2013 Community Reinvestment Survey Summary
117 Credit Unions participated in the 2013 survey, representing 68% of total Michigan credit union assets and total Michigan credit union members. The data shown below reflects credit union activity in 2013 as reported by all survey participants, unless otherwise noted.
Financial Counseling Activity
81%- Of the credit unions responding provide informal financial advice to members including guidance provided by frontline staff, member service representatives, loan and/or collections officers, credit union management, etc. who may or may not be accredited or certified counselors.
73%- Of the credit unions responding provide referral of members to formal financial counseling service providers, including agencies that provide certified residential housing counseling.
36%- Of the credit unions responding provide formal financial counseling services to their members via certified or accredited employees.
187,894Hours-Total number of hours employees from 84 reporting credit unions spent on financial counseling.
103,097Members- Total number of members who received financial counseling from 84 reporting credit unions.
26,113Members-Total number or members who were referred to outside formal financial counseling service providers.
Financial Education Activity
$2,165,465- Total amount spent on financial education, including staff time, as reported by 99 credit unions.
Youth Financial Education, Student Credit Unions and Youth Accounts
71%- Of the credit unions responding participate in youth programs.
63%- Of the credit unions responding participate in Youth Financial Weeks (such as Credit Union Youth Week in April or other).
38%- Of the credit unions responding participate in online financial or credit union education games.
33%- Of the credit unions responding has one or more branches in elementary, middle or high schools.
15%- Of the credit unions responding participate in interactive teen Financial Reality Fairs.
9%- Of the credit unions responding participate in programs related to Biz Kids.
53,624- Total number of students that have participated in financial education programs in 2013 as reported by 96 credit unions.
22,631- Number of students participating in an in-school credit union branch as reported by 38 credit unions.
3,291- Total number of classroom presentations in 2013 sponsored or conducted at schools by 97 reporting credit unions.
246- Number of student branches reported by 38 credit unions.
$329,727,858- The total balance of accounts held by account holders who are ages 18 or less as reported by 82 credit unions.
Adult Financial Education
76%- Of the credit unions responding participate in adult financial education seminars.
52%- Of the credit unions responding participate in other adult financial education activities.
22%- Of the credit unions responding participate in Retirement Fairs.
15,169- Number of people (members and non-members) that have participated in adult education programs held or sponsored by 86 reporting credit unions.
656- Number of adult education events held or sponsored by 86 reporting credit unions.
Volunteerism and Community Donations
$5,890,008- Total dollar amount donated or raised to be donated to charitable causes as reported by 111 credit unions.
$1,245,067-Value of in-kind contributions donated to charitable causes as reported by 90 credit unions.
94,894- Total volunteer hours as reported by 106 credit unions.
2,977- Total number of volunteer projects conducted by 108 reporting credit unions.
44%- Of 108 reporting credit unions partner with other credit unions for cooperative community outreach or financial education initiatives.
Student Scholarships
62%- Of the credit unions responding provide student scholarship programs.
$1,714,500- Total dollar amount of scholarships in 2013 provided by 71 reporting credit unions.
1,916- Total number of student scholarships provided by 71 reporting credit unions.
Payday Lending Alternatives
24.8%- Of the credit unions responding offer short term lending products that provide members with an alternative to payday loans or cash advance loans from check cashers or other finance companies.
40.7%- Of the credit unions responding offer other types of lending products that provide members with an alternative to payday loans.
$164,547,921- Total dollar value of alternative loans originated as reported by 48 credit unions.
65,648- Number of alternative loans originated as reported by 48 credit unions.