Discovery 2021: How Credit Unions can Attract the Fastest Growing Homebuying Demographic in America3/17/2021
With nearly 60 million Hispanics living in the US, many credit unions are focusing on strategies that make homeownership a possibility for their growing number of Hispanic members who want to achieve the American dream.
The Urban Institute projects that by 2030, 55% of all new homeowners will be Hispanic. And according to Freddie Mac, in 2018 there were 4.9 million mortgage-ready Hispanic Millennials, also called Hispanials, in the US. So why aren’t even more credit unions establishing a plan to attract either Hispanic members or employees? MGIC recently partnered with CUNA Mutual Group and I had the opportunity to ask Multicultural Strategy Manager Edgar Hernandez that very question –as it turns out, it’s for the simple reason that many credit unions simply don’t know how to go about reaching the Hispanic demographic. So, what is the best way to attract this new, untapped set of potential first-time homebuyers? According to Edgar, credit unions should focus on what we know Hispanics value most. This article will help you better understand the Hispanic homebuying demographic and develop a more diverse outlook on these prospective first-time homebuyers with some valuable strategies, tools, and cultural insights. Erin Coleman, Senior Director, Advisory Services, Filene Research Institute, will facilitate a discussion featuring the curated demo companies during Ctl.Alt.Innovate.
Find out more about their offerings and how these innovations increase the value you bring to your members:
Thank you to the MnCUN members of the selection committee for reviewing and selecting companies to demo their innovative solutions:
Who Should Attend: Executives, Business Development, Membership Experience, Marketing, and Information Technology Professionals Registration Deadline: March 31 Cost: $99 Visit the Conference website for agenda and speaker information. Contact Ben Hering, MnCUN Director of Engagement, with questions. Learn more about how you can be involved with the Minnesota Credit Union Foundation
Have you ever wondered what the Minnesota Credit Union Foundation does? Did you know there are grant dollars available for both credit unions and their staff members? Do you want to be more involved in the credit union movement, and giving back to your community? The Minnesota Credit Union Foundation recently held a webinar to answer these questions and more. Topics included 2021 Foundation Grant opportunities, new programing options, and updates on the community give back programs of the Credit Unions 4 Kids Committee and the Foundation Scholarship Council. A recording is now available on the Foundation web page. With questions, please contact Andrea Molnau, Executive Director, MnCU Foundation. Network Committees are seeking interested members for appointment following the Annual Business Meeting in April.
Board Committee members serve for one year – from their appointment through the following year’s Annual Meeting. Credit union staff may apply via a short application form, to get involved by serving on the Board committees listed below. Applications will be accepted through Friday, March 12, 2021. The Network Board Chair will appoint Board Committee members following the Annual Business Meeting in April. Awards Committee - facilitates statewide and national awards programs and judges other states’ award program entries. On the national level, the committee coordinates Minnesota’s entries for CUNA’s Dora Maxwell and Louise Herring Awards and the Desjardins Award for Financial Education. On the state level, the committee recognizes individuals through the Professional and Volunteer of the Year Awards. Network Staff Liaison: Julia Miller Political Involvement Committee (PIC) - provides input and recommendations on legislative efforts at the state and federal level. Policy suggestions and regulatory roadblocks are brought to the attention of PIC to collectively formulate the Network’s positions on legislation. PIC is also responsible for political fundraising, and oversees the distribution of political contributions made to credit union-friendly candidates. Network Staff Liaison: Ryan Smith Regulatory Review Committee - provides input and recommendations on proposed rules from various federal agencies that have the potential to impact credit unions. The committee meets regularly to review proposed rules that are out for comment and determines whether or not a response is necessary. Network Staff Liaison: Tim Tacheny CREW Advisory Group - credit union staff, 40 and under, help brainstorm, plan and facilitate programming geared toward young professionals throughout the year. The group meets quarterly and is encouraged to participate in CREW-related programming, major MnCUN events and industry initiatives. Network Staff Liaison: Ben Hering Any specific questions can be directed to the Network Staff Liaison listed for each committee. Last week, over 100 Minnesota credit union advocates attended CUNA's Governmental Affairs virtually. Credit union staff and board directors met with the Minnesota Congressional delegation to share how credit unions promote financial well-being for all and advance the communities they serve. Apple Watch Winner Congrats to Greg Higgins, of Wings Financial Credit Union who was the winner of an Apple Watch! All Minnesota Credit Union Network members who visited the MnCUN virtual booth at the CUNA Virtual Marketplace were entered to win. The Minnesota Credit Union Network’s mission is to serve credit unions by supporting growth in market share through advocacy, awareness, leadership, regulatory relief, professional development and strategic partnerships. As we look back on 2020, your feedback and input guide the service extended back to you as your state trade association.
Please provide to the Network staff and Board of Directors your response to our 2020 annual performance via the survey link below by Wednesday, March 31. 2020 Minnesota Credit Union Network Performance Survey This survey will take 5-10 minutes of your time and we welcome all comments. Please contact MnCUN Director of Engagement, Ben Hering, with questions via email. Thank you, in advance, for your contribution to helping us make the Network an organization able to meet the needs of credit unions in and around Minnesota. Do you have events planned for Financial Literacy Month or want to highlight your credit union’s ongoing efforts? April is Financial Literacy Month and an opportunity for credit unions to demonstrate their commitment to providing financial education to their members and communities.
Credit unions are encouraged to share their plans for Financial Literacy Month or financial education success stories with the Minnesota Credit Union Network by contacting Director of Communications Julia Miller by email by March 26, 2021. CUNA Youth Month The theme for this year's CUNA Youth Month, which also takes place in April. is, ““Be a credit union saver and your savings will never go extinct.” This Jurassic theme makes saving for the future fun and helps younger members appreciate the importance of putting money aside. National Credit Union Youth Month serves to encourage kids to develop healthy saving habits by making savings fun and exciting. This campaign is your credit union's opportunity to engage with young members and show them that your credit union is there to help them throughout their financial journey. CUNA announced the election results for its new Board of Directors Executive Committee Members, including Pat Pierce, President/CEO, City & County CU, who was named At-Large Executive Committee Member, following the CUNA Annual General Meeting held virtually during the CUNA Governmental Affairs Conference (GAC). The newly elected committee members will serve through the 2022 Annual General Meeting.
As announced in December, Pierce was elected to represent District 4, Class B (Credit unions with at least 38,000 and not more than 141,000 members in Illinois, Iowa, Michigan, Minnesota, Missouri and Wisconsin). As a member of the CUNA Board, Pat will also serve as a Board Member of the National Credit Union Foundation. "Congratulations to Pat for his election to the CUNA Executive Committee,” said Mark Cummins, President and CEO of the Minnesota Credit Union Network. "I am pleased that Minnesota will continue to be represented nationally and thank Pat for his leadership." Bureau Issues Interpretive Rule on Regulation B
The Consumer Financial Protection Bureau (Bureau) issued an Interpretive Rule on the Equal Credit Opportunity Regulation (Regulation B). Roundtable Discussion on Board Election Practices and Governance on March 24 Join us March 24 from 10 to 11 am for a roundtable discussion on board election practices and other governance matters. |
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