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Home » Schenk: CU structure produces wide variety of positive outcomes
Policy & Issues

Schenk: CU structure produces wide variety of positive outcomes

June 21, 2022
Mike Schenk
CUNA Chief Economist Mike Schenk

CUNA Chief Economist Mike Schenk shared the findings from CUNA’s recent white paper during a recent interview with CUBroadcast. The paper—based off CUNA’s 2022 National Voter Poll—shows credit union members generally fare better than non-members in terms of financial resilience.  

“At a high level what this data shows us is that structure matters. Businesses that are owned by their customers behave differently in the marketplace,” Schenk said. “We have a different incentive structure than for-profits and by extension, we p[produce a wide variety of pro-social outcomes we don’t see in the for-profit sector.”

The poll found credit union members are more likely to:

  • Believe their financial Institution “cares about my financial well-being” (42% of members compared to 29% of non-members).
  • Think their financial institution “has improved my financial well-being” (44% of members compared to 29% of non-members).
  • Believe their financial institution “makes it easy to get loans” (44% of members compared to 22% of non-members).
  • Think their institution “provides low-cost loans to meet family needs” (49% of members compared to 23% of non-members).
  • Use personal financial education and counseling services (44% of members compared to 22% of non-members).

Credit Union Magazine: Summer 2023

Summer 2023

Credit Union Magazine’s Summer 2023 issue highlights the lending outlook for the rest of the year, how credit unions leverage fintech companies to boost digital lending, the power of lending partnerships, common Bank Secrecy Act violations, and the shift board members must make when becoming chair.
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