A credit union is more than a financial institution. It is a unit of people supporting each other and is there for their members for every financial situation good or bad to better the quality of life for those individuals and their respective communities. There are almost 5,000 credit unions in America in 2019 alone, and of those credit unions, there are over 117 million members, according to Forbes’. With the rise of the credit union industry, each state had its credit unions that stood out above others by their membership growth, assets, low rates, generous perks, and rise in popularity. Below are Forbe's top credit unions and their CEOs in each state for the 2019 physical year.
Award-Winning Credit Union CEO
In 2019, CUES also awarded the Outstanding Chief Executive to Sterling Nielson, President/CEO of Mountain America Credit Union, Sandy UT. This acknowledgment is meant to revere Nielsen for his devotion to the credit union community and all he has contributed towards growing the industry. Congratulations, Sterling!
What Credit Unions Should Be Prepared for in 2020 to Stand out
In today’s modern age of banking, 78% of financial executives, according to Deloitte, think the financial industry is going to change in the next five years and gravitate towards new digital business trends. Members expect nowadays to interact with their credit unions with the same ease they enjoy with everyday tasks, such as watching Netflix or buying groceries. But, as 2020 approaches, CFOs for credit unions in the United States are predicting a recession towards the latter half of 2020, according to a case study from Duke University/CFO Global Business Outlook.
With this prediction, members of all age ranges will go to digital outlets to perform their banking, so they can receive instant gratification and take out more loans since the banks will be tightening their loans for the recession. No matter what state you are in, credit union disclosures are always changing, so keep up with those loans in the upcoming year with a forms system that always keeps you compliant.