WI credit unions’ economic Impact Nearly $4 Billion

With worldwide celebrations on Thursday, Oct. 19 for International Credit Union Day, there is good reason to celebrate these not-for-profit, cooperatively owned financial institutions right here in Wisconsin.

Credit Union Economic Contributions: Estimates by State, Wisconsin – a report by the Credit Union National Association – estimates that credit unions contributed $4 billion to the state’s economy, 22,000 jobs, and more than $1 billion in employee earnings in 2016 alone.

“The bottom line: if state residents are saving at and borrowing from credit unions in their states rather than regional or national banks, the money stays in the state, boosting the state’s economy,” the report noted.

“On Thursday the credit union Movement celebrates how ‘dreams thrive here,” and these findings illustrate how true that is. Being local, member-owned institutions helps ensure that benefits stay here, on Wisconsin’s main streets,” said League President & CEO Brett Thompson.

“The actual impact of credit unions is greater still. This report doesn’t take into account the millions saved each year by the 3 million members who choose credit unions,” he added.

Since the start of the recession, credit unions helped keep more than $2 billion in the pockets of their member-owners, thanks to better rates for borrowing and saving, lower and fewer fees and solutions that put people before profit.

Leave a comment