Report: Credit unions’ impact on the underserved in CA and NV
Leagues Release Social Impact Survey Report Results
ONTARIO, CA (September 17, 2024) — Every day, credit unions elevate their communities and enrich the lives of members through social impact initiatives, programs, and uplifting products and services that benefit underserved households.
New research compiled by the California and Nevada Credit Union Leagues proves this fact.
Representing 58 percent of credit union members in both states — or 7.8 million individuals — a recent Leagues-affiliated survey reveals how local credit unions are accomplishing their mission within these communities:
Credit Unions Focus on Members
There were 274 locally headquartered credit unions in California and Nevada as of December 31, 2023. Collectively, they:
- Served more than 14 million.
- Provided nearly $202 billion in loans to consumers and businesses.
- Managed nearly $302 billion in assets.
Additionally, California credit unions delivered an annual financial benefit of $2.7 billion to their members in 2023 through competitive loan and deposit rates and lower-or-no fees, according to America’s Credit Unions. Nevada credit unions delivered $64.5 million in financial benefits.
Credit Unions Advance Members’ Wellbeing
- 64 percent extend fee refunds.
- 64 percent offer special emergency lending programs.
- 56 percent provide “second chance” checking accounts.
- Additional member benefits include services to non-SSN individuals; first-time homebuyer, auto lending, and green/energy efficient lending programs; commercial loans in underserved areas; payday lending alternatives; free credit scoring; no overdraft fees; and reverse-tier savings for emergencies. 2023 survey data above collected from League-affiliated credit unions in California and Nevada.
Credit Unions Champion Financial Health
- 84 percent host free community financial workshops.
- 82 percent reach out to schools and community groups with financial education partnerships.
- 65 percent facilitate one-on-one financial counseling for local residents.
- Additional community benefits include “Bite of Reality” financial workshop events; self-paced online financial education; and budgeting/debt reduction programs. 2023 survey data above collected from League-affiliated credit unions in California and Nevada.
Credit Unions Empower Their Employees
- 95 percent support employee 401k plans with matching contributions.
- 78 percent assist employees with educational tuition reimbursement.
- Additional employee benefits include living-wage minimum pay; safe-harbors in 401k plans; paid volunteer hours; charitable donation matches; and employee resource groups. 2023 survey data above collected from League-affiliated credit unions in California and Nevada.
Credit Unions Support Communities
- 93 percent benefit communities through charitable giving initiatives and programs.
- 74 percent provide member and community educational scholarships.
- Additional community support/impact includes credit union charitable foundations and other initiatives and programs. 2023 survey data above collected from League-affiliated credit unions in California and Nevada.
Credit Unions Serve the Underserved
- 124 credit unions are Low Income Designated (LID).
- 70 credit unions are Minority Depository Institutions (MDI).
- 36 credit unions are Community Development Financial Institutions (CDFI).
- 27 credit unions offer Bank On certified accounts.
- 19 credit unions serve Hispanic individuals/households through Juntos Avanzamos designations.
- 2023 public call-report data above collected from League-affiliated credit unions in California and Nevada.
About California and Nevada Credit Union Leagues
Headquartered in Ontario, California, the Leagues exist to help credit unions change people’s lives by supporting their operations, guidance, strategy and philosophy. Our trade association helps local credit unions in California serve nearly 14 million members and those in Nevada serve nearly 400,000 members. Credit unions are for people, not profit!
