Annual Special Funds Report Highlights Advocacy and Awareness Efforts

The Minnesota Credit Union Network works to ensure the success, growth and vitality of our member credit unions. To help achieve this goal, MnCUN has established restricted funds to strengthen our efforts on behalf of Minnesota’s credit unions – the Advocacy Fund and the Awareness Fund.

The Credit Union Advocacy Fund provides resources to strongly position credit unions on the legislative and political fronts. The Advocacy Fund is proactive in nature, helping to create a strong credit union environment and augment MnCUN’s advocacy efforts. Expenditures from the Advocacy Fund are used to enhance MnCUN’s dues supported advocacy activities and increase credit unions’ impact through:

• Minnesota support for Credit Union House in Washington D.C. Credit Union House is owned by state leagues and AACUL to provide an event center and meeting space on Capitol Hill. 
• The National Advocacy Fund, which is coordinated by CUNA, and finances grassroots advocacy, electoral polling, research, and partisan communications. National Advocacy Fund dollars have been deployed in Minnesota for election engagement, taxation polling and radio ads.
• Sponsorship of the Wrong About Everything podcast. Wrong About Everything is a fun, irreverent and bipartisan look at Minnesota and national politics. Two Liberals and Two Conservatives debate the issues of the day with humor and vigor. The podcast is listened to by legislators and public opinion leaders in Minnesota. 
• Grassroots materials and collateral to demonstrate the CU Difference to lawmakers, including the new Working for Minnesota website and the GREAT program.
• NASCUS Membership to enhance efforts to strengthen the state charter.
• Participation in the National Conference of State Legislatures Legislative Summit.
• Reputation and election sponsorships targeting decision makers
• Administrative lobbying contract to help combat attacks on the credit union tax status and ability of credit unions to purchase banks.
• Minnesota’s GAC events including the MN Hospitality Suite & the MN Issue briefing luncheon.

 
The Credit Union Awareness Fund is focused on increasing consumer awareness of credit unions, including but not limited to, commissioning research, working to expand media coverage, and coordinating other visibility opportunities. Expenditures from this fund promote the benefits and value of credit unions, helping to spread the word that credit unions are the best financial choice for consumers.

Minnesota’s 2021 Awareness Initiative made strides in boosting consumer awareness of credit unions and exceeded goals. 110,000,000 ad impressions were delivered through OTT Streaming Ads, Social Media, Banner and Video Pre-roll, MN State Fair sponsorship and transit ads. The year-end Google Poll conducted in December noted ad recall of respondents in our target demographic increased beyond our goal of 37% - from 34% in 2020 to 43% in 2021. In addition, the likelihood to join a credit union goal of 55% was achieved with 55.2% indicating likely or very likely to join a credit union; an increase of over 5 points from the previous year.
 
The first half 2022 brought new Your Money Further brand concepts, and a major upgrade and redesign of the Your Money Further website. Focus of the effort has shifted from Awareness and Consideration to Consideration and Conversion. MnCUN worked with CUNA to test new ad concepts in Q1 2022, and has fully launched the new ads in Q2. New out of home transit ads were launched in greater Minnesota markets.
 
Along with the consumer awareness initiative, the Awareness Fund supports additional Public Affairs activities on behalf of Minnesota’s Credit Unions:

• Conducted the biennial consumer research study in February 2022. The study tested attitudinal trends, public affairs opinions, and several aspects of the consumer awareness and consideration efforts. Results showed two-fifths (41 percent) of non-credit union customers say they are likely to join a credit union in the future, up from 35 percent in 2019; Minnesotans overwhelmingly support credit unions maintaining their tax-exempt status; and credit unions continue to be thought of more as a positive force in the community than banks.
• Managed the Credit Union News Channel to share credit union news more efficiently. 64 stories have been published January – June 2022 and MnCUN influenced 110 earned media mentions.
• Partnered with Fluence Media to sponsor editions of “Morning Take,” “Business Take,” “Ag Take,” and “Law Take,” daily online news previews, which reach 10,000 influencers in Minnesota.

As restricted funds, expenditures from the Advocacy and Awareness fund are governed by their respective committees of credit unions, with input from MnCUN staff and consultants. Solicitation for these funds occurs each year in conjunction with the issuance of the Network’s annual membership dues invoice, as well as on an as-needed basis.

The Minnesota Credit Union Network would like to thank credit unions for their support of the Awareness and Advocacy Funds. Full report details and financial statements have been mailed to member credit unions.