Credit Union Ideas in Action Ken Ross President/COO Michigan - - PowerPoint PPT Presentation

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Credit Union Ideas in Action Ken Ross President/COO Michigan - - PowerPoint PPT Presentation

Feb 03, 2024 351 likes •576 views

Credit Union Ideas in Action Ken Ross President/COO Michigan Credit Union League In the beginning, there was usury Our History: Rise of Credit Unions The Problem: Usury Machine age Banks = business lending Consumer lenders:

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Credit Union Ideas in Action

Ken Ross President/COO Michigan Credit Union League

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In the beginning, there was usury…

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Our History: Rise of Credit Unions

The Problem: Usury

  • Machine age
  • Banks = business lending
  • Consumer lenders:
  • Friends and family
  • Loan sharks
  • Salary lenders
  • Need for Financial Literacy is born.
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Our History: Rise of Credit Unions

The Solution: Edward Filene

  • Invested $1M over three decades
  • Goal: End usury
  • Offer personal loans
  • Teach financial literacy
  • Cap interest paid on loans
  • People helping people
  • Not for profit, not for charity, but for service
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Fast Forward to 2018

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Reality Check: Usury Methods Evolved

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Current Trends: Why is this a problem?

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52% of households age 55 and older have no retirement savings. Those with retirement, the median amount saved equals only $405 per month of income for a 65-year-old.

52%

Current Trends: Retirees

Source: U.S. Government Accountability Office
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Current Trends: Working Adults

28%

Adults are either unbanked or underbanked. Non-retired adult Americans have no retirement savings

  • r pension.

Adults say that their income varies to some degree from month to month.

26% 32%

Source: Report on the Economic Well-Being of U.S. Households in 2016, Board of Governors of the Federal Reserve System
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44%

44% of adults could not cover an emergency expense costing $400, or would cover it by selling something or borrowing money.

Current Trends: Working Adults

Source: Report on the Economic Well-Being of U.S. Households in 2016, Board of Governors of the Federal Reserve System
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Current Trends: Working Adults

30%

Adults had to pay a major unexpected out-of-pocket medical expense in the prior year. Adults, or approximately 73 million adults, are either finding it difficult to get by

  • r are just getting by

financially. With a credit card report that they are carrying credit card debt, and 55 percent carried a balance at least once in the prior year.

23% 46%

Source: Report on the Economic Well-Being of U.S. Households in 2016, Board of Governors of the Federal Reserve System
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$1.4T

Americans owe more than $1.4 trillion in unpaid education debt; the average Michigan graduate, with loans, owes $30,852 in student loans.

Current Trends: Students

Source: Federal Reserve, April 2017
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Ideas in Action

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Ideas in Action: Working for Credit Unions Passing S. 2155 – Reg. Reform Protecting Tax Status

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Ideas in Action: Preventing Payday Lending Expansion

8.5 Million

Online impressions over nine districts

10 Million

The estimated number of outdoor billboard views by Michigan commuters.*

Numbers total exposure in nine week window Jan 29-Mar 30 (*Frequency 18.55x)
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Ideas in Action: Protecting Data Breach Victims

12,918,657

Total number of records exposed in data breaches between Jan 1 − May 1, 2018

SOURCE: Identity Theft Resource Center: www.idtheftcenter.org/images/breach/2018/DataBreachReport_2018.pdf
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Ideas in Action: Increasing Awareness

There’s Real Strength in Our Numbers

  • 100% participation
  • Year round advertising/media buys
  • Focus on mobile friendly media
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Ideas in Action: Leadership @ Eleven

Expanding Educational Offerings and Networking

  • One-on-one executive coaching sessions
  • 360-degree feedback
  • Individualized feedback
  • Self-awareness activities
  • Leadership talent assessment
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Ideas in Action: Making a Difference

Congratulations to Limestone Federal Credit Union and Manistique High School for winning 2018 MCUL Innovation Award, for The Grind Coffee House.

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We need your ideas too…

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Your Ideas in Action: 2018 Annual Membership Survey

Open now until June 30th MCUL.org/survey

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Thank you

Ken Ross

President/COO Michigan Credit Union League Ken.Ross@mcul.org