Wisconsin CU League News Release - 10/21/2010
Families have taken refuge in credit unions during the economic
downturn
Prioritizing people over profit is fourth fact to celebrate
during International Credit
Union Week, Oct. 17-23
Pewaukee, Wis. – Because of their unique member-ownership
structure, credit unions have provided Wisconsin consumers a critical
safety net in 2010 – financial services that have not only helped
them stay afloat, but have also improved their financial position. All
have been objectives of credit unions’ REAL Solutions
initiative that helps consumers without regard for profit. The effort
has been recognized with a Governor’s
Financial Literacy Award.
“Member-owned credit unions offer a safe haven for consumers,
particularly those whose financial needs are too small to drive
corporate profits,” said Brett A. Thompson, President & CEO of
The Wisconsin Credit Union League. “Because credit unions answer
only to their member-owners, they step up to help consumers in ways
other lenders won’t. And in these economic times, having a lender
whose role is to help people, not chase profits, has tremendous value
within communities. It’s given the members who jointly own the
co-ops a means of self-help.”
During the year, credit unions have:
- Reconfigured loan terms to help families affected by job
losses or health problems make ends meet
- Consolidated debt at lower rates for consumers when other
lenders applied massive rate hikes
- Sorted out complex financial challenges to help members
create or manage a budget
- Provided free financial counseling or refinancing to prevent
home foreclosures
- Rescued consumers from payday loan traps that had overwhelmed
them
- Granted small loans of $500 or less at modest interest
rates
- Improved or preserved members’ creditworthiness with a
variety of special programs and services
- Conducted free financial seminars for members, schools and
community groups
- Made loans to small businesses to preserve jobs and fill the
void for available business credit
Editor’s Note: Through the 1940s, credit
unions used a graphic of a little man holding an umbrella to show credit
unions’ protection from hard times, sickness and financial
distress. Today, an updated version called The Little Guy represents 90
million Americans who still rely on credit unions as their safety net
when times get tough. Access these images and the REAL Solutions logo at
www.theleague.coop/multimedia.
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