Consumers—Who are the Real Winners—Can Celebrate Credit Unions’ Success
Christine Henzig, CUDE
Director of Communications
The Wisconsin Credit Union League
N25W23131 Paul Road, Suite 500, Pewaukee, WI 53072-5779
(262) 408-6019 direct
(262) 549-0200 main
(800) 242-0833 toll free
(262) 549-7722 fax
Pewaukee, Wis. – “More Wisconsin consumers are better positioned to achieve personal financial success as credit unions grow. And that’s certainly been the case for members of Landmark Credit Union,” said Wisconsin Credit Union League President & CEO Brett Thompson, regarding Landmark’s recent announcement that it had surpassed $2 billion in assets. “Instead of some select group of shareholders benefiting—as is the case when for-profit banks grow—average Wisconsin citizens reap the rewards as their financial co-op grows.”
Thompson points to a study noted on Landmark’s website, which showed that households with high use of Landmark products saved an average of $2,196 in a single year, compared to other institutions. Members also benefit from free seminars on topics like managing credit, buying a home and planning for retirement.
“Because credit unions are owned by members and not shareholders, they save Wisconsin citizens more than $200 million annually in the form of more competitive rates on deposits and loans and fewer or lower fees. And the largest credit unions account for much of that success,” Thompson added.
For example, he says, credit unions make small loans as alternatives to payday loans, offer loan workouts to help families affected by job losses or health problems, prevent foreclosures through refinances, help members create or manage a budget, and improve members’ creditworthiness so they can borrow at better rates. In addition, Landmark also offers desperately needed loans to small businesses that have been hurt by banks’ pullback on credit in recent years.
“It’s no surprise that the Wisconsin Bankers Association continues slamming credit unions, where consumers – rather than a few stockholders – reap the financial rewards,” Thompson said.
Find a credit union to join by visiting www.asmarterchoice.org. The League’s REAL Solutions Scorecard explains how credit unions returned more than $201 million to their members in 2011 and served their communities regardless of profit. It is available at www.theleague.coop/scorecard.