Wisconsin CU League News Release - 6/28/12

Credit unions to discuss competitiveness with Wisconsin Economic Development Corp.

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Media contact

Christine Henzig
Director of Communications
(262) 549-0200, Ext. 6019
chenzig@theleague.coop

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 services consortium.

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.

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 in the form of more competitive rates of return on accounts, lower interest on loans, lower fees and improved services. Around 2.2 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. 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.