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?FOR IMMEDIATE RELEASE??CONTACT:??Lynn Heider??lheider@??503.329.7208?(Mobile)?Oregon’s Credit Unions Deliver $1.8 Billion Economic Boost?to State’s Economy?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 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.?? ................
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