In 2024, the program will offer participating credit unions updated marketing materials to promote the accounts to members and enhancements to data and reporting.
“We are looking forward to providing credit unions with improvements to the program to help meet the financial needs of their members and promote their financial well-being,” said John Ferstl, Chief Operating Officer of the Minnesota Credit Union Network. For more information on the Minnesota WINcentive Savings Program, reach out to Xiong Lee, MnCUN Director of Engagement. Why Attend?
Agenda:
MnCUN and Trellance Partner to Bring Leading Technology Solutions to Minnesota Credit Unions1/16/2024
The Minnesota Credit Union Network (MnCUN) and Trellance are pleased to announce their partnership to deliver innovative technology solutions to help credit unions achieve more. Trellance is a credit union cooperative and leading technology partner for credit unions and will provide MnCUN members with data analytics and programming support. “Trellance is proud to partner with Minnesota to serve its member credit unions. Cooperation amongst cooperatives is a fundamental principal within our movement and we’re excited Minnesota has joined our national network of league and association partners,” said James Gukeisen, CUDE, Trellance Leagues & Advocacy Director. Trellance is a credit union cooperative and leading technology partner for credit unions, delivering innovative technology solutions to help credit unions achieve more. With a comprehensive suite of analytics, cloud and talent solutions, the Trellance team ensures credit unions increase efficiency, manage risk, and improve member experience. As a tech partner, Trellance ensures that credit unions have access to the latest generation of fintech solutions, filled with powerful tools such as artificial intelligence and machine learning. “We’re proud to offer our credit unions with exclusive pricing to help them adapt to the rapidly transforming financial industry while meeting the needs of their members,” said MnCUN Chief Operating Officer, John Ferstl. To learn how Trellance can help your credit union contact Rick Ronchak, rronchak@trellance.com
In January, the WINcentive Savings program will announce two prizes of $5,000 each as a part of the annual prize drawing. Participating members of all twenty-two Minnesota-based credit unions offering WINcentive will be eligible for the monthly, quarterly and annual statewide prizes for 2024. Stay tuned for special announcements and for the grand prize winner celebrations!
Liza Gillan, Vice President, Operational Risk & Compliance, Alloya Corporate FCU
This article is provided by MnCUN's relationship with Alloya Corporate FCU. Visit the Solutions Director for more information. Meet the “Sister Swifties,” Lisa, Britney and Carla. As big-time, lifelong fans of the music sensation Taylor Swift, they donned that nickname years ago, long before the artist’s Eras Tour was even a glimmer in their eyes. Naturally, from the moment the tour was announced, they tried desperately to get tickets. When they sold out with unprecedented demand at lightning speed, the Sister Swifties were sadly left empty-handed. Adding insult to injury, Carla’s 16-year-old daughter, Reese, is more obsessed with Taylor Swift than the Sister Swifties combined! She was heartbroken when tickets sold out. As the tour got into full swing and social media exploded with Eras Tour content, Reese grew increasingly devastated at the thought of missing out… until the Sister Swifties hatched a plan. Medicare is not a "one size fits all" product and during the open enrollment period eligible Minnesotans are inundated with advertising from providers that claim to have the best coverage.
The right choice for your members depends on their doctors, providers, medications, and prescription drugs. As your partner we have the expertise on all seven providers and the process in place to make sure your member is with the provider most appropriate for them. Through this process we are saving members thousands of dollars per year while they are obtaining better coverage then they have currently. TruLync Medicare Advisors invites every Minnesota Credit Union between now and December 31st to meet with the team to learn about partnership opportunities for the upcoming year. Interested in signing up for 2024? Contact Kris Jacobsen, MnCUN Vice President of Business Development by email or phone at 612-244-7138.
By Emily Nadboralski, Director of Data & Analytics, and Vicki Potter, Analytics Consultant, TruStage™. This article is provided as part of MnCUN's strategic partnership with TruStage. For more information, visit the Solutions Directory. In an era dominated by digital advancements, the credit union industry may face a new and intricate battle against predatory lending. Drawing insights from actual credit union data, our goal is to shed light on the specific segments of members who are most susceptible to these lenders. Once credit unions know which members are most vulnerable, they could intervene with tailored product offerings designed to help prevent members from entering a payday lender cycle. The surge of digital predatory lending without regulation The digital revolution is one of the causes of a surge in predatory lending. It has helped to create an environment where certain lenders might take advantage of gaps in regulation and consumer understanding. Practices such as high-interest payday loans, terms that could be confusing, and fees that aren't immediately apparent are among the methods employed by these lenders to attract borrowers. As an example, the annual percentage rate (APR) of a typical two-week payday loan with a $15 fee per $100 borrowed is 391%. [1] The situation has become so severe that some U.S. states have enacted a 36% interest rate cap for payday lenders and 12 states have banned them altogether.2 Payday lenders have expressed concern that the cap will not permit them to continue conducting business in Minnesota, as an example, which they claim will encourage prospective borrowers to pursue loans via unregulated online marketplaces.2 However, research indicates a substantial decrease in payday loans and borrowers pursuing online loans within regulated states.2 Additionally, more than 80% of borrowers have expressed they would be more cautious with their expenses if payday loans weren’t available. [2] Even with regulation in place, the magnitude of existing and estimated future payday lending growth is still prevalent. In 2021, the Payday Loans market had an estimated worth of approximately $33.5B and this is projected to increase to $42.6B by 2028. [3] Shedding light on vulnerable segments With the shift to the digital realm, payday loan providers can now greatly expand their outreach, encompassing a wider range of consumers. It is more probable that low-income households and communities of color will be targeted by payday lenders.2 Vulnerable members may choose a payday loan over their credit union because they may feel embarrassed displaying their current financial situation. Beyond the emotional strain, members may turn to digital payday lenders because they feel it's their only option. Thankfully, data has emerged as a powerful tool in the fight against predatory lending. By leveraging data analytics and technology, credit unions can gain valuable insights into their members' financial behaviors, helping enable them to identify signs of susceptibility to predatory lending and take proactive measures. Thankfully, data has emerged as a powerful tool in the fight against predatory lending. By leveraging data analytics and technology, credit unions can gain valuable insights into their members' financial behaviors, helping enable them to identify signs of susceptibility to predatory lending and take proactive measures.
Strategies for supporting vulnerable members Credit unions can proactively identify members who could benefit from support by collaborating with them when they seek assistance. They can also explore opportunities by examining Automated Clearing House (ACH) deposits from payday lenders into members' accounts, with the members' consent. This isn't always one large deposit; it can be small deposits from multiple payday lenders. Once identified, credit unions can extend a helping hand by offering to help pay off the loans and get members into better financial security. Through this approach, credit unions achieve two benefits. First, by helping members improve their financial situation, they may cultivate a sense of loyalty among members who develop a strong trust in their credit union. Second, they may enhance their earnings through increased interest generated by loan repayment products. The path forward The digital transformation of the lending landscape has great benefits, but it has also opened the door to predatory lending practices. Credit unions, with their member-centric approach, are well-positioned to leverage data to help protect their members from falling victim to predatory loans. By harnessing the power of data, credit unions may help identify signs of predatory lending and take proactive steps to educate, intervene and offer dignified financial services with members’ best interest in mind. [1] United States Federal Trade Commission, “What to Know About Payday and Car Title Loans”, July 2023 [2] Minnesota Reformer, “Payday Loans Trap Minnesotans in a Cycle of Debt”, March 2023 [3] Vantage Market Research, “2022 Statistics: Payday Loans Market Will Surpass USD 42.6 Billion at 4.1% CAGR Growth: Vantage Market Research”, May 2022 |
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