The Pulse 06-16-16

Volume 5, Issue 24.5

The Pulse Archive


Northern Eagle Federal Credit Union Recognized with LSS 2016 Financial Advocacy Award

Congratulations to Northern Eagle Federal Credit Union (NEFCU) for winning a 2016 Financial Advocacy Award from Lutheran Social Service of Minnesota. The annual Financial Advocacy Awards recognize outstanding individuals and local organizations for improving economic justice and advocating for Minnesotans in vulnerable financial situations. Northern Eagle Federal Credit Union was recognized for innovation and advocacy in credit building for tribal members. NEFCU, which is the newest credit union in Minnesota, has partnered with LSS to provide over 300 sessions of free financial counseling and credit report review in their first two years of business.

The other 2016 Financial Advocacy award winners are:

  • Sen. Greg Clausen & Rep. Marion O’Neill (for their leadership addressing the student loan debt crisis in Minnesota)

  • Reverend Carl Walker (for a lifetime of service and advocacy including co-founding Walker West Music Academy and ‘Community Power-Up’ events)

  • Head of the Lakes United Way 211 (for leadership in providing resources when disaster strikes)

LSS Financial Counseling is a nonprofit, full-service credit counseling organization. LSS equips and empowers people in our communities with quality guidance, knowledge, and tools so they can achieve freedom from debt and financial worry. LSS is a strategic partner of the Minnesota Credit Union Network. For more information, contact Kris Jacobsen.

 

WINcentive™ Savings Balances reach $1.3 million dollars

Innovative savings product attracts first time savers

Since the beginning of the year, 2,900 Minnesotans have opened the prize-linked savings account WINcentive Savings at credit unions all over the state. Over $1.3 million has been saved in total; the median account balance being $225. The Statewide prize-pool, facilitated by the Minnesota Credit Union Network, has awarded 256 total prizes equaling $31,000. 14 credit unions are currently offering WINcentive, and two more will launch the program after July 1st. 

Key findings from a survey* of WINcentive Savings accountholders show:

  • 52% of respondents meet the basic definition of financial vulnerability. Basic Financial Vulnerability is characterized by having one or more of the following characteristics: low or middle income, no regular savings, or few liquid assets.

  • WINcentive is attracting many CU members to their first-ever committed savings product. 77% of participants do not currently have a share certificate or CD, and 50% of participants have never had one. 86% do not currently have a holiday club account, and 77% of all respondents have never had one.

  • 55% of respondents have high debt. While most respondents have middle or high income, 55% have debt above $10,000, and 31% have between $1 and $10,000 in debt. Only 14% of respondents are currently debt-free.

  • 50% of all respondents don’t have emergency savings to cover 3 months of expenses.

  • WINcentive attracts new members and strengthens relationships between members and credit unions. 12% of respondents joined a credit union for WINcentive; 80% said WINcentive makes them more excited about their credit union; and 62% of participants said that building savings would make them more likely to use other financial products at their credit union.

News outlets all over the state continue to cover stories about WINcentive. Recent media, including print, radio and TV coverage, is highlighted on the WINcentive Press Page.

For more information about how your credit union can offer WINcentive Savings, visit our website or contact Kris Jacobsen for more information.

*The data in this report is from a Doorways to Dreams (D2D) Fund survey administered to WINcentive account holders by their credit unions. Survey responses were collected from January through April 2016.


  

Follow the links on the stories below to read more about the outstanding programs, new initiatives and well-deserved recognition received by your peers recently. Got news of your own? Send stories, pitches, press releases and published articles to MnCUN Communications Specialist Laura Whittet

 

 

Network Orientation – Registration Open

Through membership with the Minnesota Credit Union Network (MnCUN) and the Credit Union National Association (CUNA), credit unions provide employees with access to a myriad of resources related to the industry. The MnCUN is offering a Network Orientation to ensure employees are able to make the most of these resources.

This event is available to any employee or volunteer of a Minnesota Credit Union Network affiliated credit union. Registration for this event is free and lunch is included. 

At this meeting, attendees will have the opportunity to:

  • Meet with MnCUN’s executive team
  • Receive an overview of the credit union system and the Minnesota Credit Union Network
  • Gain knowledge about resources available through the Credit Union National Association
  • Learn more about MnCUN’s strategic plan, objectives and activities
  • Meet and network with credit union employees from across the state

This event is available in person only. Registration for this event is available on the MnCUN event calendar online

 


    

Financial Education P2P – Registration closing today

The Minnesota Credit Union Foundation is hosting a complimentary Financial Education P2P for credit union financial education professionals. Whether you already provide financial education or outreach to your members, or are exploring the opportunity to do so, all are welcome!

This opportunity will include a presentation from Lori Hendrickson and Becky Hagen Jokela, University of Minnesota Extension staff, who will give an overview on preparing to teach youth - how to create a safe place to learn, learning styles and activity, respecting culture and experiences – as well as provide an overview of the National Endowment for Financial Education (NEFE) and its free turnkey financial education program from grades 8-12, NEFE’s High School Financial Planning Program® (HSFPP).

In addition to the above presentations, please join your peers for this value-added forum to network, share experiences, and learn from each other. Lunch will be provided. This event is in-person only; please register to confirm your attendance.

Time: 12:30 to 3:00 p.m.

Location: Affinity Plus Federal Credit Union 2750 Snelling Avenue North, 2nd Floor Community Room Roseville, MN 55113

Cost: Free*

Registration deadline: Thursday, June 16

Register Online

About Peer-to-Peer (P2P) Meetings
P2Ps provide credit union professionals the opportunity to participate in cooperative meetings to network and exchange ideas. Prepare your questions and bring any materials and knowledge to share! Questions? Contact Executive Director, Lyndsay Miller.

 

Reporting classroom presentations to NYIB – deadline July 8

As part of the nationwide effort to promote and quantify financial education efforts, credit unions are encouraged to report to the National Youth Involvement Board (NYIB) of their classroom presentations made throughout the year. The deadline for reporting your financial education presentations from July 1, 2015 to June 30, 2016 is Friday July 8.


If you are experiencing or have experienced any issues with reporting, please contact Mandy and she will be happy to assist you.

NYIB is the only credit union organization that maintains standardized reporting of financial education presentations to youth in the United States. Reporting financial education presentations is beneficial to the Minnesota Credit Union Foundation, the Minnesota Credit Union Network, Credit Union National Association, and NYIB, as it provides information to state and federal elected officials.This reporting of information is invaluable for our legislative advocacy and consumer awareness efforts, and demonstrating the credit union difference.

Minnesota Credit Union Network
555 Wabasha Street N, Suite 200
St. Paul, MN 55102

(651) 288-5170
(800) 477-1034