CUNA News
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • Topics
    • Community Service
    • Compliance
    • Credit Union Hero
    • Credit Union Rock Star
    • Credit Union System
    • Directors
    • Human Resources
    • Leadership
    • Lending
    • Marketing
    • Operations
    • Policy & Issues
    • Sales & Service
    • Technology
  • Credit Union Magazine
    • Buyers' Guide
    • COVID-19
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • Advertise
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Jobs
  • Contact

News

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: Winter 2022

Winter 2022

Credit Union Magazine’s Winter 2022 issue highlights data-driven marketing, the board’s role in cybersecurity, elder abuse scams, credit unions’ auto lending advantage, and more.
Digital Edition •  Subscribe

Trending

  • CFPB issues CUNA-opposed proposal on credit card late fees

  • Auto lending report shows significant credit union member savings

  • 2023 Credit Union Hero of the Year voting open

Tweets by CUNA_News

Polls

Vote for the 2023 CU Hero of the Year

View Results
More

Champion for the Credit Union Movement

Credit Union National Association is the most influential financial services trade association and the only national association that advocates on behalf of all of America's credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

More CUNA

  • Membership
  • Contact Us
  • Careers

Resources for

  • Credit Union Advocates
  • Leagues
  • Press
  • Providers

Our Affiliates

  • American Association of Credit Union Leagues (AACUL)
  • Credit Union Awareness
  • Credit Union House
  • CUNA Strategic Services
  • National Credit Union Foundation
GET CUNA UPDATES
© 2023 Credit Union National Association | ADA Compliance Notice & Legal
Email Us