This week, CreditUnions.com digs into the state of prize-linked savings accounts, runs the numbers on credit union mergers in 2017, and takes lessons from a year of giving.
Here are five can’t-miss data points:
$400
The Federal Reserve reported in 2016 that nearly half of the U.S. population was unable to cover a $400 unplanned expense without borrowing money or selling something. Clearly, many Americans need to save more. But saving consistently can be difficult. How can prize-linked savings accounts meet this need and introduce an element of excitement?
Read: The State Of Prize-Linked Savings Accounts.
$7 Million
Desert Financial Credit Union is investing $7 million in its community in 2018 as part of its Year of Giving initiative. It has funneled money toward community sponsorships and donations, cash-back rewards to members, and individual drawings for cash and experiences as well as earmarked nearly $50,000 for educational support. That’s putting its money where its mission is.
Read: Taking Lessons From A ‘Year Of Giving.’
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200
That’s the total number of credit union mergers in 2017. Learn more about the total assets merged and the regions with the most merger activity.
Read: Credit Union Mergers In 2017.
61.1%
As of year-end, 3,477 credit unions in the United States, representing 61.1% of the industry, had active credit card portfolios. That’s a notable increase over year-end 2013, when 56.3% of credit unions offered credit cards.
Read: Credit Cards By The Numbers.
$18,534
Credit unions in the NCUA New England Region New York, Vermont, Michigan, Maine, Massachusetts, Wisconsin, New Hampshire, Connecticut, and Rhode Island surpassed industry averages in a number of metrics at the close of 2017. The average member relationship reached $18,534 for credit unions in the New England states. By comparison, the industry average for all U.S. credit unions was $18,309.
Read: Regional Performance Report: New England.
Happy Reading!