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CU System
Ohio league Anti-bank sentiment boosts CUs growth
CLEVELAND (10/5/10)--Ohio credit unions are experiencing record membership growth two years after the financial crisis broke out nationwide, reported the Cleveland Plain Dealer (Oct. 4). For the fifth consecutive quarter, the state’s 392 credit unions reported rising membership, according to the Ohio Credit Union League’s most recent report in July, the article said. Anti-banking sentiment and a “Move Your Money” national campaign initiated in December that encourages consumers to switch from large banks to local financial institutions, such as credit unions, account for the popularity of credit unions, the league told the newspaper. Credit union membership gains in 2006 and 2007 were due to people joining credit unions to obtain low-loan rates during the borrowing boom, Patrick Keefe, vice president of communications and media for the Credit Union National Association, told the paper. However, continuing credit union membership growth the past two years amid a recession reflects a shift in consumer sentiment, he said. “It’s really about dissatisfaction with banks,” Keefe added. Ohio Catholic FCU in Garfield Heights experienced 8% membership growth in the past year, Randy Trimm, the credit union’s CEO, told the paper. “People have grown frustrated with being underserved and overcharged by banks,” Trimm added. To read the article, use the link.
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