CUs Gaining Consumers’ Trust

CU360
April 1, 2010 | COMMENTS

The level of trust a consumer places in a financial institution continues to change, and attitudes vary with the type and size of institutions. Consumer trust and confidence now run considerably higher with credit unions and community banks, according to research from the Bank Administration Institute and NewGround consulting.

A blog entry by Credit Union National Association (CUNA) President Dan Mica on huffingtonpost.com in early January generated hundreds of online comments, many from members praising their credit unions. “Consumers are voting with their wallets” in shifting business to credit unions, noted Mica.

CUNA data show credit unions posted 2% membership growth during portions of 2009—the fastest rate since 2001 and double the rate of U.S. population growth.