Page 12 - Michigan Credit Union League: 2018 CRI Report

Michigan Credit Union League & Affiliates

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Creating Lifelong Partnerships

By Bill Lawton, President/CEO, Community Financial Credit Union

As the child of a credit union Credit unions are designed to In a recent survey of our members,
family, I grew up with the phras- assist the community when times we found that 45 percent are unsat-
es “people helping people” and are difficult. During the Great isfied with their financial condition,
“not for profit, not for charity, but Recession, as banks drove their 31 percent live paycheck to pay-
for service.” I learned about the unprofitable customers away with check, 35 percent ran out of money
credit union movement from my fees, credit unions welcomed them by the end of the month at least
mother and my father. As not-for- and created profitable lifelong once last year, 44 percent struggled
profit, member-owned, financial relationships with these new to keep up with payments and 18
cooperatives, I feel credit unions members. percent didn’t save at all. By provid-
are in a unique position to under- ing financial tools, online and in the
stand the needs of the members One of my favorite 2017 Community branch, we support our members
and communities they serve. Financial Credit Union stories is of when they need help the most. For
the $100 loan to help a member Community Financial Credit Union,
There is nothing that makes me buy groceries. Credit unions were every percentage point we improve
feel better than when I hear stories built on stories like these. Credit represents 700 lives we have im-
of our team members helping peo- unions also help businesses whose pacted for the better. I am thrilled
ple in ways that no other financial balances and profitability don’t rise that our board has committed our
institution is willing to. to a level that interests for-profit credit union to do just that.
banks.

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