Iowa Credit Unions Provide $1.57 Billion in Economic Contribution to Iowa, New Report Finds

POSTED on October 17, 2019 IN ICUL

In celebration of International Credit Union Day and Governor Kim Reynolds' proclamation declaring October 17 Credit Union Day in Iowa, the Iowa Credit Union League (ICUL) released a new report today that showcases the not-for-profit credit union industry's economic contribution to the state.

DES MOINES, IA — In celebration of International Credit Union Day and Governor Kim Reynolds’ proclamation declaring October 17 Credit Union Day in Iowa, the Iowa Credit Union League (ICUL) released a new report today that showcases the not-for-profit credit union industry’s economic contribution to the state.

Per The Economic Contribution of Iowa’s Credit Unions report, Iowa credit unions contributed $1.57 billion in total economic productivity in Iowa last year. Authored by Iowa State University economist Dave Swenson, the report analyzed the 4,248 credit union industry employees, the $279.5 million in payroll and benefits and the $1 billion in total earnings in 2018 to find the total value of the credit union industry to Iowa’s economy. These direct values combined with Iowa credit unions’ use of local utilities, services to operate facilities, and credit union employees’ spending in local communities create a multiplier effect that supports even more jobs in Iowa.

The report found that every $1 spent by the state’s credit unions added $0.52 elsewhere in Iowa’s economy, and every job at an Iowa credit union supports an additional 1.02 jobs in the rest of the Iowa economy. Iowa credit unions’ $1.57 billion economic contribution in Iowa is comprised of $798.12 million in value added GDP, of which $461.05 million is labor income to 8,582 job holders.

“Credit unions showcase the cooperative spirit through their ‘people helping people’ philosophy,” said Gov. Reynolds.  “As the governor, I recognize the value credit unions provide to their members and the communities they serve by empowering Iowans to improve their own financial outlook.”  

Gov. Reynolds’ Credit Union Day proclamation recognizes the Iowa credit union industry for its continuing advancement of the financial well-being of credit union members and the contributions made to their respective communities. It states, “Credit unions embrace a ‘people-helping-people’ philosophy through pooling of personal resources and leadership abilities for the good of the cooperative, empowering members to improve their financial future and uniting to help those in need.”

“More than 1.3 million Iowans value the not-for-profit, member-owned credit union choice in the financial marketplace,” said Murray Williams, President and CEO of ICUL. “On International Credit Union Day we celebrate the spirit of the global credit union movement and also recognize the positive impact Iowa credit unions have on our state’s economy. The cooperative structure saves Iowa credit union members more than $100 million annually – helping to improve the financial lives of Iowans and their communities across Iowa.”

Sponsored by the World Council of Credit Unions since 1948, International Credit Union Day is celebrated to remember credit unions’ proud history and promote awareness of and support for the credit union difference. As not-for-profit, financial cooperatives, credit unions provide an effective and viable alternative to for-profit financial institutions for more than 217 million members in 105 countries worldwide. This year’s theme is “Local Service. Global Reach.”

Download the 2019 Iowa Credit Union Day Proclamation

Download the Economic Contribution Report Executive Summary

Download the full Economic Contribution Report

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The Iowa Credit Union League is the trade association that represents the interests of Iowa credit unions and their more than one million members. Credit unions are not-for-profit, financial cooperatives owned and operated by their members. Iowans use their credit union membership to receive higher interest rates on savings and lower interest rates on loans. For more information on ICUL, visit https://www.IowaCreditUnions.com/ICUL. For information on Iowa credit unions, visit www.IowaCreditUnions.com. Follow ICUL on Twitter at www.twitter.com/icul or on Facebook at www.facebook.com/iowacreditunions.


World Council of Credit Unions (WOCCU) is the international trade association and development agency for credit unions worldwide, and numerous national credit union trade associations and federations around the world. To find out more about International Credit Union Day, visit www.woccu.org/events/icuday. For more information about WOCCU, visit www.woccu.org.

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