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|The Pulse (12-20-16)|
Volume 5, Issue 51
TOGETHER WE ARE STRONGER – THE VALUE OF AFFILIATION
Annually credit unions make decisions on where to appropriate funds. You may wonder, “What do I get for my dues to the Minnesota Credit Union Network?” As the trade association for Minnesota Credit Unions, our role is to help the movement grow market share through the following key focus areas:
Your investment in the system is an investment in your credit union – to create a positive legislative environment, to ease your regulatory burden, and to increase market awareness so your credit union can thrive. We do not take lightly our obligation to you, our members, and we value your continued trust in us. With questions about your membership with the Network or CUNA, please contact Mark Cummins or John Wendland.
Minnesota credit unions saw continued growth and positive trends in nearly every performance indicator through third quarter 2016, a report release by the National Credit Union Administration (NCUA) shows.
The NCUA report finds that, compared to 2015, overall credit union assets grew 7%, loans grew 10%, and loan delinquencies dropped 3.5% in Minnesota. The average capital ratio is a solid 11%, well beyond the 7% threshold the NCUA defines as “well-capitalized.” Credit union membership in the state increased over 2% in the first three quarters of the year, bringing the total number of Minnesota credit union members to 1.7 million.
“2016 has been a solid year of growth for Minnesota credit unions,” said Mark Cummins, President and CEO of the Minnesota Credit Union Network, the trade association for Minnesota’s credit unions. “The numbers show more and more Minnesotans feel confident that they can choose credit unions as their best financial partner.”
Full Q3 Call Report data can be found on the NCUA website.
OnApproach, the leading provider of Big Data and Analytics for credit unions in the United States, is excited to announce it has entered into a strategic partnership with Celero, a banking application and Information Technology services provider for 125 Canadian credit unions. This partnership will bring advanced data integration and optimization to the Canadian network of credit unions through the OnApproach M360 Data Platform.
“The retail financial services industry is changing, and true enterprise data integration is now a necessity along with business analytics,” said Simon Vincent, Chief Commercial Officer, Celero. “Data analytics is a key component of Celero’s omni-channel strategy for credit unions. We saw the need and demand for an open and agnostic data platform that strengthens data integration from multiple sources and enables predictive analytics capabilities for our credit union clients. We look forward to partnering with OnApproach to bring their revolutionary M360 data platform and ecosystem of integrated solutions to Canada.”
Celero has supported over 100 different banking applications and operating systems for more than 1.1 million credit union members.
“MnIPC applies the cooperative model to big data through the OnApproach solutions,” said John Ferstl, Vice President of the Minnesota Credit Union Network Service Corporation. “We are pleased to see OnApproach partnering with Celero, which will allow more credit unions to participate and offers opportunities to aggregate data on a wider basis.”
The Minnesota Item Processing Corporation (MnIPC), a wholly-owned subsidiary of the Minnesota Credit Union Network offers OnApproach solutions to clients in both hosted and service-bureau environments. 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.