Credit Unions and The Economy The economy is a big political topic. There is a Senate Bill 2231 that will be presented to the Senate in the form of the Credit Union Small Business and Jobs Bill. The passing of this bill will help create 140,000 jobs and $13 billion in small business capital nationally, but it won’t cost taxpayers a thing. There are millions of people seeking employment, and it’s especially hard to find a job in today’s economy. Credit unions are trying to play an important part in providing employment. In fact, credit unions contributed to the creation of more than 900,000 jobs in 2010. The Callahan Report stated the following numbers in their May issue: 223,220: number of full-time jobs created by credit unions 31,339: number of part-time jobs created by credit unions 127,642: Credit union-supported jobs created via third-party support services 72,180: Credit union-supported jobs created via real estate financing 454,000: Credit union-supported jobs created via automotive financing Studies show that credit unions account for billions in assets and revenue and also pay billions of wages. The number of memberships in credit unions continues to grow despite the economy. The government’s policies may have given credit unions more red tape to go through but he has also opened up new opportunities. During the past summer, the government issued low-income designation permits, which opened up loan opportunities to farmers in need of additional cash. Another thing President Obama has done is implement the Home Affordable Refinance Program (HARP) 2.0. This program helped members keep from losing their homes by refinancing home loans and ultimately saving families an average of over $300. America has a unique financial system. It is the land of opportunity. Credit unions are capitalizing on those opportunities. Credit unions will soon be the second largest depository system in America. Contact Us The Brownsville credit union or the Harlingen credit union are can help the Valley economy grow. If you have any questions about how we can help your business grow, contact the Valley Federal Credit Union in Brownsville at (956) 546-3108.
