The Pulse | 03-20-2018

Volume 7, Issue 12

The Pulse Archive

 

Minnesota Credit Unions provide $117 million in direct financial benefits to the state in 2017

MnCUN recently compiled the 2017 Minnesota Credit Union Impact report as part of the Awareness and Reputation campaign. In 2017, Minnesotans received over $117 million in direct financial benefits by being members of credit unions.  Over 1.7 million Minnesotans who belong to a credit union realize an average annual benefit of $69 as individuals or $132 per household.

 

Minnesota Credit Unions have a $2.6 billion impact on Minnesota’s economy and are trusted with $22.3 billion in assets from Minnesota families and business. This includes:

 

  • Over $94 million in lower interest in loans
  • Over $13 million in lower or non-existent fees
  • Over $8 million in higher interest rates on savings products
  • Over $1.8 billion in loans to small businesses

Minnesota credit unions that take pride in their “People Helping People” philosophy. In addition to the direct financial benefits, major community give-back initiatives included:

 

  • CU Forward Day, where 37 credit unions and partners volunteered over 12,000 hours in 80 communities impacting over 33,000 Minnesotans.
  • CU4Kids raise and donate over $200,000 annually to Gillette Children’s Specialty Healthcare
  • Credit unions operate 10 school credit union branches, provided free financial education classroom presentations, and donate thousands of dollars in scholarship programs

“Credit Unions continue to provide high value to Minnesota consumers,” said Minnesota Credit Union Network CEO Mark Cummins.  “The cooperative model is well-aligned with the financial choices of today’s families throughout Minnesota.  Our members have continued to prove that the direct and indirect advantages of healthy credit unions offer a triple bottom line return for members and communities throughout the state.”

 

A release was sent statewide last week to share the collective impact of Minnesota Credit Unions. MnCUN encourages individual credit unions to leverage the release and the impact report to share their own community give back to their local communities as well. Please reach out to Andrea Molnau, VP Communications and Engagement with any questions.

 

 

MnCUN Annual Performance Survey Now Open

Now is your opportunity to provide feedback to the Network staff and Board of Directors on the Network’s performance in the past year. A link to MnCUN’s Performance Survey was emailed last Friday to all credit union employees who are registered in our database, in an effort to obtain comprehensive and feedback from those who regularly utilize our services. It will take just 10 minutes of your time. All suggestions and comments are welcome! Please respond by Friday, March 30.

 

Thank you for taking the time to help us make the Network a dynamic and progressive organization able to meet the needs of today’s credit unions around the state.

 


 

    

 

S. 2155 Passes Senate in Major Regulatory Relief Win for Credit Unions, Members

 

View all Governmental Affairs news stories


 

 
 
 

CFPB Updates Small Entity Guide for Prepaid Rule


NCUA Seeks Comments on Amendments to Federal Credit Union Bylaws


Federal Court of Appeals Overturns Portions of the TCPA Rule

 

View all Regulatory Compliance news stories



 

OnApproach Continues Growth, Adds Credit Union Partners to M360 Platform

OnApproach, the leading provider of big data and analytics solutions for credit unions, has announced the upcoming credit union industry data lake, Caspian. The only data lake of its kind, Caspian represents the third and final pillar of the CU Analytics Ecosystem and serves multiple unique advantages that have never before been witnessed in the credit union industry. The goal of the CU Analytics Ecosystem is to enable collaborative analytics for the industry.

Credit unions have valuable member and transaction data, but advanced analytics has proven to be out of reach for most financial institutions due to issues such as inability to access the data, lack of standardization, or insufficient data sets. Many objectives, such as loan risk analytics, simply require more standardized data than is available within the walls of most credit unions.

With Caspian, credit unions will be able to leverage several big data technologies, including secure, frictionless transport of data to and from the lake. As a result, credit unions will be able to contribute and access very large, secure data sets, all normalized to the CUFX standards, without having to give up their ownership of valuable member data.

Notable firsts for the credit union industry and features that will be enabled by the Caspian Data Lake include:

1.       Daily peer-to-peer benchmarking/analysis – With constantly fluctuating economic conditions, credit unions should not be forced to make important decisions with summarized data that is 90+ days old. Upon launch, daily transaction level data updates will allow credit unions to make decisions with reliable and timely data.

Maintain ownership of your data – Member data is an incredibly valuable asset. Credit unions should be able to monetize this data rather than sending it out to companies that want to monetize it for themselves. Developers within the ecosystem will not be able to access personally identifiable information and cannot remove data. Caspian is a data lake for credit unions, provided by credit unions, via a CUSO.

  1. Structured/unstructured data source capabilities – While a robust data warehouse is exceptional for analysis of structured data, Caspian is equipped to easily integrate 3rd party and unstructured data sets (i.e. email, social media, phone calls, etc.).
  2. Access to ecosystem of developers – Credit unions and trusted developers/data scientists will be able to create more accurate applications and models utilizing the robust data within Caspian. By complying with CUFX standards, tools developed within Caspian can easily be shared and applied at any participating credit union for a fraction of the price it would be to build individually.
  3. Secure, anonymized, and CUSO governed – Data security is a key feature of Caspian. Automated process and blockchain technology will be in place to secure and encrypt data in transit and at rest. An important security feature of the data lake is the control that credit unions have over their data. Developed and administered by a Credit Union Service Organization (CUSO), Caspian’s data governance policies are designed with the best interest of the credit union industry, not a 3rd
  4. Data Quantity – The majority of credit unions simply do not have sufficient data sets to produce reliable predictive analytics for initiatives, such as complying with the upcoming CECL regulations. With many credit unions around North America already anticipating the launch, Caspian will eliminate this problem by making it possible for credit unions to access very large, standardized data sets to test models, benchmark, and perform advanced analytics.

TruLync, a wholly-owned subsidiary of the Minnesota Credit Union Network offers OnApproach solutions to clients in a service-bureau environment. For more information, contact MnCUN Director of Business Development Kris Jacobsen by email or by phone at 651-288-5515 or toll free at 800-477-1034.

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

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