Boost In Pay, Second Quarter Data, And Baby Boomers

Five can’t-miss data points this week on CreditUnions.com.

 
 

This week, CreditUnions.com shows how some credit unions are boosting pay (in time for Labor Day), provides a guide to serving Baby Boomers, recaps second quarter performance, and more.

Here are five can't-miss data points:

$954,405

A raise in the minimum wage at American 1 Credit Union is the result of a “trickle-up” strategy at the Michigan cooperative, one of many across the country boosting wages this year. American 1 announced in May that it had raised its minimum wage by $2 to $13 an hour, paying out $954,405 more this year in salaries to its workforce of 183 FTEs, with everyone getting a bump except the CEO. See how other credit unions are boosting their minimum wages.

Read: A Boost In Pay For Labor Day

 

 

53-72

Different generations require different conversations. Learn how credit unions can serve all ages in Callahan's recurring graphic series, including Baby Boomers — those 53- to 72-year-olds born between 1946 and 1964.

Read: The Credit Union Guide To Baby Boomers

$1 Trillion

At second quarter, the credit union industry's 9.8% loan growth has led the portfolio to surpass $1 trillion for the first time. Loan growth has slowed in the last year, however, 2018 has seen the highest year-to-date loan origination on record, at $255.9 billion. How else did credit unions perform in the second quarter?

Read: 3 Takeaways From Trendwatch 2Q 2018

4

For one former Callahan millennial, she had always known about credit unions — her mom had been a member since before this ex-Callahaner was born — but she began to truly understand what makes them different when she witnessed their recovery efforts after the economic catastrophe of the late aughts. For that, she will forever be loyal to her credit union. That being said, she has a hard time convincing her friends to leave their big banks, or even consider a credit union for a car loan or mortgage loan, for four reasons.

Read: How I Learned To Stop Worrying And Love The Co-Op

0.67%

Total delinquency at credit unions was lower at midyear 2018 than it was one year ago. Based on early performance data derived from 5300 filings, Callahan & Associates predicts total delinquency dropped 8 basis points to 0.67% as of June 30, 2018. How else has asset quality across the industry changed?

Read: Credit Union Delinquency Drops 8 Basis Points At Midyear

Happy Reading!

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Aug. 27, 2018


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