Credit Unions – 100 Million Strong
Thursday, Jul 9, 2015
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For the past year, credit unions across the country have been engaging a movement-wide celebration – the achievement of 100 million members. Leading up to this watershed moment, credit unions added a total of 2.85 million additional memberships over the previous year — the largest reported increase in more than a quarter century. From a national perspective, this means one in three Americans now belong to a credit union.
So why is there a clearly growing recognition for credit unions among consumers? It’s because they know credit unions place their interests above all else. As not-for-profit, democratically led and cooperatively owned financial institutions, credit unions return their earnings to members in the forms of lower rates on loans and higher returns on savings. Nationally, consumers benefit to the tune of $6.6 billion annually because credit unions are tax-exempt. Here in Illinois, credit unions annually provide nearly $205 million in direct financial benefits to almost three million members.
It’s the structure of credit unions — cooperatives owned by their members — that allows them to maintain their focus on returning financial benefits to members. By doing so, credit unions have earned the satisfaction and trust of consumers, 100 million times over.