The eyes of the world were watching Minnesota and witnessed a just verdict in the conviction of Derek Chauvin for the murder of George Floyd. Sentencing will likely occur in 8 weeks and the other 3 former Minneapolis Police officers involved go on trial in August. The world will be watching once again as the case against the former Brooklyn Center police officer in the killing of Daunte Wright proceeds.

​With the passing of former Vice President Walter Mondale this week, we are reminded of his commitment to justice and equity and what he left behind as part of Minnesota’s legacy. Now we must continue our work for financial inclusion.
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We are thankful for the peaceful celebration that followed yesterday’s verdict and to the best of our knowledge, credit union operations were not impacted during the trial. Thank you for taking the necessary precautions to keep members and staff safe.

Minnesota’s 2021 Credit Union Awareness Initiative started the year strong. The campaign, now in its third year, is a research-based effort to grow awareness of credit unions as the best financial partner for consumers. Digital media ads continue to drive consumers to the YourMoneyFurther.com website to learn more about the advantages of credit unions.
 
New creative assets have been added to the mix, and engagement with the ads is good. Video and banner ads are performing with .13-.18% CTRs, and Facebook is seeing .36%. Last year we expanded our tactics to include OTT (Over the Top) streaming TV ads – and our February attrition report is showing  10,348 people who saw OTT ad visited a MN CU, and 2,125 people who saw OTT ad visited our site. 5.7 million digital ad impressions have been delivered in total first quarter 2021.

A webinar was held February 25th for credit unions to learn more about 2021 plans and enhancements to contributor benefits. The recording of the webinar is available on the Publications page of the Member Portal. If you haven’t already, please designate an administrator for your credit union’s listing and links on the YourMoneyFurther.com website by completing this simple form.
 
CUNA’s Credit Union Awareness team has just released a variety of new customizable campaign creative that contributing credit unions can use in their organic digital channels. These assets are available on Contributor HQ. In addition, they are also sponsoring Bravely Go’s 2021 Financial Feminist Summit. Registration for this free event is available here, and you are encouraged to share the opportunity with your members as well. Soon to be live in 26 states, from July 2020 –March 2021 CUNA recorded over 4.56 million consumers visiting YourMoneyFurther.com.
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The Awareness initiative represents the true spirit of the cooperative movement to help more consumers understand the advantages being a credit union member. With questions, please contact Andrea Molnau, VP Communications & Engagement, by email or 651-288-5527.

​The cu-green.org website is a cooperative effort of Minnesota Credit Union Network, Hiway Credit Union and Affinity Plus Federal Credit Union. CU Green® is an innovative clean energy lending platform, developed to make clean energy accessible to more Minnesotans.

“Minnesota’s credit unions are not-for-profit financial cooperatives owned by and operated for the benefit of their members and are committed to improving their communities. That combination makes Minnesota’s credit unions the perfect fit for helping people reduce their carbon footprint.” said Mark Cummins, President and CEO of MnCUN.

The CU-green.org website features information about the benefits of home solar systems and can help consumers determine if the option will work for their home. In addition, the site provides tools to estimate energy cost savings and provides referrals for credit union financing options and trusted installers. 
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CU Green and our partners are looking to help other underserved clean energy markets. To learn more, contact Mara Humphrey, MnCUN Chief Engagement and Advocacy Officer.

As the Minnesota Credit Union Network is recognizing April as Financial Well-being for All month, we are highlighting innovative ways credit unions advance financial well-being -  wherever their members are and at whatever stage in life they are in.

• Earlier this year, Affinity Plus launched the Affinity Plus Credit Builder Loan, designed to help those who need to establish a credit history for the first time, or perhaps rebuild credit after a challenging time.
• Royal Credit Union received a Wisconsin Governor’s Financial Literacy Award for its virtual financial reality fair program, Test Drive Digital.
• HomeTown Credit Union placed second overall nationally in the 2020 Desjardins Award for their Virtual Lunch and Learn Program, which is a social distancing-friendly adaption of their financial education offerings.
• NorthRidge Community Credit Union certified their entire staff in 2019 with CUNA’s Certified Credit Union Financial Councilor (CCUFC) program to make a statement that they want to assist and give their members best financial advice possible to help them become more financially secure.
• 10 school credit union branches provide money management and career skills for students:
  • ​Hiway Credit Union Student Associate, Kelly, created a video to raise awareness about the importance of financial education for her peers at Johnson High in St. Paul.
  • North Star has two branches and was honored with a state-level 2020 Desjardins award for its Student Education program, which provides financial education in their local school districts

Please share photos, plan, news releases or financial well-being success stories with the Minnesota Credit Union Network by contacting Director of Communications Julia Miller by email.

​“This historic, bipartisan legislation will address a public safety issue facing consumers, businesses, and financial institutions around the country,” said CUNA President/CEO Jim Nussle.
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“MnCUN supports having protections in place for credit unions that might want to serve businesses in the current medicinal market in Minnesota or future markets that may emerge,” said MnCUN President & CEO Mark D. Cummins. “We’d like to thank the House for passing the bill and will continue to encourage our Senators to support its passage in that body.”

The bill passed the House on a strong bipartisan vote of 321-101, with 7 of Minnesota’s 8 members of the House voting in support. The Senate version of the bill was introduced last month and both Minnesota Senators Klobuchar and Smith are listed as co-sponsors. 

​Your members have become more reliant than ever on their debit and credit cards as the main source of payment for day-to-day purchases. They also carry the expectation that access to their funds will be at their fingertips and without interruption. When an account is compromised, having immediate solutions in place that ensure secure and convenient access to their funds can ease the stresses associated with fraud, delivering value to the member and ultimately top of wallet status for your card. 

This can be accomplished through technologies that include digital card issuance, member card controls and tokenization. Your credit union can be the oasis during a time of fraud recovery, while also building trust as your primary financial institution.

Digital issuance provides the ability to issue a replacement digital card on demand and provision the card into a mobile wallet for immediate use online and in apps. While the physical card is in transit, security features are in place that restrict in-person transactions until the physical card is in-hand and activated by the member.  

​Yesterday, the Minnesota Senate unanimously passed S.F. 1284, MnCUN-sponsored legislation that makes changes to checking account opening procedures.
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Currently, the statute forbids state-chartered financial institutions from opening accounts for people that:
“… [have] had a transaction account closed by a financial intermediary without consent because of issuance by the applicant of dishonored checks within 12 months immediately preceding the application, or…the applicant has been convicted of a criminal offense because of the use of a check or other similar item within 24 months immediately preceding the application.”

Over the years, MnCUN staff have heard from our members that the statue -- while definitely protecting financial institutions -- doesn’t allow for individual state-chartered institutions to consider people’s circumstances and open a new account for them while federally-chartered institutions have no such restrictions. The bill addresses this by adding language that states, “This paragraph does not apply to programs designed to expand access to financial services to individuals who do not possess a transaction account.” Additionally, the bill lifts the cap from $4 to $10 for a dishonored check on any person other than the issuer of the check.

“S.F. 1284 provides parity for our state-chartered members and gives them the ability to open accounts for possible members that are living without transaction accounts, potentially forcing them to use check cashing servicers and other non-traditional financial services companies,” said MnCUN Chief Advocacy and Engagement Officer Mara Humphrey. “We’d like to thank Senators Karin Housley and Melissa Franzen for sponsoring the legislation in the Senate and for their continued support of credit unions.”
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The House version of the bill, H.F. 1067 unanimously passed the House Commerce committee in March and awaits floor action in the House. 

​We are deeply saddened by the killing of Daunte Wright, and remain steadfast in our commitment to bring our movement together as a force for change. We are tragically reminded yet again systemic racism and injustices will not go away overnight. As we continue our journey to advance Financial Well-being for All, I encourage all credit unions to cooperatively leverage our unique business model for real and positive change. 

Like you, we are concerned for the safety of our communities and the people that live in them. In light of this tragic event and in anticipation that a verdict in the Derek Chauvin trial may occur in the coming days, please prepare for the possibility of expanded civil unrest.  We are cognizant that the safety of credit union members and staff is paramount. The Network will continue to monitor the situation very closely and provide updates as appropriate.
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Let’s stand together as advocates for all people in our communities.