Opinion: Iowa credit unions stand as safe and secure financial partners
Financial markets and consumers were shaken when Silicon Valley Bank became the second-largest bank in U.S. history to fail, followed days later by another bank shut down by regulators. In this time of financial uncertainty and concern, it is important to remind Iowans that their money is safe and secure with their Iowa credit union.
Born as a solution to the financial crisis of the Great Depression, credit unions have historically proven their safety and soundness. Since financial cooperatives began in the state in 1925, Iowa credit unions have served as a trusted, local financial partner of choice in good times and bad. Credit union deposits are federally insured by the National Credit Union Administration, and credit union members have never lost a penny of their insured deposits at a credit union. Our deposits are insured up to $250,000 per individual depositor — the same as any federally insured financial institution.
The not-for-profit, cooperative model of credit unions makes a clear difference for consumers because, at credit unions, our members ARE our owners. In short, we put people before profits. From helping small businesses, deferring loan payments during COVID-19 or saving Iowans $160 million annually through better rates and lower fees, Iowa’s credit unions continue to champion our mission of “people helping people.”
Financial well-being for all is at the core of our social mission. Our credit union movement has doubled down on its commitment to serving all corners of our state. From 2010 to 2020 alone, Iowa credit unions added 40 new branches. These branches spanned both rural communities and urban centers alike, including many locations that were at risk of becoming banking deserts. Now with more than 1.5 million members (nearly half of Iowa’s population), Iowa credit unions serve as a local financial lifeline for Iowans’ everyday needs.
Credit unions’ commitment to helping Iowans in local communities is evident in our industry’s state legislative priorities, which include helping Iowans develop better savings habits, addressing child care challenges and supporting safeguards for protecting member data and privacy.
There is an Iowa credit union for every one, and for every need. We will continue to be there for Iowans, especially in times of financial uncertainty when you need us most. Iowans can rest easy knowing their money always has been, and will continue to be, safe in an Iowa credit union.
Murray Williams is president and CEO of the Iowa Credit Union League.
This article originally appeared on Des Moines Register: Opinion: Iowa credit unions stand as safe, secure financial partners
