Minnesota Credit Unions Remain Steady Amidst Pandemic; Offer Assistance and Benefits to Members
According to the NCUA Quarterly US Map Review, Minnesota credit unions ranked highly for key indicators of financial health and viability.
Minnesota credit unions' median fourth quarter growth in membership increased by 0.9% – ranking 10th in the country. Median year over year loan growth was 3.5% and the median loan to share ratio was 75%.
Additionally, according to a CUNA and MnCUN survey, 89% of credit unions who responded provided modifications to consumers loans in the form of skip-a-payment or lower interest rates. 68% of credit unions surveyed provided modifications to mortgage loans and fee waivers or reductions.
According to the Mid-Year 2020 CUNA Membership Benefits report, Minnesota credit unions provided $172,453,840 in direct benefits to their members during the twelve months ending June 2020. These benefits are equivalent to $92 per member or $197 per member household.
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