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CU Snapshot

 Mar '18Feb '18
# of CUs5,5965,757
Total Assets
($ billions)
Total Savings
($ billions)
Net Cap.
Loans to Savings81.5%82.6%
Loan Delinq.0.8%0.9%

         Credit Union Indicators

How to Serve the Unbanked

Ensure all members feel welcomed and valued.

Wanda invested a lot of effort into taking care of her nephew. With no car and poor credit, holding a job—even completing everyday tasks—proved in some cases nearly impossible.

But using a save-and-borrow product from her credit union, Wanda took small, but important, steps toward improving her financial health, and eventually she purchased a vehicle.

To illustrate the need for innovative products that serve the unbanked, credit union leaders presented stories such as Wanda's during a breakout session at CUNA's Community Credit Union and Growth Conference, held jointly with the annual meeting of the National Federation of Community Development Credit Unions in late September.

Paul Grinde, community development officer for $1.1 billion asset CoVantage Credit Union, Antigo, Wis., says his credit union focuses on building strong relationships to serve the unbanked.

To create a culture that's conducive to healthy relationships, credit unions must ensure members feel welcomed, valued, and respected, Grinde says.

"We get about 35,000 calls a month, and they are answered by a live body in 30 seconds or less," Grinde says. "For 70% of those calls, the person who answers the phone answers the question. That tells members they're important and that we care."