U.S. consumers benefit to the tune of $8.5 billion due to credit unions’ presence in the marketplace.
And the nation’s 98 million credit union members received $6.1 billion in benefits during the year ending Sept. 30, 2013, in the form of lower loan rates, higher dividends, and fewer and lower fees.
That’s the word from CUNA’s Membership Benefits Report, which compares credit unions’ rates and fees to those of banks nationally and locally, and calculates the dollar amount members save as a result.
CUNA’s economics and statistics department will be hosting an awards program during the 2014 Governmental Affairs Conference (GAC) to recognize attendees that provide the biggest financial value to their members.
The benefit amount will be based on an analysis of participating GAC attendees’ rates, dividends, and fees.
“This award program is an opportunity for us to tangibly demonstrate the credit union difference to our members and, on a larger scale, benefit our movement politically,” notes Jeanne Sheahan, CUNA’s director of research services.
GAC attendees can participate in the awards program by submitting their financial data here. Winners will be honored during the conference on Monday, Feb. 24.