Data is the driver behind a powerful credit union story

The ability for credit union advocates to “tell their story” is essential for delivering a powerful message to lawmakers, the media, the community, and consumers. Living out the mission of “people helping people,” credit unions consistently deliver value to their members through the not-for-profit cooperative structure, creating countless stories of assistance and partnership every day.

One of the most effective ways to elevate these credit union stories is by backing them up with solid data. Data-driven messages, combined with compelling member stories, make a huge impact on those critical audiences whose influence can shape perceptions and policy for credit unions.

Over a decade ago, GoWest began its strong tradition of providing impactful economic data to policymakers. In 2013, the association worked with an economic firm and released a first-of-its-kind report, The Myth of the Uneven Playing Field, debunking bank claims that state and federal tax policies offered credit unions unfair competitive advantages over banks.

That groundbreaking report evolved into a bi-annual analysis demonstrating how credit unions contribute to the state’s economy, as an employer, a lender, and by delivering tangible benefits back to their member-owners. Additionally, the report demonstrates credit unions’ impacts in areas such as promoting savings, financial education, services to underserved communities and unique lending programs such as those targeted to first-time homebuyers, veterans, and farmers.

“The combination of this data and analysis allows credit unions to vividly demonstrate to policymakers, and others, how they uniquely serve communities and positively impact economies,” said Christine Ruzzi, GoWest’s Vice President of Member Impact. “Those policymakers understand and respect thoughtful analysis of economic and community impacts. To that end, GoWest credit unions will show up to each state’s 2025 legislative session and deliver state-specific comprehensive economic and community impact reports. The data will be further broken down by federal congressional districts for visits with members of Congress.

Coupled with this rich data and analysis, GoWest understands the value of collecting authentic member impact stories. Real people getting real help from their credit union for things such as: saving for and financing their first home; obtaining a vehicle for essential transportation needs; working through financial counseling to pay off debt and plan for the future; obtaining a small business loan to fulfill a dream or stay afloat in hard times; and so many more. The human element of these member stories married with the data is the secret sauce that is memorable to elected officials who meet with dozens of groups every day.

When you combine quantitative economic data, local community impact data, and memorable stories, advocates are positioned to both defend against legislative and regulatory threats, and advance proactive credit union priorities. It also positions credit unions as important players in helping to solve each state’s biggest challenges such as affordable housing, lack of capital for small businesses, and protecting consumers from fraud and targeted scams.

“Credible data moves the needle with lawmakers, the media, and the community,” said Ruzzi. “It’s tangible, measurable and most importantly, it combines with storytelling to paint a true picture of the unique role credit unions play and the impact they make in their communities.”