Advocacy News

Wisconsin’s Credit Unions Save Members $284 Million in 2019, $1.76 Billion in Last Decade

by Sammy Dennis Jan 21, 2020

Today, over 300 Wisconsin Credit Union Activists from across the state visited lawmakers to share how credit unions are uniquely empowered to put the needs of their 3.3 million members and the communities they serve before profit.

As not-for-profit cooperative entities owned by their members, credit unions have long been the best financial partner of Wisconsin families. In 2019 alone, Wisconsin’s credit union members saved $284 million in reduced loan rates, better interest rates, and fewer banking fees. Over the last decade, those savings have totaled $1.76 billion.

In addition, a newly released REAL Solutions® video scorecard featuring Wisconsin’s credit unions explores the numerous ways credit unions serve the underserved and give back to their communities in ways that other financial institutions can’t or won’t. A recent Wisconsin Credit Union League (The League) survey found that 95% of Wisconsin’s credit unions had provided a loan of less than $500, 94% refinanced a payday loan debt that overwhelmed a member, and that credit unions across the state raised $6.8 million for local charities, community projects, and civic groups (and provided countless volunteer hours).

“We are proud of Wisconsin’s credit unions’ deep commitment to ‘people helping people’ in both word and deed, as well as how they continue to innovate to meet that mission,” stated The League’s President & CEO Brett Thompson.

The League’s REAL Solutions® video scorecard is released annually in conjunction with its State Government Affairs Conference. Wisconsin is home to the Credit Union National Association (CUNA), CUNA Mutual Group, the World Council of Credit Unions, and 125 credit unions who employ over 10,000.