Pints & Politics

I went to "Pints and Politics" tonight. It is an event put on by the Dakota Credit Union Association, which represents all credit unions in North and South Dakota. It was an educational opportunity although a bit of a refresher since I had gone 4 years ago as well.

Credit Unions certainly align with my values closely in terms of banking: member-owned, non-profit, grassroots and independent, community-oriented. Some key points from the presentation:

1. Field of Membership (FOM) rules need updating to make it a fairer playing ground with banks. A bank can have a member live anywhere while a Credit Union has specific rules in place for where its members live or worship in order to be members (e.g. within 75 miles). Something as simple as adding "work" would really help Credit Unions (CU).

2. Protect tax-exempt status. This has been challenged as recently as 2014. It is important in order to even keep CUs viable. Since they are a non-profit, tax-exempt status is vital for their operation. And since they play a large part in providing farm loans as well as loans to low and middle-income people, they need to be viable.

3. They are member-owned. If you are a CU member (have an account), then you are a voting member. It's democratic (small d) and should be of interest to anyone that doesn't want their money supporting giant banks and underwriters. They are vital to local economies.

4. CUs keep banks honest for several reasons. Among those reasons are competitive interest rates. Recent news about student loans and their high interest rates is probably a nice educational lesson for anyone who borrows money. Interest rates can and do cost thousands of dollars over time.

5. Budgeting assistance. ZoGo is an app which provides budgeting assistance for anyone and is helpful for everyone.

I was very grateful for the opportunity to learn as well as meet many people involved in Credit Unions. It was informative and I want to do what I can to spread the word about CUs as well as work to ensure their viability now and into the future.