Page 6 - MCUL: Contact Magazine - Q4 2019

MICHIGAN CREDIT

UNIONS IN Q2:

$424M IN BENEFITS TO 5.46M MEMBERS

By Shawn Glinis

In the second quarter of 2019, Michigan credit unions double-digit percentage gains in loan balances between
continued to show steady membership growth, strong 2014 and 2018. Furthermore, in most categories, such
asset quality and higher earnings, according to the as small business, mortgage, and new and used auto
National Credit Union Administration. loans, Michigan credit unions outpaced the national
average growth rates in the quarter.
A 0.8% increase in total memberships in the second
quarter, which is above the growth rate during this time Collectively, Michigan credit
last year, brings Michigan credit union total memberships
to 5.46 million. This represents a 3.0% increase in the unions experienced double-digit
year ending June 2019.
percentage gains in loan balances

According to the Credit Union National Association (CUNA) between 2014 and 2018.
Q2 Benefits of Membership Report, Michigan credit
unions provided an estimated total of $424 million in
direct benefits to 5.46 million members during the 12 “The steady rise in Michigan credit union membership
months ending in June 2019. This is equivalent to $79 growth and higher-than-average loan growth is a posi-
per member, or $167 per member household, in direct tive reflection of how credit unions are contributing to a
financial benefits. vibrant Michigan economy,” said Michigan Credit Union
League (MCUL) President/CEO Dave Adams. “Throughout
CUNA calculates these stats based on average savings the next year, MCUL will remain dedicated to advocat-
differences between credit union and bank pricing, and ing for legislation that allows credit unions to continue
they are a result from financial benefits, such as higher growing, which in turn will promote community growth.
CD rates and fee-free checking, as well as lower rates
and fees on products, such as home, car and auto loans. “Additionally, with our CU Link awareness campaign, in
conjunction with CUNA’s Open Your Eyes campaign, the
Credit union loan balances grew relatively fast in the League continues to share the many benefits of credit
second quarter — more than doubling the increase union membership with current and potential members.
reflected in first quarter results — which is typical of As more consumers hear about the credit union differ-
the start of the homebuying and summer vacation ence, the more credit unions will be able to give them
season. Collectively, Michigan credit unions experienced access to healthy financial products and services.” ■

6 FOURTH QUARTER 2019 I CONTACT

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