Member Advocacy Support your credit union.
As a not-for-profit entity, credit unions serve their community rather than investors. In return, credit union members receive higher savings returns, lower loan rates, and fewer fees. Skyward Credit Union is focused on serving all members with services and products that enhance and strengthen financial well-being.
Skyward is owned by its members and is democratically governed by a volunteer board of directors who are also members of the credit union. Our not-for-profit, cooperative structure sets us apart from banks and other for-profit financial institutions, and has earned credit unions a federal tax exemption, which is an important part of allowing us to focus on community support and member enrichment.
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Differences Between Credit Unions and Banks
CREDIT UNIONS
VS
BANKS
Not-for-profit For profit Credit unions have members, not shareholders. Banks have customers and shareholders, and must make money to please shareholders. Credit unions are democratically governed, and elections are based on a one-member, one-vote philosophy. Banks are governed by paid shareholders. Voting rights depend on the number of shares owned. Credit unions reflect the communities in which they’re based, with decision being made in the community by community leaders.
Big banks are run by a select few people from corporate headquarters far from many of America’s neighborhoods. Credit unions are the fabric of their community and look like their community. 51% of CU CEOs are women. Slow to reflect the face of America, only 5% of bank CEOs are women. 10% of credit unions are minority depository institutions (MDIs). Only 3% of banks are MDIs. With a focus on member benefits, earnings are returned to members through services like free ATMs, better rates and lower fees. Because banks must make money to please shareholders, earnings go to outside stockholders in the form of dividends. Because they’re focused on people, not profits, many credit unions are eager to help everyday Americans with unforeseen financial emergencies. Many emergency bank loans have higher rates and poorer terms, given their focus on profits. -
The Economic Impact of Credit Unions
As of last year, a total of 107 credit unions in Kansas:
- Provide 1.1+ million members (40% of KS are credit union members) with affordable loans and services
- Directly employ over 3.600 Kansans
- Generate state tax revenues of $190.2M
- Provided more than $7 billion to members in the form of loans, fueling the state's economy
Cornerstone Credit Union Association
Throughout the U.S., in 2024,
- Over 140 million members
- Over 4,617 credit unions
- Contributed $297 billion in total economic impact
- Over 1.2 millions jobs supported
America’s Credit Unions
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Issues for Credit Unions
Credit unions are affected by a number of varying issues at both state and federal government levels. Our goal is to keep and preserve the opportunities to serve our membership with financial services and products while offering the benefits of a cooperative structure that allows the credit union to provide dividends and the most competitive rates.
Those issues include:
- Common sense regulation for compliance and accessibility to website and other digital information
- Standards for merchants in mitigating data breaches and protecting customers’ financial and private information
- Updates to strengthen the Bank Secrecy Act (also known as also known as the Currency and Foreign Transactions Reporting Act)
- Preserving the tax status of credit unions
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How You Can Act
Ready to help support the credit union? You can help by doing any of the following:
- Write, or email, a letter to your representative:
- Think "local" -- write to representatives from your local area or district.
- Find the right address: Senate (by state), The House of Representatives (by ZIP Code), or The Justices of the Supreme Court.
- Keep you letter simple: one page is best.
- List who you are and that you are a constituent. Include your name and address, even if using email.
- Provide details, be factual and not emotional. Be specific about how the topic affects you and others. Cite any bill by correct name and number if possible (you can look it up at Congress.gov/).
- Close your letter by stating the action you wish to be taken such as a vote against a bill or a change in policy.
- Be courteous and to the point.
- Thank the recipient for taking the time to read your letter. - Join a voting league or political organization — a non-partisan group like the League of Women Voters is a good way to get informed, or you can choose a political group
- Meet your local representatives at local events
- Leave your comments for pending legislation or changes in administrative policies at The Federal Register
- Write, or email, a letter to your representative:
Additional Resources
- Find your legislator: openstates.org/ks/legislators/
- US Senate: senate.gov/general/contact_information/senators_cfm.cfm
- US House of Representatives: house.gov/