Page 4 - MCUL: 2020 CU Impact Report
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4 CREDIT UNION IMPACT REPORT SPRING 2020
WHAT IS THE CREDIT DIFFERENCE?
On a basic level, credit unions are about being a positive force in our
different than other financial institutions. neighborhoods — finding areas,
We are not-for-profit organizations that organizations and people that need help
have members instead of customers, and providing that help. It’s that simple.
and those members are also cooperative
owners of their credit union. In 2019, Michigan credit unions reached
5.5 million members after a 2.7%
But the spirit of the “credit union growth rate. This means that Michigan
difference” is felt in the favorable rates memberships are equivalent to 55%
and lower fees offered on high-quality of the state population, which is far
products and services and the year-round outpacing Michigan’s population growth.
commitment to improve communities When financial institutions show an
through educating future leaders, interest in not only the health of each
fundraising for those in need, assisting member, but the communities they
small businesses and much more. Where serve, people take notice.
other financial institutions design their
products and services based on a profit- In other words, the Credit Union
driven model, credit unions are guided by Difference means trust.
the motto “people helping people.”
In the following pages of the 2020 Spring
Why do credit unions do these things? issue of the Credit Union Impact Report,
Because it’s the right thing to do. you can read more about exactly how
Our movement’s social mission is our movement is making a difference.
Best,
Dave Adams
President/CEO
MCUL & Affiliates
