CUNA Mutual Group will be offering a donation match – dollar for dollar up to $250,000 – for individuals and credit unions who donate to the Village Financial Capital Drive through June 30, 2022.

“CUNA Mutual Group believes brighter financial futures should be accessible to everyone. As a result we are proud to be able to provide this support, and hope this match opportunity encourages those who have not provided a donation to do so now,” said Susan Hochsprung, Vice President, Sales, of CUNA Mutual Group during the announcement.
 
Debra Hurston, Executive Director of the Association for Black Economic Power (ABEP), the nonprofit organization created to establish a Black-led credit union in Minneapolis, continued, “Thank you all so much for all of your support – both financial and in kind. We are thrilled to be a part of the cooperative movement and are excited to see this initiative get another step closer to fruition.”
 
The Minnesota Credit Union Foundation is seeking both Capital Contributions, Individual Contributions, and Pledges of Deposit to help support this effort. To learn more about making a financial commitment, visit mncun.org/villagefinancial or contact Minnesota Credit Union Foundation President Mark Cummins or Executive Director Andrea Molnau.

Is your credit union looking to leverage Multicultural Opportunities in your market? Please join us for a series of webinars that connect the MnCUN Multicultural Opportunity Report with actionable examples for your credit union and your communities to grow and prosper.

​​Presented by Coopera, a full-service multicultural analytics and consulting firm, the series will include three, one-hour virtual sessions: April 26th; June 22nd; and August 10th. All sessions will be held from 1 to 2 p.m. You may sign up for individual sessions or for the entire series. Further descriptions of each session are noted below. Follow this link to register.

April 26: Financial Wellbeing from a Multicultural Perspective
This session will provide a high-level overview of what financial wellbeing means from various cultural perspectives, using data from our recent survey.

​​June 22: Opportunities for Credit Unions to Serve Growing Multicultural Populations in MN
This session will provide a further “deep dive” into the financial needs of Mexicans, Hmong, and African Americans – which are the largest growing ethnic groups in Minnesota. We’ll share practical examples of how credit unions can meet those needs via products, community outreach, staff, and more.
​
August 10: How can we do better? Addressing and closing the Wealth Gaps in Minnesota
Our final session will focus on the current wealth gaps in Minnesota. We’ll take a closer look at our own bias around lending, branding, and risk; and explore practical ways to overcome those biases to improve financial wellbeing for all.
Cost: $49 per webinar; or $129 for the series

The Minnesota Credit Union Network will mark April as Financial Well-being Month, and will highlight the impact Minnesota’s credit unions make in millions of lives each day. 

​Traditionally termed Financial Literacy Month, the concept of financial well-being moves beyond “literacy” and “capability” to encompass the whole state of a person’s financial situation, their degree of control, and how they feel about their money. 

The Consumer Financial Protection Bureau defines financial well-being as:

• Having control over day-to-day, month-to-month finances
• Having the capacity to absorb a financial shock
• Being on track to meet your financial goals
• Having the financial freedom to make the choices that allow you to enjoy life

“Improving financial well-being is at the heart of the mission and structure of credit unions,” said Mark Cummins, President and CEO of the Minnesota Credit Union Network. “We look forward to celebrating the difference these cooperatives make throughout the month of April and beyond.”

Log into the Member Portal for sample social media messages and images to support your credit union’s activities this month. The National Credit Union Foundation also provides several Financial Wellbeing for All resources for credit unions. 

To address the ever-present demand for change, the Center for Economic Inclusion has developed the Racial Equity Dividends Index, a comprehensive tool to help businesses measure their progress towards building racially equitable and inclusive workplaces in Minnesota. 

​The Index assesses 37 business practices across the categories of leadership, hiring, culture, procurement, philanthropy, public policy, and products. Collectively, these practices represent emerging standards that are necessary to advance racial equity and inclusion in workplaces.

The Index is designed for midsized and large private-sector businesses in Minnesota. Nonprofits and small businesses are welcome to register for and complete the Index survey, but their data may not be included in the 2022 Racial Equity Dividends Report, which will benchmark only private-sector companies. Nonprofits and small businesses who register for the Index will still receive a customized score report with their results.

Upon completion of the Index, businesses will receive a copy of their score in the form of a customized, confidential report in 2022. 

Learn More and Take the Next Step
Interested in taking the next step to complete the Racial Equity Dividends Index? Contact Jonathan Johnson, the Center for Economic Inclusion Business Development and Strategy Lead, 612.351.8214 and jjohnson@centerforeconomicinclusion.org.

Register now through April 1.

​In recognition of the support from the Minnesota Credit Union Community to launch Village Financial Credit Union, the Association for Black Economic Power (ABEP) is pleased to provide the following update on the status of the charter applications process. ABEP is a nonprofit organization created to establish a Black-led credit union to address systemic financial challenges impacting Minneapolis residents, particularly people of color. Project updates include: 

• ​A press release was sent to credit union trade press regarding the Minnesota Credit Union Foundation Capital Drive. Several articles were published and follow up interviews conducted.
• Sarah Tenney of Affinity Plus Federal Credit Union has joined the Charter Application Steering Committee as a project manager to support this process. A detailed timeline and plan have been developed for the review and completion of the Charter Application.  
• The Board of Directors search continues. With the support of TopLine FCU, ABEP has enlisted the expertise of Versique Executive Search Firm in the search and screening process. Information about this opportunity is posted on MnCUN’s Job Board; and all are encouraged to share with their networks.
• ABEP will conduct a Town Hall meeting on March 3 to reaffirm support and answer questions from the North Minneapolis community about Village Financial Credit Union.

 
A monthly call has been scheduled through MnCUN to provide additional updates and the opportunity to ask questions. Those interested in participating can reach out to Samantha Marks for the log in credentials.
 
The Minnesota Credit Union Foundation is seeking both Capital Contributions and Pledges of Deposit to help support this effort. To learn more about making a financial commitment, visit mncun.org/villagefinancial or contact Minnesota Credit Union Foundation President Mark Cummins or Executive Director Andrea Molnau.

​The Minnesota Commerce Department is hosting a Financial Capability Roundtable on March 2nd, 2022 from 10:00 a.m. - 11:00 a.m. The event will be via Webex. The discussion will focus on the unique challenges faced by the Latinx community related to banking and lending and innovative programs and solutions that are offered by organizations that serve the Latinx communities. Panelists include:

• David Soto - Economic Empowerment Manager - Comunidades Latinas Unidas En Servicio   
• Enrique Blanco - Director of Operations at the Latin Economic Development Center

Panelists will discuss the work their organization does to support the Latinx community in financial empowerment and success and where financial institutions, regulators, civic leaders and agencies can support that success. The presentations will be followed by a Q&A moderated by Deputy Commissioner for Financial Institutions, Max Zappia.

Registration is required. Contact Minn. Dept. of Commerce Director of Outreach, Leah Wilkes at leah.wilkes@state.mn.us with any questions.

​Credit Unions are encouraged to complete the NCUA's Voluntary Credit Union Diversity Self-Assessment before Jan. 15, 2022. The self-assessment is a valuable tool for credit unions that want to commit to the principles of diversity, equity, inclusion, and belonging. With a set of best practices for assessing your workforce development, procurement practices, and transparency practices, the self-assessment can provide a fuller and more objective picture of how your institution is meeting its diversity objectives, or how you might improve in your inclusion efforts. 

​Once submitted, the NCUA aggregates the data from the assessment and without identifying any single respondent, issues an annual report on the state of diversity, equity, and inclusion throughout the credit union system. Based on the state of the credit union system, the NCUA also creates and makes available resources that credit unions can use to address challenges and opportunities in diversity, equity, and inclusion. 

A partnership between the Minnesota Credit Union Network and Coopera Consulting has produced a report outlining opportunity for multicultural membership growth for Minnesota credit unions. The report is available to view on the Member Portal Publications Page (log in required.) 

​Debuted at Accelerate 21, Minnesota Credit Union Network members now have access to the Minnesota Multicultural Growth Opportunity Report. The report highlights the economic and demographic dynamics of underserved and marginalized communities of color in the state. It also highlights the opportunity for membership growth and unique characteristics of the leading underserved markets.
 
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.
 
This report and partnership with Coopera plays 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.