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Oregon's Credit Unions Deliver $1.8 Billion Economic Boost to State's Economy - 01/18/19

More than two million Oregonians have chosen not-for-profit, cooperative credit unions as their financial services partners. 

TIGARD, Ore. (Jan. 18, 2019) — Oregon credit unions drove a positive, $1.8 billion economic impact last year, according to a new report by ECONorthwest, the region’s largest economic consulting firm.  

The report, “2018 Economic Impacts of Credit Unions in Oregon,” commissioned by the Northwest Credit Union Association, measures jobs, economic output, and income supported by credit unions. 

Each Member Benefits Directly  

Credit unions are not-for-profit cooperatives and do not pay stockholders on Wall Street. Instead, they reinvest in their members, typically by offering lower interest rates on loans and credit cards, better returns on savings, and by charging fewer fees for services. 

Last year, Oregon credit unions delivered $152 million in benefits to members, an average of $74 for each member. ECONorthwest found those benefits generated a ripple effect “buying power” of over $333 million when members reinvested those benefits back into their local communities. 

“In today’s economy, every dollar makes a difference,” said Troy Stang, NWCUA President and CEO. “When you know these dollars are coming to you because of your membership in a cooperative credit union vs. being used to enrich Wall Street stockholders, you know that makes a difference for your household.” 

A Clear Choice for Consumers 

No wonder so many Oregonians have discovered the “Credit Union Difference.” In the Beaver State, 50 percent of the population belongs to a credit union -- 2.05 million consumers. ECONorthwest found credit union membership is growing faster than the population; 14 percent since 2016, compared to 3.4 percent population growth.  

Workforce Support 

Oregon credit unions provide family-wage careers for 5,100 professionals. Each job supports 1.4 additional jobs in the economy, meaning the total impact of credit union employment supports 12,200 jobs.  

A Financial Partner in Rural Communities 

While the largest concentration of credit union membership is in Oregon’s larger cities, ECONorthwest found that credit unions offer vital financial services in rural communities. 

“While many out-of-state, for-profit financial services institutions have closed branches in rural communities, local credit unions remain committed to serving these populations, providing services such as agricultural, home, vehicle, and small business loans that area consumers need,” the report noted.  

ECONorthwest reported that 109,116 consumers--34 percent of Oregon’s rural residents--are leveraging the benefits of credit union membership. 

 “As a consumer in the marketplace, seeing that a not-for-profit cooperative credit union delivers these benefits to your friends, families, and neighbors, drives home the message that credit unions deliver value to Main Street, not Wall Street,” Stang said.  Find out more about the Credit Union Difference. Visit  http://Oregonlovescreditunions.com

                                                                                          <END> 

The Northwest Credit Union Association is the trade association representing over 180 not-for-profit, cooperative credit unions in Idaho, Oregon, and Washington, and their 7.3  million consumer members. Those members are served by a professional workforce of 18,700 professionals. According to an independent analysis by economists at ECONorthwest, Northwest credit unions drove a positive economic impact of $7.8 billion last year. 

 

 

Attached Media Files: News Release , ECONorthwest report
Washington's Credit Unions Deliver $5.1 Billion Economic Boost to State's Economy - 01/18/19

More than four million Washingtonians have chosen not-for-profit, cooperative credit unions as their financial services partners.  

SEATAC, Wash. (Jan. 18, 2019) — Washington credit unions drove a positive, $5.1 billion economic impact in the Evergreen State last year, according to a new report by ECONorthwest, the region’s largest economic consulting firm.  

The report, “2018 Economic Impacts of Credit Unions in Washington,” was commissioned by the Northwest Credit Union Association. The analysis measures jobs, economic output, and income supported by credit unions. 

Each Credit Union Member Benefits Directly 

Credit unions are not-for-profit cooperatives and do not pay stockholders on Wall Street. Instead, they reinvest in their members, typically by offering lower interest rates on loans and credit cards, better returns on savings, and by charging fewer fees for services. 

Last year, Washington credit unions delivered over $350 million in benefits to their membership, an average of $82 for each member. ECONorthwest found those benefits generated a ripple effect “buying power” of $787 million when members reinvested the money back into their local communities.  

“In today’s economy, every dollar makes a difference,” said Troy Stang, NWCUA President and CEO. “When you know these dollars are coming to you because of your membership in a cooperative credit union vs. being used to enrich Wall Street stockholders, you know that makes a difference for your household.” 

A Clear Choice for Consumers  

No wonder so many Washingtonians have discovered the “Credit Union Difference.” In Washington, 58 percent of the population belongs to a credit union – 4.3 million consumers. ECONorthwest found credit union membership is growing faster than the population; 14 percent since 2016, compared to 3.4 percent population growth.  

Workforce Support 

Washington credit unions provide family-wage careers for 11,100 professionals. Each job supports 1.6 additional jobs in the economy, meaning the total impact of credit union employment supports 29,100 jobs. 

“As a consumer in the marketplace, seeing that a not-for-profit cooperative credit union delivers these benefits to your friends, families, and neighbors, drives home the message that credit unions deliver value to Main Street, not Wall Street,” Stang said. 

Find out more about the Credit Union Difference. Visit http://Washingtonlovescreditunions.com  

                                                                               <END> 

The Northwest Credit Union Association is the trade association representing over 180 not-for-profit, cooperative credit unions in Idaho, Oregon, and Washington, and their 7.3  million consumer members. Those members are served by a professional workforce of 18,700 professionals. According to an independent analysis by economists at ECONorthwest, Northwest credit unions drove a positive economic impact of $7.7 billion last year.

Attached Media Files: ECONorthwest Report , News Release
Idaho's Credit Unions Deliver an Economic Boost of Nearly $780 Million to State's Economy - 01/18/19

Membership in Gem State credit unions is growing faster than the population.  

BOISE, Idaho (Jan. 18, 2019) — Gem State credit unions delivered $779 million in economic impact last year, according to a new report by ECONorthwest, the region’s largest economic consulting firm.  

The report, “2018 Economic Impacts of Credit Unions in Idaho,” commissioned by the Northwest Credit Union Association, measures jobs, economic output, and income supported by credit unions. 

Each Credit Union Member Benefits Directly  

Credit unions are nor-for-profit cooperatives and do not pay stockholders on Wall Street. Instead, they reinvest in their members, typically by offering lower interest rates on loans and credit cards, better returns on savings, and by charging fewer fees for services.  

Last year, Idaho credit unions delivered nearly $100 million in benefits to their membership, an average of $100 for each member. ECONorthwest found those benefits generated a ripple effect “buying power” of over $206 million when members reinvested the money back into their local communities. 

“In today’s economy, every dollar makes a difference,” said Troy Stang, NWCUA President and CEO. “When you know these dollars are coming to you because of your membership in a cooperative credit union vs. being used to enrich Wall Street stockholders, you know that makes a difference for your household.” 

 A Clear Choice for Consumers 

No wonder so many Idahoans have discovered the “Credit Union Difference.” About 57 percent of Gem State residents belong to a credit union – 992,000 consumers. Since ECONorthwest performed its last analysis of credit unions’ economic impact in 2017, an additional 75,000 Idaho consumers have joined a credit union. In fact, credit union membership is growing even faster than Idaho’s population; eight percent last year compared to 2.3 percent population growth. 

Workforce Support 

Idaho’s credit unions provide family-wage careers for 2,500 professionals. Each job supports 1.2 additional jobs in the economy, meaning the total impact of credit union employment supports 5,500 jobs. 

 

A Financial Partner in Rural Communities 

While the largest concentration of credit union membership is in Idaho’s larger cities, ECONorthwest found that credit unions offer vital financial services in rural communities. 

“While many out-of-state, for-profit financial services institutions have closed branches in rural communities, local credit unions remain committed to serving these populations, providing services such as agricultural, home, vehicle, and small business loans that area consumers need,” the report noted.    

ECONorthwest reported that 164,684 consumers – 49 percent Idaho’s rural residents—are leveraging the benefits of credit union membership.    

 “As a consumer in the marketplace, seeing that a not-for-profit cooperative credit union delivers these benefits to your friends, families, and neighbors, drives home the message that credit unions deliver value to Main Street, not Wall Street,” Stang said.  

Find out more about the Credit Union Difference. Visit http://idaholovescreditunions.com.  

 

 

 

 

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The Northwest Credit Union Association is the trade association representing over 180 not-for-profit, cooperative credit unions in Idaho, Oregon, and Washington, and their 7.3  million consumer members. Those members are served by a professional workforce of 18,700 professionals. According to an independent analysis by economists at ECONorthwest, Northwest credit unions drove a positive economic impact of $7.8 billion last year. For information on how to join a credit union, please visit  

 

Federal Workers Impacted by Shutdown may Find Financial Assistance Through Their Credit Unions - 01/10/19

BOISE, Idaho (Jan. 10, 2019) —For thousands of government workers impacted by the partial federal government shutdown, tomorrow will be the first day they don’t get a paycheck. Many credit unions are standing by to help their members who are impacted.

As not-for-profit cooperative financial services providers, credit unions practice their “people helping people” philosophy and support their members through good and difficult times alike. Options such as short-term, low-interest loans, lower-interest credit cards, financial counseling, or opportunities to delay loan payments are examples of benefits credit unions offer their members.

“It’s a challenge to manage expenses without pay. If you’re a federal worker or contractor, alert your credit union and find out what options are available,” said Lynn Heider, Vice President, Communications, Northwest Credit Union Association. “Keep in mind that credit unions, as cooperatives, don’t pay Wall Street stockholders. Instead, they reinvest in their members by offering better interest rates and lower fees day in and day out. And in challenging times, credit unions are also likely to have additional options for you.”

Nearly anyone who lives, works, worships, or attends school in Idaho is eligible to join a local credit union. For information on how to join a credit union, please visit http://www.asmarterchoice.org.

                                                                                        <END>

The Northwest Credit Union Association is the trade association representing over 180 not-for-profit, cooperative credit unions in Idaho, Oregon, and Washington, and their 7.3  million consumer members. Those members are served by a professional workforce of 18,700 professionals. According to an independent analysis by economists at ECONorthwest, Northwest credit unions drove a positive economic impact of $7.7 billion last year.

Attached Media Files: News Release
Federal Workers Impacted by Shutdown may Find Financial Assistance Through Their Credit Unions - 01/10/19

TIGARD, Ore. (Jan. 10, 2019) — For thousands of government workers impacted by the partial federal government shutdown, tomorrow will be the first day they don’t get a paycheck. Many credit unions are standing by to help their members who are impacted.

As not-for-profit cooperative financial services providers, credit unions practice their “people helping people” philosophy and support their members through good and difficult times alike. Options such as short-term, low-interest loans, lower-interest credit cards, financial counseling, or opportunities to delay loan payments are examples of benefits credit unions offer their members.

“It’s a challenge to manage expenses without pay. If you’re a federal worker or contractor, alert your credit union and find out what options are available,” said Lynn Heider, Vice President, Communications, Northwest Credit Union Association. “Keep in mind that credit unions, as cooperatives, don’t pay Wall Street stockholders. Instead, they reinvest in their members by offering better interest rates and lower fees day in and day out. And in challenging times, credit unions are also likely to have additional options for you.”

Nearly anyone who lives, works, worships or attends school in Oregon is eligible to join a local credit union. For information on how to join a credit union, please visit http://www.asmarterchoice.org.

                                                                            <END>

The Northwest Credit Union Association is the trade association representing over 180 not-for-profit, cooperative credit unions in Idaho, Oregon, and Washington, and their 7.3  million consumer members. Those members are served by a professional workforce of 18,700 professionals. According to an independent analysis by economists at ECONorthwest, Northwest credit unions drove a positive economic impact of $7.7 billion last year.

 

Attached Media Files: News Release
Federal Workers Impacted by Shutdown may Find Financial Assistance Through Their Credit Unions - 01/10/19

SEATAC, Wash. (Jan. 10, 2019) —For thousands of government workers impacted by the partial federal government shutdown, tomorrow will be the first day they don’t get a paycheck. Many credit unions in Washington are standing by to help their members who are impacted.

As not-for-profit cooperative financial services providers, credit unions practice their “people helping people” philosophy and support their members through good and difficult times alike. Options such as short-term, low-interest loans, lower-interest credit cards, financial counseling, or opportunities to delay loan payments are examples of benefits credit unions offer their members.

“It’s a challenge to manage expenses without pay. If you’re a federal worker or contractor, alert your credit union and find out what options are available,” said Lynn Heider, Vice President, Communications, Northwest Credit Union Association. “Keep in mind that credit unions, as cooperatives, don’t pay Wall Street stockholders. Instead, they reinvest in their members by offering better interest rates and lower fees day in and day out. And in challenging times, credit unions are also likely to have additional options for you.”

Nearly anyone who lives, works, worships or attends school in Washington is eligible to join a local credit union. For information on how to join a credit union, please visit http://www.asmarterchoice.org.

<END>

The Northwest Credit Union Association is the trade association representing over 180 not-for-profit, cooperative credit unions in Idaho, Oregon, and Washington, and their 7.3  million consumer members. Those members are served by a professional workforce of 18,700 professionals. According to an independent analysis by economists at ECONorthwest, Northwest credit unions drove a positive economic impact of $7.7 billion last year.

Attached Media Files: News Release