The Minnesota Credit Union Network and Coopera will produce a report outlining opportunity for multicultural membership growth for Minnesota credit unions. This partnership will play a part in the Minnesota Credit Union Network’s mission to ensure the growth and vitality of Minnesota credit unions as well as to support diversity, equity and inclusion (DEI) initiatives within the credit union movement.
Coopera is nationally recognized within the credit union industry as a resource for underserved market growth. Formerly a Hispanic-focused company, Coopera has recently evolved to include many of the growing multicultural segments in the U.S. Coopera leads the way for diversity, equity and inclusion initiatives in the credit union space and partners with several Leagues across the country.
“As the state trade association for Minnesota’s credit unions, our purpose is to offer knowledge and resources that benefit our credit union community,” says Minnesota Credit Union Network President & CEO Mark Cummins. “This partnership with Coopera will help unveil opportunities for Minnesota credit unions to grow market share and determine ways for more consumers to be served by credit unions in the future.”
Minnesota Credit Union Network members will have access to the Minnesota Multicultural Growth Opportunity Report upon its completion and release. The report will highlight the economic and demographic dynamics of underserved and marginalized communities of color in the state. It will also highlight the opportunity for membership growth and unique characteristics of the leading underserved markets.
“As Coopera works to place a renewed sense of purpose on diversity, equity and inclusion initiatives, it’s rewarding to partner with organizations such as the Minnesota Credit Union Network who have the same interests,” says Coopera CEO Víctor Miguel Corro. “At the intersection of financial inclusion and credit union prosperity, we’re able to work together to provide data and resources that will directly benefit Minnesotans.”
Minnesota credit unions can expect to receive access to the completed demographic study in November 2021.
A Sneak Peek at the New MnCUN Mobile App
The Minnesota Credit Union Network (MnCUN) is pleased to announce the state-level winners of the 2021 Dora Maxwell, Louise Herring and Desjardins award competitions. These awards are sponsored each year by MnCUN and the Credit Union National Association (CUNA).
“The Dora Maxwell, Louise Herring, and Desjardins statewide award winners illustrate how credit unions live the “people helping philosophy” through their everyday operations, community service and education,” MnCUN President & CEO Mark Cummins. “We are proud of the work that they do to improve their members’ financial well-being and communities as a whole.”
The 2021 Minnesota award-winners in the asset categories noted are:
Dora Maxwell Social Responsibility Community Service Award
$50 - 250 million in assets: North Star Credit Union, "People Helping People: Giving Back"
$250 million - $1 billion in assets: Minnco Credit Union, "Minnco Moments"
More than $1 billion in assets: Affinity Plus Federal Credit Union, "Coins for a Cause"
Louise Herring Philosophy-in-Action Member Service Award
$50 - 250 million in assets: Centricity Credit Union, "Distance Learning and Back 2 School Drive"
$250 million - $1 billion assets: SouthPoint Financial Credit Union, "Community Advisory Committee inception"
More than $1 billion in assets: Hiway Credit Union, "Hiway Diversity, Equity and Inclusion Committee (DEI)"
Desjardins Adult Financial Education Award
$50 - 250 million in assets: Northwoods Credit Union, "Senior Day in Cloquet"
$250 million - $1 billion in assets: TopLine Federal Credit Union, "Virtual Workshops"
More than $1 billion in assets: SPIRE Credit Union, "SPIRE-Twin Cities Live "Money Makeover"
Desjardins Youth Financial Education Awards
$50 - 250 million in assets: United Educators Credit Union, "Bringing Virtual Financial Literacy to Members"
$250 million - $1 billion in assets: TopLine Federal Credit Union, "Virtual Youth Financial Literacy Workshops"
More than $1 billion in assets: SPIRE Credit Union, "Saving Cash" SPIRE Children's Book
The Dora Maxwell Social Responsibility Community Service Award was created in 1987 and recognizes credit unions for the activities they coordinate that benefit the community or a specific charity. This award promotes social responsibility among credit unions by formally recognizing their achievements outside the credit union.
The Louise Herring Philosophy in Action Member Service Award is given to a credit union for its practical application of the "people helping people” philosophy in internal operations. Created in 1990, this award promotes the credit union philosophy by formally recognizing credit unions that demonstrate in an extraordinary way the application of the movement's principles in serving their members.
The Desjardins Youth and Adult Financial Education Awards formally recognize the leadership of individual credit unions and chapters in their efforts to better educate youth and adults in financial literacy.
More information can be found on the National Awards Page.
To maximize the impact of this effort, we need your help. We are looking for stories that show how credit unions provide affordable financial services and put members and communities first. Share your story by uploading a video to: Working for Minnesota.
Contact Julia Miller, MnCUN Director or Communications, with questions.
MnCUN is committed to the wellbeing of all attendees, guests, sponsors, speakers, and staff as we return to in person events. We will follow the current guidance from the Centers for Disease Control (CDC) and state and local governments that are in effect at the time of the conference. Staff will continue to monitor the situation leading up to and at the event and communicate any possible changes with attendees.
The second BSA Officer & Compliance P2P of the year will start with a presentation on cryptocurrency from Becky Frederick, Audit & Compliance Consultant with the Minnesota Credit Union Network.
The session will proceed with an open format conversation with credit union peers around compliance. This event is meant to be an opportunity to meet and share with one another and will be made via webinar/conference call only. Webinar and call in instructions will be provided to registered attendees.
Tuesday, August 24
Time: 2:00-4:00 p.m.
Location: Webinar/Video Conference
This event will only be made available via webinar
For a list of all P2P sessions, visit our Peer-to-Peer (P2P) webpage. With questions, please contact MnCUN Director of Engagement Ben Hering by email or by phone at 651-288-5519.
Join our webinar to hear more about Credit Union Loan Source's monthly loan participation program, which is available to state-chartered credit unions in Wisconsin and Minnesota.
Credit Union Loan Source (CULS) can help your credit union supplement your loan portfolios and boost income. The CULS program offers a monthly flow of high yielding, high quality indirect loan pools. Loans are underwritten to uniform guidelines for prime loans and are designed to maximize net yields while maintaining acceptable levels of credit risk and loss performance. CULS handles the entire loan cycle from origination, servicing and collection.
Thurs., Aug. 26
Time: 1:00-2:00 p.m.
Location: Webinar/Video Conference
Contact Kris Jacobsen, MnCUN Director of Business Development, with questions.
51 credit unions and partners have signed up to participate in CU Forward on Oct. 11, 2021. In 2020, 3,300 volunteers from 53 Credit Unions and partners dedicated the day to community service projects totaling over 6,000 hours and $300,000 in donations.
Help us share kindness to more people in our community in 2021! There are several opportunities to join in coordinated activities, highlighted below and in more detail on the CU Forward resource page.
To confirm your credit union's participation, please provide coordinator details via the registration form: https://web.mncun.org//events/CU-Forward-Day-2021-1345/details
Second Harvest Heartland
We have reserved three volunteer shifts on 10/11 at the Brooklyn Park Second Harvest Heartland facility with a capacity for 30 volunteers at each shift. The shifts are held from 9-11, 12:30-2:30, and 3:30-5 p.m. Please help us get an accurate volunteer count by pre-registering by October 1st.
HandsOn Twin Cities
This year, the NetGiver platform is available to anyone - credit union members and non-members alike! This is a simple and easy way to engage members in charitable giving through your credit union on CU Forward Day and beyond. The team at NetGiver has some exciting things in the works for their participation in this year’s event and will feature prominent partner nonprofits and use their digital platform to show the impact to nonprofits.
Contact Ben Hering, MnCUN Director of Engagement, via email with questions and check for updates on the CU Forward page.
CUNA's Minnesota Credit Union Profile for the first quarter 2021 finds that Minnesota's 99 credit unions total 33.5 million in assets. For the 12 months ending in March 2021, Minnesota credit unions experienced a 24.6% growth in assets, compared to the national average of 19%. Additionally, membership in Minnesota credit unions increased 3.5%.
In its Membership Benefits Report, CUNA estimates that Minnesota credit unions provided over $220 million in direct financial benefits to the state's nearly 1.9 million members from March 2020 to March 2021. The benefits are the equivalent to $117 per member or $246 per household.
“Minnesota credit unions show continued growth in assets and membership demonstrating that credit unions are increasingly becoming the financial institution of choice for consumers,” said Mark Cummins, MnCUN President & CEO.
Both reports are available on the Publications page of mncun.org along with information and resources available exclusively to member credit unions.
The Pulse is MnCUN's newsletter that keeps credit union professionals and board members updated on current news and information.