Page 8 - 2022 Impact Report

8 CREDIT UNION IMPACT REPORT

WOMEN LEADERSHIP:

HOW MICHIGAN CREDIT

UNIONS COMPARE

“Women belong in all places where decisions are Nationally, women run 51% of credit unions overall
being made,” said Justice Ruth Bader Ginsburg, compared to only 3% at banks. At credit unions under
a sentiment that lives strong in the Michigan $500 million in assets, the percentage of women
credit union movement. A 2021 report from CUNA leaders is even higher at 55% for both Michigan credit
comparing women leadership numbers in credit unions and credit unions nationally. As asset size
unions to banks around the country revealed increases, female representation at the CEO level
Michigan was a leader in the industry. [1] decreases for credit unions but increases for banks as
shown in the chart below.[3]
Looking at the S&P 500, women currently hold
only 30 (6%) of the CEO positions at these large Michigan credit unions are also ahead of the country’s
companies.[2] Clearly, the road to equality at our credit unions and banks when it comes to women
largest corporations is still fraught with detours, leaders at large-asset-size institutions. Sixty percent of
though the financial services industry is much further credit unions in Michigan with assets between $750
along. Within our industry, specifically, credit unions million and $1 billion are led by women. At the $1 billion
are ahead of banks, and Michigan credit unions to $5 billion asset size, Michigan credit unions have
have even more women at the top position than the more than double the number of women CEOs than
national average. credit unions nationally with 35% being led by women.

Percentage of Women CEOs at Credit Unions Nationally (2019)
and Michigan (2021) Compared to Banks by Asset Size

(Sources: NCUA, SEC, CUNA, MCUL)

60%
55% 55%
51% 51%

35%

22%
20%
18%
13%
9%

3% 2%
0% 0%
ALL <$500M $500M-$750M $750M-$1B $1B-$5B

Banks Credit Unions Michigan