Oct 19, 2023
Today is International Credit Union Day. Join us in celebrating the 87,000-plus credit unions
located in 118 countries – both for the important role they serve and the positive impact they have on local communities. Here are four impressive facts about credit unions you probably
didn’t know….
Fact #1: Credit unions have more women in leadership
Over half of all credit unions have a female CEO. In comparison, only 2% of standard banks do.
Why does this matter? Research has shown that women leaders improve productivity,
collaboration, and fairness, and inspire employees to believe in the company mission.
Additionally, about two-thirds of all credit union employees are women.
Fact #2: Credit unions have higher customer satisfaction
96% of credit union members report being highly satisfied compared to only 80% of customers
of the three biggest national banks Bank of America, Chase, and Wells Fargo. It’s not hard to
see why. In addition to historically having lower interest rates and paying out higher returns,
credit unions have closer ties to the community. They treat their customers like people, not
numbers.
Fact #3: Credit unions are more likely to give mortgage loans in low and middle-income neighborhoods and invest in small businesses
This provides access to credit for many who might otherwise be considered ineligible at a
standard bank. The benefits extend beyond the recipients themselves. As studies have
shown, influxes of cash in lower-income communities are immediately circulated in the local
economy and can create a positive domino effect. Increased spending supports local
businesses, which generates new jobs, which in turn uplifts entire communities.
Fact #4: Credit unions put their earnings into their customers, not shareholder pockets.
The 10 largest banks in the U.S. spent $75 billion buying back shares of their own stock. By
contrast, credit unions use their earnings to offer competitive rates on loans and lines of credit,
offer financial literacy education, and support local charities and nonprofits. Credit unions are
not-for-profit entities that are actually owned by their customers. Their sole existence is to
benefit the people and member interests always come first.
