Credit Union National Association Overview and Services

The Credit Union National Association (CUNA) is a powerful advocate for credit unions across the United States. CUNA represents over 5,000 credit unions, serving more than 100 million members.

CUNA provides a wide range of services to its member credit unions, including advocacy, education, and operational support. CUNA is headquartered in Madison, Wisconsin.

CUNA's advocacy efforts focus on promoting the interests of credit unions at the federal and state levels. CUNA has a strong presence in Washington, D.C., and works closely with lawmakers to advance credit union-friendly legislation.

CUNA's education and training programs help credit union professionals develop the skills they need to succeed. From compliance and risk management to leadership development and marketing, CUNA offers a wide range of educational resources.

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A credit union is essentially a financial cooperative owned and controlled by its members. The Credit Union National Association (CUNA) is the largest national trade organization representing their interests in the United States.

Credit unions are member-owned, which means that the people who use their services have a say in how the organization is run. This unique structure is a key part of what sets credit unions apart from traditional banks.

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A credit union is a type of financial institution that's owned and controlled by its members, who pool their resources to provide financial services to each other.

The Credit Union National Association (CUNA) is the largest national trade organization representing the interests of credit unions in the United States. This means they advocate for the rights and interests of credit unions at the national level.

Credit unions are member-owned, which means that those who use their services also have a say in how the institution is run. This can be a big advantage for members, who often report higher levels of satisfaction and trust in their credit union compared to traditional banks.

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A credit union is a type of financial cooperative owned and controlled by its members. It's not-for-profit, meaning any profits are reinvested into the organization or returned to members. Credit unions are supported by the Credit Union National Association (CUNA), which provides lobbying, compliance, education, and training services to help them operate effectively.

CUNA collaborates with state leagues, individual credit unions, and other financial services companies to advocate for credit union interests. This includes addressing regulatory burdens and opposing legislative initiatives that might make it harder for credit unions to operate.

Credit unions have a unique structure, with a board of directors elected by the members. This ensures that the organization is accountable to those it serves. In fact, the National Credit Union Administration notes that credit unions are "not-for-profit, member-owned cooperatives" in their definition of a credit union.

Here are some key facts about credit unions:

Credit unions have been around as an alternative to banks since their inception, designed to serve specific communities with common interests. They operate as cooperative structures, where accountholders become joint owners, allowing credit unions to be nonprofit organizations with tax and regulatory advantages.

Unlike corporate banks, credit unions can offer better rates on savings accounts and certificates of deposit, as well as lower interest rates on loans. This is a big draw for consumers looking for more favorable financial terms.

Credit unions may not offer the same level of deposit insurance as corporate banks, but most credit unions maintain their own insurance through the National Credit Union Share Insurance Fund or state agencies.

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One key difference between credit unions and corporate banks is that credit unions are not-for-profit, member-owned cooperatives, whereas corporate banks are for-profit institutions.

Credit unions are owned and controlled by their members, who share a common bond such as working at the same company or living in the same community. They make decisions on how to operate and invest their funds.

Corporate banks, on the other hand, are owned by their shareholders, who expect to earn a return on their investment. This can lead to decisions that prioritize profits over the needs of their customers.

Credit unions offer more personalized service and a wider range of financial products and services, including loans, credit cards, and investment services.

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If you're looking for a more personalized banking experience, credit unions are a great option. They often have lower fees and more flexible loan terms compared to corporate banks.

Credit unions typically offer higher interest rates on savings accounts, with some credit unions offering rates up to 2.5% APY. This is significantly higher than the national average of 0.09% APY offered by corporate banks.

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On the other hand, corporate banks often have a wider range of financial products and services, including investment and wealth management services. However, these services often come with higher fees.

Credit unions usually have lower minimum balance requirements for accounts, making them more accessible to people with limited financial resources. In fact, some credit unions don't even require a minimum balance to open an account.

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CUNA is the champion for the credit union movement in all 50 states and Washington DC. Its members advocate on behalf of America's credit unions to protect the best interests of credit union members.

Consumer protection is a major part of CUNA's backbone, ensuring lawmakers put policies in place that keep costs competitive and services affordable, including mortgages and auto loans.

CUNA fuels professional growth for employees and leaders of credit unions, making institutions more viable and customer-friendly. This helps credit unions stay ahead in the market.

Tax issues are a big deal for credit unions, as they're nonprofit organizations. If the federal government changes that tax status, costs may go up markedly.

CUNA makes sure payment technology includes robust security measures and that nothing falls through the cracks regarding cybersecurity.

Credit Union National Association (CUNA) has seen significant growth in its revenues over the past year. Total revenues increased by 24.3% from $69,989,850 in FYE 12/2022 to $87,031,081 in FYE 12/2023.

A notable contributor to this growth was the increase in miscellaneous revenues, which skyrocketed by 89.8% to $11,468,658. This is a substantial jump from $6,042,662 in the previous year.

Here's a breakdown of CUNA's total revenues for FYE 12/2023:

CUNA's financials are quite impressive, with total revenues reaching $87,031,081 in FYE 12/2023.

This represents a 24.3% increase from the previous year's total revenues of $69,989,850. The organization's financial growth is a testament to its strong advocacy and support for the credit union movement.

One notable source of revenue is grants, contributions, and other funding, which totaled $7,620,242 in FYE 12/2023. This is a significant increase from the previous year's total of $1,718,984, representing a 343.3% change.

CUNA's program services also saw a notable increase, reaching $64,768,988 in FYE 12/2023, a 6.9% increase from the previous year's total of $60,585,873.

Here's a breakdown of CUNA's total revenues for FYE 12/2023:

Form 990s are a crucial part of understanding a non-profit organization's financials. CUNA's Form 990s can be found online, with the most recent one available for the fiscal year ending 2023-12.

Here are the details of CUNA's Form 990s:

Note the varying dates for each fiscal year, with some forms being received by the IRS in the same year as the fiscal year ending, while others were received in the following year.

CUNA is a trade association that's very active in the financial sector, and its advocacy efforts are highly rated. Ballast Research found that CUNA-led initiatives are some of the best in the business for credit unions and their 120 million members nationwide.

CUNA has been rated number one in advocacy for the fifth year in a row in 2020 among all credit union advocacy groups. This is a testament to the organization's effective work in advocating for the interests of credit union members.

CUNA is unique in that it's bipartisan, meaning it works with policymakers on both sides of the aisle. This allows the organization to have a broader impact and reach more people.

CUNA has local roots, with member leagues at the state level working closely with local credit unions to bring their ideas to state lawmakers and federal policymakers.

CUNA's priorities are a key part of its advocacy efforts, and the organization has several priorities that guide its work.