Business View Magazine l January 2023

102 BUSINESS VIEW MAGAZINE VOLUME 9, ISSUE 12 Precisely, why the association is not only driven by, but excited every day about the privilege of working for credit unions from all over the country and the 134 million members they serve. NAFCU believes credit unions are the best choice for affordable, safe financial services for American consumers because of the credit union difference. The next question that arises is often: what is a credit union? In simple terms, credit unions are member- owned, non-profit financial cooperatives whose market share represents a third of all Americans in the United States. “Credit union members have a ‘common bond’ and that’s what allows them to fall under the institution’s field of membership. A common bond might be an employer, family, geographic location, or a membership to a specific group. The field of membership acts as the legal definition of who is eligible to join a credit union,” Dan Berger, President and CEO of NAFCU, explains. “Credit unions are member-owned and exist to serve their members and the communities that surround them. This means that any money made by the institution is put right back into the hands of its members – through reduced fees and higher savings rates. Like banks, credit unions accept deposits, make loans, and provide other safe and affordable financial services,” Berger outlines. “However, I would say one of the best parts about banking with a credit union is that it is not a bank,” Berger adds. These factors and many more make credit unions the perfect option for communities in underserved and rural areas and banking deserts. In these low- to moderate- income areas, credit unions fill the gaps left by big banks as they move to bigger cities in search of increased profits. Berger explains that while banks have closed thousands of branches over the past decade, credit unions continue to expand in such While banks have closed thousands of branches over the past decade, credit unions continue to expand in such communities and have even fought to add underserved and rural areas to their field of membership to be able to provide financial services to those who need it most.