MADISON, Wis.–Mike Schenk, the chief economist with America’s Credit Unions who is well known to many and is a frequent presenter at credit union events, has announce plans to retire April 1 after 36 years in financial services.

The trade group said that as part of the credit union movement since 1992, Schenk is a “renowned expert” on the credit union difference and its public policy impacts.

‘Extraordinary Legacy’

“After over three decades dedicating to strength in the credit union movement – our friend and colleague Mike Schenk is retiring, leaving behind an extraordinary legacy of leadership, insight, and advocacy,” said America’s Credit Unions President/CEO Jim Nussle said in a statement. “Mike’s expertise has shaped industry policy, supported credit union growth, and provided invaluable analysis to both trade and mainstream financial media. His commitment to cooperative finance and consumer well-being has made a lasting impact, and his contributions to organizations throughout our industry will continue to benefit the industry for years to come. We thank Mike for his dedication and wish him the very best in this well-earned next chapter.”

‘Stalwart’ in Credit Unions

Added ACU Chief Advocacy Officer Carrie Hunt, “Mike Schenk has been a stalwart in the credit union space for over three decades and his economic expertise has been instrumental in our advocacy efforts for the industry and policymakers. Mike built a solid foundation for our research team through our transformation to America’s Credit Unions while providing credit unions essential data to make key decisions for their members. He will be sorely missed as a full-time team member but his legacy of thorough data, exceptional analysis, and sense of humor will carry on. We wish him nothing but the best.”

‘Caring & Inspirational’

In a statement, Schenk said, “Throughout my career in cooperative finance, I’ve worked with countless caring, passionate, and truly inspirational individuals, who are keenly focused on the simple – but radical – idea of putting people before profits. You’ve transformed millions of lives and, quite literally, saved many as well. I’m forever grateful to everyone who helped me play a small role in advancing this critically important work. I’ll never forget your kindness, advice, and unwavering support as I embark on this next chapter.”

Efforts at ACU, Other Initiatives

America’s Credit Unions further stated:

• Most recently, he has led the organization’s strategy to acquire a massive dataset to refine credit union impact data, “using it to dive deeper into the financial outcomes of credit union members vs. non-members.”
• “His research has highlighted the dollars and cents of the credit union difference in real products such as auto loans and mortgages, and shown that this difference is even more pronounced in lower credit score borrowers, essential data for credit unions to use with policymakers.”
• ACU noted Schenk’s analyses regularly appear in credit union trade publications and mainstream financial media. 
• He serves on the board of the Filene Research Institute and of Summit Credit Union in Madison, Wis., where he has served as board chair, in addition to chairing the credit union’s Asset-Liability Management and Risk Management/Internal Audit Committees during his 20 years on the board.