Page 10 - Michigan Credit Union League: 2018 CRI Report
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Michigan Credit Union League & Affiliates
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Credit Unions: Reliable Partners to Those in Need
Ten years ago, during the Great significantly outpaced the national specifically new and used auto
Recession, banks panicked. They number, was the highest rate of loans and first and second
stopped lending for fear of short- growth reported by Michigan credit mortgages.
term debt. Unlike for-profit banks, unions since 1994.
credit unions stepped up to the The credit union motto of “people
plate and continued to provide CUNA expects that loan growth helping people” might be best
for consumers in need. We took it won’t be stunted any time soon. displayed through our dedication
upon ourselves to say “yes” when This is especially good news for to provide members with the loans
banks insisted on saying “no.” Michigan credit unions, which have they need to get by. Even in tough
been outpacing the national lend- times, our communities know their
That support continues today. ing average by at least one percent credit union will be there for them.
Since 2011, Michigan credit union for two consecutive years.
loan growth has spiked. Where
loan growth in 2011 sat at only Michigan credit unions’ remarkable
0.1 percent, in 2017 it registered loan growth has come from a
at 11.7 percent. This rate, which commitment to personal lending,
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