The Community Reinvestment Initiative supports the Michigan Credit Union League’s advocacy efforts through the CRI Report. The report is compiled each year using data from the CRI Survey and outside sources. Distributed to lawmakers during the CUNA GAC and throughout the year, the CRI Report contains information that demonstrates the good work credit unions do in their communities and further promotes the credit union tax exemption.
The Community Reinvestment Initiative is a call to action for Michigan’s credit unions. CRI challenges credit unions to elevate their social mission and community involvement to a strategic level, to make community involvement standard operating procedure.
This involves two parts: CRI assists credit unions in implementing programs and products to assist members; and CRI gathers and reports data on credit union community involvement through the CRI Survey and the CRI Aggregate Report.
The CRI Survey data is used to create the CRI Aggregate Report, an advocacy piece given to lawmakers in Washington, DC and Michigan. Such a strategy communicates clearly a credit union’s commitment to their neighborhoods and communities, builds consumer awareness and community good will, and finally, helps protect the credit union tax exemption.
Key data found in the 2013 Community Reinvestment Report to advocate on behalf of Michigan credit unions:
- Financial Benefits – $212 million – The estimated financial benefits enjoyed by Michigan credit union members in the form of lower fees and better rates.
- Credit Union Community Outreach – $10.6 million – Total donated to 238 charities by Michigan credit unions in 2012.
- Invest In America – $638 million – The total member savings through discounts since the program began in 2008.
- Youth Financial Education – 46,976 – The number of K-12 students that were educated by Michigan credit unions during the 2011 – 2012 school year.
> Click Here for the Report