMark worked with community organization Asociación de Puertorriqueños en Marcha (APM) to open the first financial institution that the surrounding neighborhood had hosted in 60 years. TruMark said that the new branch would aid families in the neighborhood by providing them with access to check cashing services, money orders, and loans, without the high fees that can accompany those financial products. Drager also noted credit union work in Emerson’s district. Mid Missouri CU has provided credit counseling to over 6,000 military personnel and civilians in the Fort Leonard Wood, Missouri area.


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