Wisconsin CU League News Release - 11/20/12
Despite bankers' rhetoric, credit unions are a boon to Wisconsin consumers
Pewaukee, WI – "Credit unions are
not only fulfilling their mission of serving all their members
regardless of income, but they're doing it despite tremendous
disadvantages," Brett A. Thompson, President & CEO of the Wisconsin
Credit Union League. "You'd never know that listening to the Wisconsin
Bankers Association (WBA)."
- Saved Wisconsin consumers $201 million in 2011. Credit union depositors saved more than $128 million on loans, earned more than $36.6 million on savings products and paid $36.5 million less in fees than if they had used a for-profit bank. WBA calls this a "subsidy." Consumers call it real, significant savings.
- Earned seven top honors in seven years for helping members and communities. This long list of accolades stems from credit unions' REAL Solutions initiative, which helps consumers save and build wealth and assists 3,000 local causes and organizations each year. WBA calls this "lost funds." Credit unions call it investing in Wisconsin.
- Increased business lending without ANY taxpayer bailout. This is in contrast to banks that took taxpayer funds and reduced help for small businesses just when they needed help the most. Since the start of the recession, Wisconsin credit unions increased their business lending by 55% while Wisconsin banks shrank theirs by 2%. WBA calls this success by credit unions "abandoning their mission." Credit unions say it's doing what's right, regardless of profit.
"Credit unions do all this in spite of far greater regulation than
banks, an arbitrary cap on business lending that applies only to credit
unions, and the inability to raise capital by issuing stock, which only
banks can do," Thompson explains.
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