Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
Minnesota CU Membership Tops 1.6M
ST. PAUL, Minn. (12/6/13)--Nearly 30% of Minnesota residents are credit union members after the state's cooperative financial institutions increased membership by nearly 16,000 in the third quarter of 2013, reaching an all-time high of 1.6 million.
 
The membership growth in the third quarter--a growth rate of 1%--continues a trend that began during the financial crisis, when consumers took action and moved to credit unions in their dissatisfaction with large banks.
 
"Minnesota consumers and businesses continue to choose credit unions as their primary financial institution--much as they choose other local, community-focused businesses," said Mark D. Cummins, Minnesota Credit Union Network president/CEO. "By making the switch, consumers are demonstrating their trust for credit unions rather than banks and selecting a financial institution that is aligned with their values."
 
Bank fees ignited the grassroots movement Bank Transfer Day, Nov. 5, 2011, which helped prompt a gain of 2.2 million new member accounts at credit unions (News Now Sept. 30).
 
"These results show that we have been successful and that consumers are choosing credit unions more and more as their trusted financial partner," said Cummins. "As the trade association for Minnesota's credit unions, our strategy focuses on advocating for and creating an environment where credit unions can compete and grow their market share."


RSS





print
News Now LiveWire
A recent report from @TransUnion says consumers born 1981 or later made up 27% of total auto-loan originations in 2014, up 16% from 2009.
3 hours ago
.@CUNA says new House bill is "further evidence" of lawmakers' interest in how @TheNCUA uses its funds from CUs. See News Now Monday.
22 hours ago
.@MECreditUnions announces winner of @YoungFreeME #SoundOff contest. @Sassquatch_Band will play Old Port Festival in June @PDD_Downtown
1 day ago
House Financial Services Com. to hold March 3 hearing to receive the semi-annual report of @CFPB Director Richard Cordray.
1 day ago
Rep. Jeff Miller (R-Fla.) re-introduced bill to ease veterans' access to loans for #smallbusiness purposes from a #creditunion (HR 1133)
49 minutes ago