Wisconsin CU League News Release - 10/18/2010
Effort pioneered by Wisconsin credit unions returns $7 billion
annually to consumers nationwide
$2 million saved by youth is second fact to celebrate during International Credit
Union Week, Oct. 17-23
Pewaukee, Wis. – A credit union initiative that started
in Wisconsin called REAL
Solutions is saving $200 million annually
on a full range of financial services for 2.2 million consumers across
the state. Nationwide, REAL Solutions now involves more than 1,100
credit unions from 37 states and is returning $7 billion in annual
benefits to 90 million Americans who are their members. Those figures do
not reflect millions of dollars in additional value credit unions
deliver via more “intangible” services to members as well as
local communities.
Through REAL Solutions, the signature program of the National
Credit Union Foundation, these not-for-profit financial institutions
serve their members and communities regardless of profit. Because credit
unions exist to serve their member-owners, not drive profits, they make
decisions in members’ best interests. In Wisconsin, the effort
captured a Governor’s
Financial Literacy Award.
In addition to the billions of dollars U.S. credit unions save members
with lower fees and more competitive rates on loans and savings accounts
is the value they provide through services like free financial
counseling, free tax preparation for low-income filers, programs to
improve borrowers’ creditworthiness, outreach to new Americans, financial
education within schools, charitable support and much more.
“REAL Solutions isn’t about any
particular service. It’s credit unions’ continued
commitment to doing the right thing,” says League President &
CEO Brett Thompson. “Not every financial institution will go as
far as credit unions to accomplish good. So preserving credit unions
offers consumers a route to help themselves and their
communities.”
Brewery Credit Union in Milwaukee, for example, was the first to join
REAL Solutions in 2004. It has used research by the Filene Research
Institute to save members $800,000 by providing less-costly
alternatives to payday loans. This year Brewery – which serves the
predominantly low-income community in the near-downtown area –
will use some newly acquired funding, in part, to help 40 new families
become homeowners.
Editor’s Note: The REAL Solutions logo to accompany this story
is posted on www.theleague.coop/multimedia.
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