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HuffPo Blog: Why a CU Might Be Your Smartest Choice Ever
Tuesday, April 14, 2015 6:35 AM

Recently, a credit union director of compliance and legislative affairs from Northwest Community CU in Springfield, Oregon, wrote on Huffington Post about the smart case for credit unions.

In her blog post, "Why a Credit Union Might Be the Smartest Choice You've Ever Made," Rachel Pross said credit unions have a significant impact on their local economies. She cited an ECONorthwest study that reported credit unions generated $6.8 billion for the regional Oregon and Washington economies in 2014. They also provided $352 million in direct benefits to members that translated to $732 million in buying power in the states' economies.

Pross said she knew credit unions would be part of her life after a robbery left her small credit union's staff traumatized. It was an "Aha!" moment, Pross said. After the robbery, when the credit union reopened, it was short-staffed. She contacted a larger credit union two hours away that used the same data processor for help.  "That CEO didn't know me at all," Pross wrote, "but he immediately sent me five employees. He wouldn't let me pay a dime. He had my back, because I was a 'credit unioner' and credit unioners are family."

The blog outlined reasons why "credit unions are the not-for-profit balance to the U.S.'s credit system." The member-owned financial cooperatives return earnings to the members in better loan rates, higher deposit yields, and fewer and lower fees. "Our boards are elected by and for the members. Since credit unions don't have stockholders, they exist solely to serve members. That's it. No matter how small or big a credit union is, that fundamental cooperative structure remains the same."