Bill Kennedy, CFO of Department of the Interior FCU, Washington, D.C., and a member of the CUNA CFO Council Executive Committee, accepts a Top Performance Award for the credit union’s high return to members. Presenting the award is Jeanne Sheahan, director of research services for CUNA.
What’s the financial benefit of credit union membership?
Roughly $6.5 billion in the form of lower loan rates, higher dividends, and lower and fewer fees.
That’s according to CUNA’s Member Benefits Report, which compares credit unions’ rates and fees to those of banks nationally and locally, and calculates the dollar amount members save as a result.
Plus, American consumers benefit to the tune of $8.5 billion due to credit unions’ presence in the marketplace.
CUNA honored six credit unions Monday during the 2014 CUNA CFO Council Conference in Las Vegas for providing exceptional financial value to their members.
Based on an analysis of participating CFO Council Conference attendees’ rates and fees, these credit unions received 2014 Member Benefits Top Performance awards for providing the greatest value to members:
Less than $450 million in assets: NorthCountry Federal Credit Union, Burlington, Vt.; Memorial Credit Union, Houston; and Department of the Interior Federal Credit Union, Washington, D.C.
More than $450 million in assets: Star One Credit Union, Sunnydale, Calif.; Neighbors Federal Credit Union, Baton Rouge, La.; and Scott Credit Union, Edwardsville, Ill.
“Today we recognized some credit unions for their uniquely credit union performance,” said David D’Annunzio, CUNA CFO Council chairman and CFO/vice president of South Florida Educational Federal Credit Union in Miami. “We work solely for member service and benefit.”