Schenk: CU structure produces wide variety of positive outcomes

CUNA Chief Economist Mike Schenk

CUNA Chief Economist Mike Schenk shared the findings from CUNA’s recent white paper during a recent interview with CUBroadcast. The paper—based off CUNA’s 2022 National Voter Poll—shows credit union members generally fare better than non-members in terms of financial resilience.

“At a high level what this data shows us is that structure matters. Businesses that are owned by their customers behave differently in the marketplace,” Schenk said. “We have a different incentive structure than for-profits and by extension, we p[produce a wide variety of pro-social outcomes we don’t see in the for-profit sector.”

The poll found credit union members are more likely to:

  • Believe their financial Institution “cares about my financial well-being” (42% of members compared to 29% of non-members).

 

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