Wisconsin CU League News Release - 6/28/12
Credit unions to discuss competitiveness with Wisconsin Economic Development Corp.
Pewaukee, WI - Credit unions have been
invited to a July 26 dialog with the Wisconsin Economic Development
Corporation (WEDC) that will look at ways to make Wisconsin's financial
industry a more competitive and robust sector of the state economy. WEDC
is the state's leading economic development entity that was created by
Governor Scott Walker's special session on jobs and replaced the
Department of Commerce in July 2011.
The dialog will kick off with analyses from state and credit union
industry economists. Credit unions will receive an update on the
organization’s plans and progress, share insights affecting the
financial services industry, and explore the formation of a financial
The consortium would ask financial professionals to advise on
financial services issues and remain involved in the communication
process by which Wisconsin’s schools and universities, skilled
labor pool, producers, and customers come together.
"Effectively, it would help keep credit unions plugged into state
policymaking as a means of stimulating economic growth," said Brett
Thompson, League President & CEO.
The dialog with WEDC will discuss issues that affect credit unions' contribution to the state's economic engine, including but not limited to employee education, training, recruitment and retention.
Credit unions are a vital part of the state economy, paying millions in taxes annually while providing financial services through a cooperative structure. This member-ownership returned $201 million to 2.2 million Wisconsin citizens in 2011 via higher interest on savings, lower loan rates and lower or fewer fees. Bank customers saved $66 million in 2011 because of credit union competition. Credit unions employ more than 7,535 full- and part-time staff with an annual payroll of $278.6 million. They spent $581 million locally in 2011.
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