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Compliance

Credit unions offer 300,000 hours of free help, $1 billion in savingsUnite for Good Logo

 

Pewaukee, Wis. - The 2.4 million Wisconsin citizens who do their banking at credit unions took advantage of 300,000 hours of free financial counseling and the not-for-profits’ member-favored pricing to save more than $1 billion since 2007, according to the Credit Union League’s 2013-14 Scorecard. The report, prepared by the Wisconsin Credit Union League, details credit unions’ economic impact and commitment to social responsibility.

 

Additional resources

 

View the PDF version of the press release 

 

View the PDF version of the Scorecard 

 

View the press release archive



Media contact

 

Christine Henzig
Director of Communications
(262) 408-6019
chenzig@theleague.coop

 

"Credit unions’ competitive rates on savings and loans and lower and fewer fees for financial services benefited the consumers who own them," said Brett Thompson, League President & CEO. "Cooperative ownership matters."

 

"Because credit unions exist to improve the financial position of the consumers who use them, credit unions go where other financial institutions can’t, helping members create budgets, improve credit scores, escape payday loan traps, and refinance costly loans. This helps Wisconsin citizens make ends meet, weather job losses, prevent foreclosures and free up income to save for a rainy day, education or retirement," Thompson added.

 

The Scorecard notes that credit unions lead the state in financial education by operating 113 in-school branches that teach a habit of saving, engaging close to 21,000 students in financial decision making through reality fairs and the online game Money Mission® and purchasing 23,900 copies of a personal finance magazine to help high schools teach money management. Students also benefited from $184,000 in scholarships.

 

Credit unions also granted small, low-interest loans to address financial emergencies, issued $9.8 billion in safe and affordable mortgages, adjusted loan terms to bridge gaps in employment and offered members 30,000 no-fee ATMs and 5,000 branches through a nationwide collaboration to improve convenience. All told, a young person in Wisconsin stands to save $117,000 over a lifetime using a credit union for borrowing and saving.

 

Since the start of the Great Recession, credit unions also increased their lending to small businesses by 73%, offering $1.7 billion in small loans to compensate for a lack of available business credit elsewhere.

 

Wisconsin credit unions also volunteered over 24,000 hours and raised more than $1 million for local causes.

 

Credit unions have been consistently honored for their social responsibility. Read the PDF version of the Scorecard online.

 


Credit unions are cooperative financial institutions that are owned by their members and do not have stockholders. Because they are not-for-profit, they return earnings to members via more competitive rates of return on accounts, lower interest on loans, lower fees and improved services. The REAL Solutions Scorecard, at www.theleague.coop/scorecard, explains how Wisconsin credit unions serve their communities and how they've saved their members more than $1 billion since the start of the recession. Around 2.4 million Wisconsin residents belong to credit unions, of which nearly half are open to the local community. Find a credit union to join by visiting www.aSmarterChoice.org.

 

 


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