The Remarkable Success of Michigan’s Credit Unions is Largely Attributable to Their Historic Willingness to Join Hands, Pool Resources and Work Together. And, with More Battles Looming over Regulatory Reform and the Credit Union Tax Exemption, the Need for Unity is as Critical Today as Ever Before.
Why should a credit union be a member of the MCUL?
That question really isn’t any different than asking why an individual should be a member of a credit union.
Individuals come together to form credit unions because they know they can accomplish a lot more together than they can separately. By cooperatively pooling their money, even people of modest means create a formidable capital resource available when a member needs to borrow, and an opportunity for savers to earn a fair rate of return. Everyone benefits.
By combining their resources to form a strong and effective trade association, credit unions do the same thing. And — as has been the case since the League was organized more than 70 years ago — the need for that combined strength is as critical today as it ever has been.
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Unity: A Constant in Changing Times
As times change, credit unions have been able to roll with the punches. We’ve been able to survive recessions, interest rate cycles, leasing, zero percent financing, and regulatory changes too numerous to mention. In fact, more than just survive, we’ve been able to thrive and grow.
U.S. Economy on Uncertain Course
Prior to last summer’s catastrophic hurricanes, the U.S. economy seemed headed on a healthy and predictable course. Now, the future of the economy is less certain and a lot more complicated.