6 THE NAFCU JOURNAL March–April 2023 NAFCU is also pursuing policies that allow credit unions to partner with vendors and fintechs to provide frictionless financial management to their members. But, in that same vein, we need to ensure a level playing field and proper oversight over nontraditional banks to keep credit unions competitive. Our industry thrives because we understand that we are part of a community greater than ourselves and our bottom lines. We support our members every way that we can and in turn they trust us to achieve their financial dreams. As you look ahead, remember your roots and grow from there. Gary Grinnell is president and CEO at Corning Credit Union in Corning, NY. FROM THE CHAIR ENGAGING YOUR COMMUNITY ROOTS By Gary Grinnell, NAFCU Board Chair We all know there are many ways to describe and define the credit union mission, but the one I’m focusing on today—the true foundation and root of our industry—is community. Our credit unions are built on the idea of community as our member make-up is determined by a common bond—also known as our field of membership. In another way, community involvement is one of the biggest differences between big banks and credit unions. It’s what makes our institutions so strong: credit unions care about their communities because they are a direct reflection of them. Credit unions aren’t just part of a community; the community is what makes the organization thrive. There are countless ways a credit union knits itself into the fabric of the community it serves. For example, some may offer programs for elementary, middle or high school students to teach financial literacy and promote smart money management from a young age. Some may sponsor scholarships to colleges, donate to local charities and food banks or have a volunteer program that allows employees and members to participate in giving back to the community. The examples mentioned don’t even scratch the surface of the lengths credit unions will go to for their community during both good and hard times. Whether it’s the aftermath of a natural disaster or even a worldwide pandemic causing members to struggle to make ends meet, credit unions never hesitate to offer things like payment deferral programs or emergency loan programs for their members. Credit unions always answer the call and step up to provide resources and programs for those in need. And when that same pandemic threatened the business operations of thousands of Main Street small businesses, credit unions without small business lending in their portfolios applied to take part in the Small Business Administration’s paycheck protection program. In communities where credit unions are present, you can be sure that you will find people helping people. The best part is many of us want to do more. NAFCU’s award-winning advocacy team has continuously advocated for credit unions to be able to expand their fields of memberships. Our industry stands ready to provide services to underserved and disadvantaged communities to help combat branch closures and banking deserts. As is often said, credit unions are more than willing to help bridge the gap in areas where there is a need affordable financial services. It’s no doubt the needs of our members are evolving every day. It’s critical we hone into our community roots to better understand what products and services will best serve our members and seek the best methods to provide them. When you consider the financial products and services consumers need and want these days, many are fintech related.
RkJQdWJsaXNoZXIy Nzc3ODM=