MADISON, Wis.—The University of Wisconsin-Madison’s Center for Cooperatives and Northeastern University’s D’Amore-McKim School of Business recently joined America’s Credit Unions for a workshop that was designed to provide an academic analysis on the credit union difference.
The workshop also featured a policy panel that included America’s Credit Unions’ deputy chief advocacy officer and chief economist, Mike Schenk.
Research Encouraged
“Events like this encourage academic research into credit union impact and how consumers experience the transformative power of cooperative finance,” Schenk said in a statement. “Banks put significant resources into pro-bank—and anti-credit union—research. This event is one component of America’s Credit Unions’ big-data strategy, designed to leverage limited resources by energizing researchers around differentiating purpose-driven, not-for-profit, and member-owned credit unions. They really are consumers’ best option in financial services. The data we share with academic partners consistently and unambiguously makes that clear.”
Three Papers Presented
According to the trade group, three academic papers were presented as part of the workshop, and addressed:
- How Community Development Financial Institutions (CDFIs)—once certified by the Treasury—tend to grow faster and lend more. The paper suggested resources available to certified CDFIs can help alleviate institution-level financial constraints
- Student loan borrowers during the COVID-related forbearance period often became more indebted over that period, but credit union members incurred far less debt than non-members (8% increase for credit union members vs. 25-30% increase for non-members
- Credit unions required to increase capital to meet regulatory requirements improve financial reporting quality through decline in discretionary loan loss provisions
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