The Pulse (03-29-16)


 

 






The Pulse

March 29, 2016 ● Volume 5, Issue 13

 

The Pulse Archive

Retiring Pres. Steve Oien presented with Foundation’s CU Builder Award
 
 

Pictured: Jerry Schleicher, Chairman,
Minnco Board of Directors; Steve Oien,
retiring Minnco Credit Union President;
Mark Cummins, President,
Minnesota Credit Union Network

Last week at a retirement party in his honor, Steve Oien was presented with the Minnesota Credit Union Foundation’s prestigious Credit Union Builder Award. Oien has dedicated over 36 years of his life to Minnco Credit Union, with nearly 26 years as the President/CEO. Steve’s hard work was instrumental in growing the credit union from around $4 million in assets with one location to over $235 million and 6 locations.

 

Aside from working to grow the credit union, he has served to strengthen the credit union industry by serving on the Minnesota Credit Union Network Board of Directors and various committees.

 

Steve has also been a strong supporter of Minnesota Credit Union for Kids, and served on its committee for nine-and-a-half years. He also served as Chair of the Minnesota state committee for CU4Kids for a number of years, as well as on the Credit Unions for Kids National Advisory Board.

 

With Steve’s leadership, Minnco has consistently been one of the top fundraising Minnesota Credit Unions for CU4Kids. In 2014, Minnco’s Chain of Hearts fundraiser raised a record $20,000. When the final numbers were tallied, Minnco found themselves $606 shy of twenty grand; Steve agreed that Minnco would contribute the extra amount needed to bridge the gap to $20,000. With an addition of $10,000 Financial Co-Op Miracle Match, an incredible $30,000 was given to help support the patients at Gillette Children’s Specialty Healthcare in St. Paul.

 

Steve joins 37 other individuals who have been honored since 2008 with the Foundation’s Credit Union Builder Award. The names of the recipients and the contributing credit unions are permanently displayed in the Minnesota Credit Union Network’s lobby as a tribute to their accomplishments.

 


 

 

View all Governmental Affairs news stories



 

COMPLIANCE SPOTLIGHT: Use of “Banking” in advertisements

NCUA releases March NCUA Report

NCUA issues Board Action Bulletin

OSCUI releases Secondary Capital Best Practices Guide

Interagency Guidance issued on applying CIP requirements to Prepaid Cards

CFPB issues interim rule that broadens “small creditor” definition under Reg. Z

 

View all Regulatory Compliance news stories

 

 
69 Percent of Millennials Would Consider Opening Credit Union Account

CUNA Mutual Group released its annual What Matters Now™ consumer research during CUNA’s Marketing and Business Development Council Conference Tuesday. Research indicated millennials are emerging as a diverse, yet strong financial force as many enter their lending and purchasing life stages. However, insights revealed traditional financial services are less compelling to this segment, who defines success through their family and children.

“Millennials are often described generally as one large group, but in reality this generation is not a one-size-fits-all, and they continue to grow in their diverse financial needs,” said Susan Sachatello, senior vice president of TruStage®, CUNA Mutual Group's consumer brand. “Our research shows millennials’ financial needs vary substantially based on age, presence of children and even their geographic location.”

Millennials, who are currently between ages 18 and 34, comprise a quarter of the population – or about 75 million individuals and currently dominate the workforce, owning $200 billion in direct purchasing power.1

According to Sachatello, there is a significant opportunity to attract millennials to credit unions. “Credit unions have a strong association and alignment with the values that are important to millennials. Understanding this population and engaging them in the credit union value proposition could be a significant source of membership growth.”

According to latest research, only 14 percent of millennials have their primary financial account with a credit union.2 However, 69 percent of millennials would consider opening a credit union account, indicating industry awareness continues to be a challenge for this market segment.3

Research Highlights: What Matters Most to Millennials

  • Millennials below 30 years of age are more apprehensive about debt and credit.
    Millennials below age 30 are more worried about paying off their student loans, with 54 percent expressing they are very/fairly worried, compared to 40 percent of millennials over 30.4 Additionally, millennials below 30 are less likely to have a current car loan (29 percent vs. 37 percent for over age 30).5
  • Millennial parents are making big purchases.
    Millennial parents are about three times more likely than non-parents to be in the market for a new home within the next year (22 percent vs. 7 percent).6 Thirty-seven percent are likely to be in the market for a new car, and 54 percent will be in the market for a new or used car in the next 18 months.7
  • Millennial definitions of success vary by geographical region.
    Millennials in the West and Northeast regions align success with raising good/happy kids, having a great spousal relationship and staying in good health. Millennials in the South and Central regions were more likely to report having a strong relationship with God as a measure of success.8

“Millennial needs are strikingly different from those of the generation before. This new research provides compelling insights into what really motivates millennials and how success is defined by their family, not their financial situation,” said Laura Eblen, Director of Awesomeness, Mazuma Credit Union. “It is a call to action for credit unions to address millennials’ emerging and diverse needs, to redesign their strategy and go beyond traditional products and services to attract this market segment in a more personal and meaningful way.”

These millennial insights were gathered from more than 25,000 individuals using a combination of quantitative, qualitative, primary and secondary research methods.

To learn more on the millennial market segment, and gain insights into their motivations, worries and hopes, visit cunamutual.com/whatmattersnow. Or, check-out our infographic and short video.

To learn more about CUNA Mutual Group and the products and services it has to offer your credit union and its members, contact MnCUN Director of Business Development, Kris Jacobsen by email or at (651) 288 - 5515.

Sources:
1 – U.S. Chamber of Commerce Foundation, “The Millennial Generation Research Review,” 2012
2, 4, 5, 6, 7 – The Futures Company and TGI 2015
3, 8 – CUNA Mutual Group, “What Matters NowTM Survey Results,” 2015.

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