Wisconsin’s Credit Unions®: People Before Profit

Wisconsin’s credit unions have a positive impact on Wisconsin families, businesses, local organizations, and the economy. This is because of their unique structure as not-for-profit, member-owned cooperatives driven by a people-focused mission.

98% of Wisconsin’s Credit Unions are chartered under Wisconsin law, and their statutory mission is solely to serve their members.

Specifically, to:
“Encourage thrift among its members, create a source of credit at a fair and reasonable cost, and provide an opportunity for its members to improve their economic and social conditions.”
– Wis. Stats. § 186.01(2)

Credit unions offer REAL Solutions®

Credit unions offer REAL Solutions®

 Whether it’s helping a member escape predatory lending, rebuild credit, weather an illness, save for a home, or simply be given a second chance, credit unions are uniquely equipped to provide a lifeline when other financial institutions can’t or won’t.  

David – Keeping Commitments

While tacking the uncertainty and evolving needs of members in 2020, David shares how keeping the credit unions’ commitment to their community remained a top priority.

Cathie – Locally Focused

For Cathie, the success and growth of her credit union means more opportunity to serve their communities.

Jeremy – Meeting Members’ Needs

Credit unions work to improve the lives of all their members. For domestic abuse victims facing extra challenges, Jeremy’s credit union created a program to answer the call.

Junior Achievement – Partnership

Cathie’s credit union turned passion for financial literacy into a unique partnership with Marta at Junior Achievement and the local technical college.

121

credit unions

$43 billion in deposits

$36.4 billion in loans

$5 billion in business loans

10,348 credit union employees

3.4M+

members

In 2020, Credit Unions Helped Members Save:

$263+ million
in loan rates

$36+ million
in interest rates

$18.5+ million
in banking fees

$11.3M directly to members in patronage or bonus dividends

Kept $328.8 Million in Members’ Pockets

“We’re locally focused, and locally owned, so that money stays right here.” — Cathie

Credit Unions Critical During COVID-19:

 

The Little Man
was created by artist Joe Stern
in 1923 and began appearing in
CUNA publications in 1924. At the time
he was created, when credit unions were
just beginning to gain traction nationally, he was to be a “symbol for the average man besieged by financial difficulties.”

 

 

Supporting Consumers

$419 million in Mortgage Extensions

$708 million in Consumer Loan Extensions

$109,000 in fees waived

$18 million in 0% low interest/emergency loans
(average loan size of $4,303)

 

Supporting Small Businesses

$1 billion in Business Loan Extensions

$435 million in PPP & SBA loans
(a
verage PPP loan $40,958)

Supporting Wisconsin

$6.7 million in cash contributions to community partners

$2.58 Billion+ in Support of Wisconsinites

Wisconsin’s Credit Unions® Put People Before Profit:

95%

refinanced payday loan
debt obtained elsewhere

93%

granted a loan of
$500 or less

404

average lowest credit score
provided a loan

NO fee ATMs and Branches – nearly 30,000 no fee ATMs and 6,000+ no fee branches for members through cooperative, nationwide shared branching networks.

$6.7 million raised, in total, for local charities, community projects, and civic groups, along with countless volunteer hours

Numbers courtesy of CUNA Economics & Statistics, 2020 Survey of Wisconsin Credit Union League Members, National Credit Union Administration 5300 Call Report Data, and Co-op Financial Services.