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Earlier this year, a member walked into one of our branches – heartbroken. Her salon had recently burned down, and her finances were headed in the same direction. She needed help. After meeting with a Spero Certified Financial Counselor in our Spartanburg branch and many days of reviewing the member’s financial situation, we were able to refinance and consolidate the member’s debt – saving her $470 per month.
Life-changing stories, just like this, are made possible through the not-for-profit tax status that credit unions are granted under federal law – a status that allows us to prioritize our members first, not profits, through low rates and financial education.
To protect this status and advocate to enhance credit union relevance, reduce regulatory burdens, and expand credit union opportunities, Spero Financial joined thousands of credit union leaders that visited Washington, DC in mid-February for the 2022 CUNA Governmental Affairs Conference.
The three-day agenda included meetings with the North and South Carolina delegation – including Senator Tim Scott, and Representatives Jeff Duncan, Ralph Norman, James E. Clyburn, Tom Rice, William Timmons, Nancy Mace, and Joe Wilson.
Together, credit union advocates shared stories of life-changing impacts that credit unions have on their communities through providing access to credit and banking solutions to underserved markets, in addition to prioritizing member financial wellness. These traits are what encompass the “credit union difference.”
“The nexus of closing the gap between haves and have-nots is education and financial literacy. If we have credit unions leading the way, we have the closest thing to a panacea.” – Senator Tim Scott
These remarks sum up exactly what we do daily for our members – inspire financial hope! It is through these advocacy efforts that we will be able to continue to fulfill our mission to improve the financial lives of the members we serve.
We applaud the North and South Carolina delegation for their willingness to listen and support the efforts of the credit union movement. Many, members of a credit union themselves, have observed first-hand how credit unions are instrumental in making their communities better places to live, work, and play.
Spero Financial will continue to advocate in the best interest of our members.
“There’s so much we can do if we work together.”
