Michigan State University Federal Credit Union in East Lansing will provide compensation to all eligible players on the Michigan State University women’s basketball team for the 2021-22 season.
Companies and institutions can now compensate college student athletes for using their name, image and likeness in exchange for endorsements, following a June decision by the National Collegiate Athletic Association.
The credit union said before signing contracts with the student athletes that it held several meetings to discuss details and expectations. No details of the deals were announced.
“We are pleased to partner with this group of outstanding student athletes and believe their efforts will help grow engagement with our products and services among one of our primary target audiences,” April Clobes, the credit union's CEO, said in a press release. “Additionally, these women contribute to the team, the MSU community, and the future in a very positive way. We’re honored to have entered into a contractual agreement with this group of on-campus leaders.”
Michigan State University FCU has been a sponsor of MSU Athletics for more than 12 years and became the presenting partner of MSU women’s basketball in 2019 as part of its multiyear athletics sponsorship agreement.
“We are so fortunate to be part of this movement in our community," Moira Joiner, a junior who plays guard on the team, said in the press release. "Not only are we thankful that MSU FCU has allowed us to represent them, but more importantly, they have given us the opportunity to use our voices. MSU FCU and their leaders are pioneers in recognizing women’s athletics. We are glad to be a part of their vision for our collective future.”
Michigan State University FCU has $6.5 billion of assets. It earned $66 million in the first nine months of 2021, a 106% increase from a year earlier, according to call report data from the National Credit Union Administration.
