Credit Union National Association (CUNA)

What is the Credit Union National Association?

The Credit Union National Association (CUNA) is the biggest national trade organization addressing the interests of credit unions in the United States.

Figuring out the Credit Union National Association (CUNA)

The Credit Union National Association supports neighborhood credit unions all through the United States through campaigning activities as well as compliance, education and training services. The group collaborates with state associations, individual credit unions and other financial services companies or advocacy groups with adjusted objectives. Targets incorporate regulatory weights specific to credit unions at the federal, state and nearby levels, as well as restricting legislative drives making it more challenging for credit unions to operate.

The scope of the organization's advocacy needs both overlap with and go against those of other financial service organization associations. Extensive worries, for example, cybersecurity and general mortgage lending issues could find CUNA in common reason with organizations campaigning for big banks, though issues all the more barely tailored to the tax status of credit unions and the protection of regulatory benefits could pit the interests of big banks against those of credit unions.

Notwithstanding its campaigning efforts, CUNA offers consumer data about credit unions and offers its members resources to help with professional training and regulatory compliance.

Credit Unions Versus Corporate Banks

Credit unions developed as an alternative financial services structure to banks, expected to serve specific networks with common interests. Not at all like most banks, credit unions generally operate as cooperative structures, and that means accountholders become joint owners of the credit union. This permits credit unions to operate as nonprofit organizations, yielding tax and regulatory benefits that don't stretch out to for-benefit banking institutions. Credit unions appeal to consumers since they generally can offer better rates on savings accounts and certificates of deposit, as well as lower interest rates on loans. While deposits in credit union accounts don't fit the bill for Federal Deposit Insurance Corporation (FDIC) insurance, most credit unions keep up with deposit insurance on their own through state or federal agencies, or through private policies.

The regulations with respect to who can turn into a member of a credit union have loosened up over the long haul as courts have expanded the definition of the "common bond" members must need to join. As the pool of potential accountholders has developed, corporate banks have moved forward their campaigning endeavors to reduce the tax benefits credit unions appreciate. CUNA's campaigning arm presently incorporates a federal political action committee (PAC) called the Credit Union Legislative Action Council (CULAC), which offers financial help to contender for political office who support the association's objectives.