How Much Money Did You Save Members in 2013?
February 12, 2014
Feb. 12, 2014
Credit unions have until Friday to submit data to CUNA’s economics and statistics department for a chance to be recognized at this year’s Governmental Affairs Conference for the financial benefits they provided to members in 2013.
CUNA’s Membership Benefit Awards recognize credit unions across the country that best demonstrate the “credit union difference” by saving members money through lower loan rates, higher dividends, and fewer and lower fees.
In 2013, the nation’s 98 million credit union members received $6.1 billion in benefits, according to CUNA’s Membership Benefits Report, which compares credit unions’ rates and fees to those of banks and calculates the dollar amount members save as a result.
Valley Credit Union was among the big winners last year, earning a Membership Benefit Award for saving each of its member households $262. That was the second-highest savings in the country among credit unions in Valley’s asset size.
“At Valley, providing excellent service and value to our members is at the heart of our mission,” says Jean Wheat-Palm, the credit union’s president and CEO. “While we are honored to be recognized, the real winners are Valley’s member-owners.”
Will you and your members be the real winners this year?
CUNA’s Economic and Statistics Department will host an awards program on Monday, Feb. 24, during the 2014 Governmental Affairs Conference in Washington, D.C., and GAC attendees can participate by submitting their financial data here. Benefit amounts will be based on an analysis of rates, dividends, and fees.
“This award program is an opportunity for us to tangibly demonstrate the credit union difference to our members and, on a larger scale, benefit our movement politically,” says Jeanne Sheahan, CUNA’s director of research services.
Credit unions can also use CUNA’s Membership Benefits Report to show how much money they put in members’ pockets and demonstrate the credit union difference for current members, potential members, lawmakers and regulators. The report costs $200 for credit unions with more than $35 million in assets, or $100 for credit unions with $35 million in assets or less. It’s available by contacting Sheahan at 800.356.9655 ext. 4226, or firstname.lastname@example.org.
Questions? Contact Gary Stein: 503.350.2216, email@example.com.