PLYMOUTH, Mich.–Eleven credit unions that span the country have partnered to launch “Backbone,” which it said is designed to strengthen and defend the “essential role credit unions play in American communities.”
According to the organizations, they will “work together to protect consumers’ and communities’ rights to access a variety of financial options. Consumers need to know that credit unions answer to their communities — not Wall Street shareholders — and put members’ interests first.”
The credit unions cited data that shows CU members enjoy $12.6 million in higher yields on savings, and $1.6-billion in lower loan rates when compared to banks, as well as the fact credit unions routinely serve people and communities overlooked and ignored by others.
About the Name
The coalition of CUs said the name Backbone embodies their commitment to show the world how credit unions serve as the backbone of financial stability for more than 100 million Americans in every community across the United States.
“As not-for-profit, member-owned financial cooperatives, credit unions are the backbone of personal and family finance in America,” Backbone coalition leader Tansley Stearns said in a statement. “With a personal touch and digital ease, we serve the real, everyday needs of people and communities, with higher rates on savings, lower borrowing costs, and customized experiences above all.”
“Credit unions are not just financial institutions; they’re community partners that walk with members through life’s journeys— both light and dark,” added Stearns, who is CEO of Community Financia Credit Union. “Our brightest dreams and toughest times all have financial implications. Credit unions are a best friend that helps make the most of the good times, and provides strength and support when times are tough.”
According to the credit unions involved, the months to come, Backbone will educate consumers on the wide variety of financial options that put members and communities’ needs first.
Coalition Members
The members of Backbone include:
- Bethpage Federal Credit Union (New York)
- Community Financial Credit Union (Michigan)
- Credit Union 1 (Alaska)
- Ent Credit Union (Colorado)
- Everwise Credit Union (Indiana)
- Farmers Insurance Federal Credit Union (California)
- OneAZ Credit Union (Arizona)
- Palmetto Citizens Federal Credit Union (South Carolina)
- Vantage West Credit Union (Arizona)
- Verity Credit Union (Washington)
- WEOKIE Federal Credit Union (Oklahoma)