Why is the American Consumer Council important?

In today's complex financial landscape, consumers are constantly seeking ways to maximize their financial well-being and protect their interests. Enter the American Consumer Council (ACC), a nonprofit organization that has been championing consumer rights and financial literacy since 1987. This article delves into the role of the ACC, its partnership with credit unions, and the benefits it offers to consumers across the United States.

The American Consumer Council is a prominent nonprofit consumer advocacy and education group based in San Diego, California. With over 400,000 members spread across 54 state, regional, and local affiliates, the ACC has established itself as a formidable force in consumer protection and financial empowerment.

Thomas Hinton, the president and CEO of the ACC, leads the organization in its mission to educate and advocate for consumers. As of 2023, the ACC reported impressive financial figures, including $1.85 million in assets, $1.08 million in revenue, and $683,000 in expenses, demonstrating its significant impact and reach.

The ACC and Credit Union Partnerships

One of the ACC's most notable features is its role as a gateway to credit union membership for many Americans. Credit unions, which are cooperative financial institutions traditionally serving individuals with a common bond, have partnered with the ACC to expand their membership base.

Anthony Demangone, chief membership and engagement officer for America's Credit Unions, emphasizes this synergy: "Credit unions are the original consumer protectors. Like the American Consumer Council, credit unions and America's Credit Unions focus on consumer advocacy and protection. This partnership is another layer to assist members in fostering financial health and well-being."

Through these partnerships, the ACC enables individuals who may not otherwise qualify for credit union membership to access the benefits of these financial institutions. This collaboration has proven particularly beneficial for consumers seeking attractive interest rates on savings accounts and certificates of deposit (CDs).

Benefits of ACC Membership

Joining the American Consumer Council comes with a host of advantages:

Access to Credit Union Membership: Perhaps the most significant benefit, ACC membership often qualifies individuals for credit union membership, opening doors to better financial products and services.

Financial Education: The ACC offers free personal finance and estate planning workshops, enhancing members' financial literacy.

Consumer Newsletter: Members receive a monthly newsletter keeping them informed about consumer issues and financial trends.

Recognition Programs: The ACC administers the Friend of the Consumer Award for consumer-friendly businesses and the Green C Certification program for eco-friendly enterprises.

Financial Planning Resources: The organization provides financial literacy and planning workshops, video series, and financial education for teens, available to both members and the public.

How to Join the ACC and Access Credit Union Membership

Joining the ACC and gaining access to credit union membership is a straightforward process. Many credit unions partner with the ACC to streamline the membership process:

Simultaneous Application: Often, individuals can apply for both ACC and credit union membership at the same time.

Fee Coverage: In many cases, credit unions cover the $15 lifetime ACC membership fee for new members.

Independent Joining: Alternatively, individuals can join the ACC separately by visiting the council's website and paying a $15 individual lifetime membership fee or a $75 business membership fee.

The Impact of ACC and Credit Union Partnerships

The collaboration between the ACC and credit unions has had a significant impact on the financial landscape. As of June 2023, over 140 million people were members of the 4,689 credit unions in the U.S., controlling 9.9% of deposits at U.S. financial institutions.

This partnership has allowed credit unions to extend their reach beyond traditional membership qualifications. For example, Amplify Credit Union in Austin, Texas, partners with the ACC's Texas affiliate to offer membership to individuals who might not otherwise qualify based on geographic or employment criteria.

The Broader Role of Consumer Organizations

The American Consumer Council is part of a larger ecosystem of consumer organizations that play a crucial role in protecting consumer interests and supporting consumer protection laws. By joining organizations like the ACC, consumers can:

• Enhance their financial knowledge
• Gain access to beneficial financial products and services
• Contribute to a collective voice advocating for consumer rights
• Stay informed about important consumer issues and trends

The American Consumer Council stands as a beacon for consumer advocacy, financial literacy, and access to beneficial financial services. Through its partnerships with credit unions and its commitment to consumer education, the ACC empowers individuals to make informed financial decisions and access better financial products.

As consumers navigate an increasingly complex financial world, organizations like the ACC play a vital role in ensuring that their interests are protected and their financial well-being is prioritized. Whether you're seeking credit union membership, looking to improve your financial literacy, or simply want to be part of a community dedicated to consumer rights, the American Consumer Council offers a pathway to financial empowerment and consumer protection.