Becker at White House co-op event

May 03, 2012

Becker at White House co-op event

May 4, 2012 – NAFCU President and CEO Fred Becker is participating in today's White House Community Leaders Briefing on how cooperatives can help spur economic recovery through job creation and continued investment in their communities.

Today's gathering, organized in cooperation with the National Cooperative Business Association, will include 150 leaders of cooperatives from all sectors of the economy.

Hope FCU of Jackson, Miss., is one of the cooperatives that will be highlighted in today's discussion. The credit union was chartered in 1995 by members of Anderson United Methodist Church to help low-income residents build financial assets and strengthen their financial standing. It also serves as an alternative to predatory lenders. Since its chartering, the credit union has expanded and today has 16 branches in four states to provide services, education and counseling to traditionally unbanked and under-banked communities.

This week, the NCBA released results of a survey it developed with the Consumer Federation of America on Americans' experience with cooperatives. Results of the survey, conducted by Opinion Research Corp. International, showed how participants viewed cooperatives against for-profit institutions. Cooperatives consistently won higher marks, as follows:

76 percent said cooperatives run their businesses in a trustworthy manner; 61 percent said for-profits do.
74 percent said cooperatives have customers' best interests in mind; 52 percent said for-profits do.
77 percent said cooperatives are committed to providing the highest quality of service to their customers; 64 percent said for-profits do.
75 percent said cooperatives provide high-value products; 70 percent said for-profits do.
79 percent said cooperatives can be counted on to meet customers' needs; 67 percent said for-profits do.
77 percent said cooperatives offer fair, competitive prices; 70 percent said for-profits do.

(Earlier this week, another survey rating consumers' trust of providers ranked "a credit union" higher than any of the named banks.)

The United Nations has designated 2012 the International Year of the Cooperative. NAFCU is a member of the NCBA Cooperative Steering Committee, convened in 2010 to identify strategic priorities for U.S. observance of IYC. The association is encouraging credit unions to host at least one activity to engage their members in celebrating IYC.

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