Happy International Credit Union Day! With more than 186 million members worldwide and growing, there’s a lot to celebrate!
Clearly, consumers are voting with their actions – and money – and are taking advantage of the true differentiator credit unions offer: a focus on members. The addition of 1.3 million new members in the U.S. in just the first half of 2012 is more than credit unions realized in all of 2010 and 2011 combined. And total loan balances increased by 1.7 percent in the second quarter of 2012.
The 1.7 percent increase in loan balances shows that credit unions “are playing an important role in efforts to create jobs, stimulate small businesses, and revitalize communities,” says Debbie Matz, Chairman of the National Credit Union Administration (NCUA).
That’s important, because today we’re not celebrating the growing assets of credit unions. We’re celebrating how credit unions serve members and their communities. It’s true, they really do.