REGULATING AGENCY: Utah Department of Financial Institutions
LEAGUE: Utah Credit Union Association
PRIVATE SHARE INSURANCE: No
STATS: (As of June 2021)
Total Number of Credit Unions: 60
- TOTAL # SCUs: 28
- TOTAL # FCUs: 32
- SCU % OF TOTAL (SCUS #/STATE TOTAL #): 47%
Total Assets: $43,792,155,424
- TOTAL $ SCU ASSETS: $2,295,645,570
- TOTAL $ FCU ASSETS: $41,496,509,854
- SCU % OF TOTAL ASSETS (SCUS $/STATE TOTAL $): 5%
Total Members: 3,263,487
- TOTAL Members SCUs: 145,534
- TOTAL Members FCUs: 3,117,953
- SCU % OF TOTAL (SCUS/STATE TOAL): 4%
FUN FACT: The Cleveland-Lloyd Dinosaur Quarry holds the highest concentration of Jurassic-era remains ever found. More than 12,000 dinosaur bones (and one egg!) have been excavated since the 1920s.
Pandemic Forces Seismic Shift in Financial Protection Mindset
By Michael Herman, AdvantEdge Digital President
August 25, 2021 – While the economic impact of COVID-19 on individuals and families has been about as divergent as possible, most people experienced a financial awakening of one form or another. Whether it was the financial devastation of a job loss or the influx of savings from going nowhere and doing nothing, unprecedented times forced most Americans to confront entirely new household economics.
Anyone who’s had to adjust a family budget knows the exercise conjures up the need to choose. Most often, decisions around budgeting come in the form of trade-offs: Do we drive a new car and cook meals at home or drive used and enjoy the occasional meal out? Obviously, there are Americans facing much more difficult, even unfathomable, trade-offs, like the choice between food or shelter, medicine or clothing. Those are circumstances no one should have to face. For the financially well, however, trade-offs are a manageable way of living within an individual’s or family’s means.
Other budgeting decisions come in the form of risk assessment. Insurance is a prime example. How likely is it that our home will sustain storm damage? How much life insurance makes sense based on our ages and the family’s income needs?
These are the basic budgeting choices families have been making for decades. But during the pandemic, even the basic became complex. As the day-to-day grind came to a grinding halt, we were faced with a whole new set of choices, risks and worries. Seemingly overnight, trade-off and risk-mitigation decisions we’d grown accustomed to making were upended. This left many, including credit union members, understandably anxious about their financial situations.
Click here to take a look at the stories that have been collected over the years in Utah.
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