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|The Pulse (06-17-15)|
The Pulse (06-17-2015)
June 17, 2015 ● Volume 04, Issue 24
Credit Union News
As cooperatives, Minnesota credit unions know firsthand what can be accomplished when people pool their resources and knowledge. The Minnesota Credit Union Network continually works to facilitate opportunities for its member credit union to come together and be part of a larger credit union community.
The Network committees are made up of credit union professionals who volunteer their time to serving the Minnesota credit union movement. Representing credit unions of all sizes and from all corners of the state, committee members help to further a variety of objectives from politics to international partnerships to cooperative advertising.
The Network would like to recognize and thank the following out-going committee members for their service:
The Network would like to welcome the following incoming committee members for their service:
“We appreciate the members of both MnCUN and MnCUF committee members for taking time out of their busy schedules to represent their credit unions,” said MnCUN President & CEO Mark Cummins. “It is this sort of active involvement that maintains a thriving credit union community in Minnesota.”
More information about MnCUN and MnCUF committees can be found on the Chapters & Committees page of the Network website.
Minnesota's not-for-profit credit unions across the state continue to uphold the "people helping people” philosophy in the work they do every day for their members and their communities. Setting similarities aside, no credit union is alike. Each offers its own unique projects, products and services. To honor these distinctions, the Minnesota Credit Union Network and CUNA are proud to sponsor this year's annual Dora Maxwell, Louise Herring and Desjardins awards programs to recognize credit unions that are improving lives and communities.
Below is a brief overview of each awards program:
Dora Maxwell Social Responsibility Community Service Award
Louise Herring Award for Philosophy-in-Action Member Service Award
Desjardins Youth Financial Education Award
Desjardins Adult Financial Education Award
To submit an entry, visit the National Awards Programs page of the Network website. There, you will find links to individual awards program pages that include helpful information such as eligible activities, entry forms and more.
Credit unions are encouraged to enter in one or all of the national awards programs. Winning submissions will advance to the national competition for judging this fall. With questions about the Dora Maxwell Award program, please contact MnCUN Director of Communications Connie Kuhn by email or at (651) 288-5527.
Credit Union Magazine is looking for Credit Union Rock Stars who demonstrate outstanding innovation and creativity in their chosen fields. Selected individuals are those who have made the credit union movement a better, more interesting place.
The deadline for nominations is July 15.
Credit Unions in the News
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 Director of Communications Connie Kuhn.
CO-OP Shared Branch has surpassed Bank of America in number of branch offices, and is now the nation's third largest network of financial institution branches, according to data drawn from the FDIC.
Credit Union Shared Branching Network Now Third Among Financial Institutions
RANCHO CUCAMONGA, Calif. (June 11, 2015) - CO-OP Shared Branch has surpassed Bank of America in number of branch offices, and is now the nation's third largest network of financial institution branches, according to data drawn from the FDIC.
CO-OP Shared Branch comprises 5,341 branches, compared to Bank of America's 5,244 branches. The figures were compiled by CO-OP Financial Services on May 19, 2015, and retrieved from the FDIC's "Find Banks" page.
"We have achieved a significant milestone by reaching more than 5,300 branches, but the sky is still the limit for our industry's unique shared branching concept," said Stan Hollen, President/CEO, CO-OP Financial Services. "There are about 1,800 credit unions participating in shared branching, offering convenient branch access to more than 52 million members wherever they may travel in the United States.
"In addition to member convenience, shared branching offers a means of generating revenue and operational efficiencies for participating institutions," said Hollen. "If all of the nearly 7,000 credit unions in the U.S. were part of shared branching, our locations would number about 21,000."
The credit union industry's shared branch network is also gaining fast on the two remaining networks with more branches. Chase has 5,892 branches and Wells Fargo has 6,392 according to the same FDIC source.
In addition to the more than 5,300 "live teller" branches, CO-OP Shared Branch also includes nearly 1,800 self-service kiosks within select 7-Eleven stores nationwide.
A business unit of CO-OP Financial Services, CO-OP Shared Branch is the credit union movement's national network for extending branch services to members between institutions. Members of participating credit unions can enter the branch of any other participating credit union and transact account-related business as if they were in their own home branch.