Credit Unions Step Forward on Affordability as Americans Face Mounting Financial Pressure

SEATAC, Wash., June 2, 2026 /PRNewswire/ -- As affordability challenges continue to impact households across the country, credit unions are reaffirming the mission they were built for: helping everyday people access safe, fair, and affordable financial services during uncertain economic times.

Credit unions were born for and from moments like this. The modern U.S. credit union movement was created during the Great Depression, when many working families lacked access to affordable credit and traditional financial institutions failed to meet community needs. The Federal Credit Union Act of 1934 was established specifically to "make more credit available through a national system of cooperative credit."

"The credit union mission is more important than ever. Affordability is one of the defining issues facing Americans today, and credit unions were created to help people weather exactly these kinds of economic pressures," Troy Stang, President and CEO of GoWest Credit Union Association. "At a time when many families are looking for stability, predictability, and trusted financial guidance, credit unions remain deeply committed to being a financial success partner."

Across the country, credit unions are helping members navigate rising costs tied to housing, groceries, transportation, healthcare, childcare, and everyday essentials by offering lower fees, competitive loan rates, financial counseling, emergency lending options, and community-focused financial support.

Credit unions are member-owned cooperatives focused on returning value to the people and communities they serve. Many were founded by teachers, postal workers, military families, manufacturing employees, farmers, and local community groups seeking access to fair financial services when traditional banking options were limited or unavailable.

Credit unions continue to over-proportionately serve Main Street households, underserved communities, and working families. According to the National Credit Union Administration, credit unions:

• serve a higher share of households living paycheck to paycheck than banks do,
• 89 percent of credit union loans are made to consumers versus 37 percent of bank loans, and
• a higher share of credit union branches are located in low-income areas than bank branches.
• Recent federal data also shows credit unions maintain a stronger focus on household lending and consumer financial well-being compared to banks.

Credit unions show up for everyday Americans.

"Just the presence of credit unions helps keep the entire financial marketplace competitive. If credit unions disappeared, consumers wouldn't just lose an option; they'd likely see higher fees, worse rates, and less service from for-profit banks almost immediately," said Stang. "Their very existence serves to hold predatory institutions accountable, and the data backs that up."

As financial pressure continues across communities nationwide, credit unions are emphasizing practical solutions that help members build resilience, manage day-to-day expenses, access responsible credit, and create long-term financial stability.

About GoWest Credit Union Association   

GoWest Credit Union Association is the trade association representing credit unions in Arizona, Colorado, Idaho, Oregon, Washington, and Wyoming. GoWest advocates on behalf of nearly 300-member credit unions, and their 17.4 million consumer members.

Contact:
Katy Wagnon, Chief Experience Officer
509.499.3929
[email protected]

SOURCE GoWest Credit Union Association