Wisconsin CU League News Release - 9/14/12
Consumers—who are the real winners—can celebrate credit
unions' success
Pewaukee, WI - "More Wisconsin consumers
are better positioned to achieve personal financial success as credit
unions grow. And that's certainly been the case for members of Landmark
Credit Union," said Wisconsin Credit Union League President & CEO
Brett Thompson, regarding Landmark's recent announcement that it had
surpassed $2 billion in assets. "Instead of some select group of
shareholders benefiting—as is the case when for-profit banks
grow—average Wisconsin citizens reap the rewards as their
financial co-op grows."
Thompson points to a study noted on Landmark's website, which showed
that households with high use of Landmark products saved an average of
$2,196 in a single year, compared to other institutions. Members also
benefit from free seminars on topics like managing credit, buying a home
and planning for retirement.
"Because credit unions are owned by members and not shareholders, they
save Wisconsin citizens more than $200 million annually in the form of
more competitive rates on deposits and loans and fewer or lower fees.
And the largest credit unions account for much of that success,"
Thompson added.
For example, he says, credit unions make small loans as alternatives to
payday loans, offer loan workouts to help families affected by job
losses or health problems, prevent foreclosures through refinances, help
members create or manage a budget, and improve members' creditworthiness
so they can borrow at better rates. In addition, Landmark also offers
desperately needed loans to small businesses that have been hurt by
banks' pullback on credit in recent years.
"It's no surprise that the Wisconsin Bankers Association continues
slamming credit unions, where consumers - rather than a few stockholders
- reap the financial rewards," Thompson said.
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Find a credit union to join by visiting www.asmarterchoice.org. The
League’s REAL Solutions Scorecard explains how credit unions
returned more than $201 million to their members in 2011 and served
their communities regardless of profit. It is available at www.theleague.coop/scorecard.
| Consumers—who are the real winners—can celebrate credit unions' success |
