Page 4 - 2022 Impact Report

4 CREDIT UNION IMPACT REPORT

Each year, we publish the Credit Union Impact Report to broadcast the great work that’s
being done by the Michigan credit union movement. This year’s report, specifically, is a
data-driven look at how Michigan credit unions are providing their members affordable,
high-quality products and services and financial education, while also dedicating time and
effort to initiatives designed to enrich their communities and, as a result, our state.

You can read more about these amazing efforts in the following pages, including how
credit unions are supporting a launch pad for small businesses in underrepresented areas,
bridging the gap for teachers through various fundraisers and grants and many other
passions and projects.

Also included in this report is an in-depth look at how Michigan credit unions stack up
against credit unions around the nation, as well as banks, regarding women in leadership
positions. While we know there is plenty of room for improvement for our industry’s
Diversity, Equity and Inclusivity (DEI) initiatives, this report shows that making headway on
these initiatives is a primary concern for the movement. We understand that creating a
more diverse and inclusive operating environment directly translates to a better banking
environment for members.

This report is a wonderful showcase to our lawmakers and regulators on how credit
unions make a difference in the state of Michigan. It is clear that credit unions strive to
make a difference in the 5.77 million members and many communities they serve. As an
association, we are proud to shine a light on these initiatives.

We know that, especially as COVID-19 and its variants continue to affect us, credit unions
have become a reliable source of support for those struggling. If they didn’t know before,
members now know that they can rely on their local credit union for assistance during
tough times.

Through hard work and dedication to a mission to help people, Michigan’s 208 credit unions
have become beacons in their communities.

Sincerely,

Patty Corkery
President/CEO
MCUL