The Fluence Forum was held last Saturday and aired on WCCO Radio. Moderated by Sheletta Brundidge, the Forum participant discussed the current state of economic inclusion and shared personal finance strategies that lead to financial empowerment. Guests included Anisha Murphy from the Community Reinvestment Fund and Debra Hurston from the Association for Black Economic Power and the following representatives from Minnesota’s Credit Unions: Jay Hall, SVP of Branch Operations, Ideal Credit Union and Grace Nakiboneka, Head Teller, Hiway Credit Union.
In the first segment, Jay Hall emphasized the credit union "people helping people philosophy" and discussed the importance of financial literacy as the basis of financial empowerment. "It's not about how much money you have, its how you use that money, " Hall said.
For the second segment, Grace Nakiboneka said that the first step to financial freedom is getting an account and that credit unions find ways to serve people. "At Hiway, we're stepping away from saying ‘no’, and [instead] saying ‘not right now’. We’re going to give you the steps you need so that you can come back, or even go to another credit union, and get that account," said Nakiboneka.
The video entitled “Inclusiv - 7 Pillars of CDFI Certification Success” is the latest addition to the CDFI Learning Series. Credit unions interested in becoming a CDFI will benefit from this short module that highlights the 7-pillars of a qualifying CDFI credit union.
More resources on becoming a CDFI:
CUNA Mutual Group is collaborating with Inclusiv to help raise credit union awareness and utilization of the Community Development Financial Institution (CDFI) program.
The U.S. Treasury Department’s Community Development Financial Institutions Fund designates organizations that provide financial services to low-income communities and to people who lack access to financing and that meet certain criteria as Community Development Financial Institutions.
CUNA Mututal Group and Inclusiv have prepared timely videos that cover how credit unions can take advantage of the NCUA’s streamlined application process for CDFI and what to do next if their streamlined application is, or is not, approved by NCUA.
There is also a module detailing the Minority Depository Institution (MDI) designation, and how a credit union can self-designate as an MDI.
More resources on becoming a CDFI:
The Minnesota Credit Union Network has created a DEI Resource Center for credit unions to aggregate partners, tools, and trainings to help further their DEI journey.
As part of our commitment to advance economic equality and financial inclusion, the page includes:
Check back often as resources will be added and updated. Credit unions are encouraged to share ideas and suggestions. To submit a resource, email MnCUN Director of Communications Julia Miller.
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.
At this year’s Virtual Annual Conference, hear from our lineup of forward thinking, inspirational speakers as they share what it takes to make your credit union remarkable, how to overcome adversity, and emerge from 2020 even stronger.
Speaker Highlights include:
The Future of Payments: How to Win in Today's Crowded Digital Marketplace
Shahar Ziv, Senior Director, Global Strategy & Growth – PayPal and Board Member – Harvard University Employees Credit Union
Fintech and digital payments are transforming the world of financial services, fundamentally reshaping the way people move and manage their money. These trends and new competition are having a profound effect on credit unions, challenging them to harness the power of innovation to create meaningful, digital-first member experiences. The new landscape poses both opportunities and risks for credit union leaders, who need to stay on the cutting edge of technology while articulating a redefined value proposition for their members.
Symbolic Meaning - the secret behind market dominance and take-aways for the credit union industry
Matt Purvis, MBA, CCXP, dynamic speaker and customer experience (CX) innovator focused on organizational health, development and differentiation.
Find out how America’s most beloved brands are using “symbolic meaning” to transcend their industries and crush their competition! What do these insights mean for the credit union industry today as you work to open consumers eyes to a Credit Union? This conversation will include fascinating insights in psychology, consumer decision-making, brain science and motivation theory.
7 Ways Highly Profitable CU's Calculate the Value of DEI
Ronaldo Hardy is a powerhouse speaker and executive with the personal mission, "To change the world by building people that change the world." As a purpose-driven, high-results CEO Ronaldo led Southwest Louisiana FCU (SWLFCU) to become a certified CDFI and $950,000 CDFI Award-Winner working with CU Strategic Planning.
Many credit unions are embracing the social responsibility of building diverse, inclusive, and equitable workplace cultures, but did you know it can positively impact your bottom line too? In this session, you will learn the seven ways highly profitable credit unions calculate the ROI on Diversity, Equity, and Inclusion. You'll also learn practical ways Diversity, Equity, and Inclusion can bring meaningful impact to the communities you serve.
The rescheduled conference will take place online on Nov. 18 & 19. The Registration Deadline is November 6, 2020. For more information visit the Annual Conference webpage.
In partnership with the African-American Credit Union Coalition (AACUC) young professionals summit, the Minnesota Credit Union Network’s CREW invites young professionals across the country to join a town hall session, Commitment to Change: Credit Unions Unite Against Racism on Thursday, August 6 at 2 p.m. CDT.
A critical system partner, the AACUC brings credit unions together through education, conversations, and investments in creating positive systemic impact for racial equity. As a leader of this effort, President and CEO of AACUC, Renee Sattiewhite, will join us to facilitate this discussion surrounding diversity, equity and inclusion efforts in our industry. The panel and open discussion format of this town hall will serve as a forum for meaningful conversation – providing credit union young professionals a platform to share experiences and insights with regards to leading change.
*Event registration is limited, so please register early to ensure your spot.
Thursday, August 6
2:00 – 3:00 p.m. CDT
Facilitator: Renee Sattiewhite, President & CEO of AACUC
Latonya Allen, Loan Manager, GPO FCU
Troy Brandon Jr., Business Specialist, BECU
Dohnia Dorman, VP/Portfolio Manager, Enterprise Agility, Suncoast Credit Union
Ben Hering, Director of Engagement, Minnesota Credit Union Network
Staci Hering, Director of Engagement, Illinois Credit Union League
Opal Tomasheveska, Sr. Manager Multicultural Business Strategy, CUNA Mutual Group
*Further panelist updates to be announced!
I am writing you all today to provide an update on the past few weeks as we as an industry continue our response to the death of George Floyd and civil unrest. We are committed to cooperatively leverage our unique business model to serve all people, and instigate real and positive change in our communities.
As Minnesota grieves and processes the events of the past month, I am proud to see our credit unions step-up and help assist. We have witnessed credit unions all over the state help with clean-up efforts and supply donations; revisiting of DE&I policies; having discussions with staff; and reaching out to members.
The Minnesota Credit Union Network itself has had thoughtful conversations with our own staff, our credit union CEOs, and fellow League colleagues, as we work to build a long-term response to difficult challenges. MnCUN has signed onto the CU DEI Collective pledge for a commitment to change. We are supporting the African American Credit Union Coalition (AACUC) and joining with Leagues across the country to help fund scholarships through AACUC’s Commitment to Change Fund. We will also continue to support initiatives like the Global Women’s Leadership Network to help ensure diverse voices are heard and represented in credit unions.
Systemic racism will not go away overnight, but will need a commitment to change from many and multiple issues addressed. Input and dialog with each other and with the African American community is an important initial step - to both understand these issues and explore how our values and the credit union model positions us as an active participant in the solution. I look forward to partnering with credit unions to continue these important discussions.
The Pulse is MnCUN's newsletter that keeps credit union professionals and board members updated on current news and information.
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