February 9, 2012 A recently-released study, conducted by a highly-respected former state economist, on the economic impact and benefit that Maine credit unions provide to consumers found that, despite the significant economic challenges and rate environment, Maine consumers saved nearly $38 million by using a Maine credit union in 2011.
The study titled, "The Economic Impact on the Maine Economy and the Financial Benefits to Maine Consumers of the State's Credit Unions," was conducted by Chuck Lawton, Ph.D, of Planning Decisions. Lawton said that the total savings that credit unions provided to consumers were particularly impressive "in light of the enormous changes and circumstances that have taken place in the financial services sector and the economy since the financial crisis began in 2008."
Lawton provided a breakdown that detailed the financial benefits of credit union membership in Maine: Gains from Higher Rates on Deposits = $5.8 million; Savings from Lower Rates on Loans = $21.4 million; and Savings from Lower Fees = $10.5 million. This amounts to a total benefit of nearly $38 million that credit union membership in Maine provides to the more than 615,000 members in the state.
John Murphy, President of the Maine Credit Union League, provided his perspective on the report's findings. "Maine credit unions should be extremely proud of the significant benefits that are provided not only to members, but to local communities and the overall economy of the State of Maine."
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