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IDetroit NewsI Down economy lifts up CUs
LANSING, Mich. (12/29/10)--With the restructuring of the auto industry, Michigan has felt the effects of the recession as directly as any state in the country. But Michigan residents have turned to credit unions in their time of need, says the Detroit News (Dec. 25). Michigan credit unions added more than 50,000 members in 2010, the second straight year it has surpassed that figure By comparison, that’s nearly three times the 17,000 members added in 2008, the article said. Michigan had 4.5 million credit union members as of the end of September, and 44% of the state’s residents do at least some of their banking at credit unions, the Michigan Credit Union League told the newspaper. Among the 10 most populous states, Michigan has the highest rate of credit union membership. Consumers have displayed a willingness to change financial institutions nationally as well. MoveYourMoney.com, a website which encourages consumers to move their money out of larger financial institutions into community banks and credit unions, earlier this year estimated that two million consumers had transferred $5 billion from big banks to community financial institutions, like credit unions. A Zogby International poll in February indicated that 9% of U.S. adults had expressed disapproval of big banks by moving at least some of their accounts to community financial institutions such as credit unions.


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