This week, CreditUnions.com shows how one credit union is keeping members cool without credit, offers three ways credit unions can connect through co-working spaces, runs the industry’s revenue numbers, and more.
Here are four can’t-miss data points:
Total revenue in 2018 for U.S. credit unions grew 12.8% to $74.4 billion, a 3.2-percentage-point acceleration from 2017. Annual income at credit unions has increased 37.4%, or $20.2 billion, since the Great Recession. Largely a result of rising loan demand and interest rate trends, the amount of income generated at credit unions has expanded throughout 2018.
Read: Total Revenue Jumps 12.8% Year-Over-Year At U.S. Credit Unions
Co-working spaces are a fast-growing phenomenon that have emerged as the rise of the gig economy and other self-employed entrepreneurs has created the need for affordable locations for innovative spirits to commune and create. A report by Emergent Research for the Global Coworking Unconference Conference predicts the number of U.S. co-workers to grow from 331,000 in 2015 to 754,000 this year to nearly 1.1 million in 2022. They’re also a natural fit for credit unions, a movement that began as tiny savings and loan pools that has grown into a network of full-blown financial services institutions hard-wired to collaborate on ideas and resources.
Read: 3 Ways To Connect Through Co-Working Spaces
Growing up in small Midwestern towns meant that Chip Filson’s exposure to diverse cultural experiences was limited. It was not until he joined with Ed Callahan and Bucky Sebastian at the Department of Financial Institutions that he experienced Irish pride. And the importance of St Patrick’s Day. In fact, Ed was so fundamentally Irish that he waited to pass only until after all the bars had closed on St. Patrick’s Day in 2009 one final celebration to send him on. Today, Ed has left us with a legacy and a lesson about leadership. Now, perhaps more than ever in recent years, the industry needs to reflect on the importance of great leadership and how to build on what we’ve learned from those who have provided it to us along the way.
Read: He Made Us All Better Even Still Today
Total assets at credit unions reached a record high of $1.5 trillion at year-end despite a drop in the number of institutions. Across 2018, there were 194 credit union mergers, with assets merged totaling nearly $5.5 billion. What else do you need to know?
Read: Credit Union Mergers In 2018