Award highlights financial benefit of membership
U.S. consumers benefit to the tune of $8.4 billion due to credit unions’ presence in the marketplace.
U.S. consumers benefit to the tune of $8.4 billion due to credit unions’ presence in the marketplace 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.
“Everyone in this room contributes to that,” CUNA Chief Policy Officer Bill Hampel (shown above) told attendees.
Some of the credit unions that provide the biggest benefit to their members are at this conference—and were honored for their generosity during Monday’s general session.
Hampel presented Membership Benefit Awards to these credit unions:
Less than $75 million in assets:
- Manchester Municipal Federal Credit Union ($575)
- GP Louisiana Federal Credit Union ($429)
- Inland Valley Federal Credit Union ($396)
$75 million to $250 million in assets:
- Boston Firefighters Credit Union ($711)
- Nebraska Energy Federal Credit Union ($472)
- XCEL Federal Credit Union ($384)
More than $250 million in assets:
- Star One Credit Union ($1,226)
- Hanscom Federal Credit Union ($644)
- Dow Chemical Employees Credit Union ($639)
- Southwest Airlines Federal Credit Union ($628)
“You should point out the financial benefit to credit union membership on your Hill visits,” Hampel said.