A 2022 independent analysis performed by renowned economists at ECONorthwest finds that Washington’s credit unions are essential to the state’s economy and delivered a total economic impact of $7.5 billion.
As not-for-profit cooperatives, credit unions reinvest their earnings into their member-owners, resulting in benefits such as lower interest rates on loans and better savings rates.
Credit unions not only serve their members, but also help drive local economies, which correlates to a positive impact for Washington. Credit unions’ not-for-profit, cooperative structure, local footprint, and community engagement drive a unique impact that benefits the economy and provides people with tangible financial services and benefits they might not otherwise have access to.
