New Economic Impact Report Offers Compelling Evidence of Credit Union Impact
Posted by Andrew Kobialka on December 6, 2022
GoWest Credit Union Association members tuned into a webinar on Monday, Dec. 5, to learn how to tell the story of their credit union’s impact on the economy in their local communities and state. It’s a vital lesson for those who advocate for credit unions among legislators, build relationships with community and civic leaders, or deal with marketing, media, and social media platforms.
Dr. Michael Wilkerson of the renowned firm ECONorthwest walked attendees through a detailed analysis of credit unions’ economic impact across GoWest’s six-state region. He explained how the methodology allows each credit union to understand its impact on a statewide level, a county level, and within legislative districts. Further, he explained how employee salaries and their personal expenditures, supply chain purchases, and the benefits provided to members through lower account fees, higher interest rates on savings, and lower interest rates on loans all contribute to local economies.
According to Jennifer Wagner, GoWest EVP and chief advocacy officer, this kind of information provides great value for lawmakers as they set budgets, determine policy, and consider legislation. “These findings are a critical part of our advocacy efforts,” says Wagner. “We are excited to have this data from all six states going into the 2023 legislative sessions.”
GoWest members have a second opportunity to hear from Dr. Wilkerson and learn how to use the report’s findings in their own communities. Another webinar will be held Thursday, Dec. 8 at 2 p.m. PST (3 p.m. MST). Register here.