The Pulse |
Is your credit union looking to leverage Multicultural Opportunities in your market? Our final session with Coopera that connects the MnCUN Multicultural Opportunity Report with actionable examples for your credit union and your communities to grow and prosper 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 well-being for all. Date: Wednesday, Aug. 10 Time: 1:00 PM - 2:00 PM CST Cost: $49 As one of the final steps in the new credit union charter application process, the Association for Black Economic Power (ABEP) is seeking volunteers for credit union Board of Directors, Supervisory and Credit Committees. 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.
It has been advised by state and federal regulators that credit union executive staff should not be on a board or committee of another credit union; however, staff and mid-level management would be acceptable based on the approval of the employing credit union. “This would be an excellent professional development opportunity for those with financial, credit or compliance and audit experience,” said Mark Cummins, President & CEO of the Minnesota Credit Union Network. “Volunteering for the new credit union is a chance to build something from the ground up, and make a real difference in the lives of North Minneapolis community members.” To learn more, visit https://www.learnaboutvillage.org/careers; or reach out directly to Debra Hurston, Executive Director of ABEP. The Association for Black Economic Power (ABEP) is pleased to provide the following update on the status of the new credit union charter application 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:
The Minnesota Credit Union Foundation continues to seek both Capital Contributions and Pledges of Deposit to help support this effort. To learn more, visit mncun.org/villagefinancial or contact Minnesota Credit Union Foundation President Mark Cummins or Executive Director Andrea Molnau. A monthly call has been scheduled through MnCUN to provide additional updates and the opportunity to ask questions. ![]() MnCUN Director of Engagement, Ben Hering, was honored with an African American Credit Union Coalition (AACUC) Commitment to Change Young Professional Leadership Award last week during a virtual ceremony. The awards ceremony is part of the AACUC’s Commitment to Change: Credit Unions Unite Against Racism initiative. The initiative focuses on valuing the 8th Cooperative Principle of Diversity, Equity and Inclusion; advocating for financial inclusion, closing the racial wealth gap and fostering community involvement. Each honoree was selected considering the initiative’s “Be Bold. Be Mindful. Be Brave.” appeal to credit union industry professionals. Hering received the Brave Award for his allyship and shining a light on the needs of – as well as fighting for financial justice for – the Minneapolis community members after the murder of George Floyd. “We are very proud of Ben for his accomplishments and thankful for his commitment to advancing economic equality and financial well-being for all Minnesotans,” said MnCUN President and CEO Mark Cummins. Hering is currently working closely with the Association for Black Economic Power to create the state’s only Black-led credit union. A dedicated community volunteer, Hering is a Filene Research Institute i3 alumnus, led the development of Minnesota’s first bicycle loan program, and, as an artist, has paintings installed in several Minneapolis local businesses. Hering graduated from the University of Minnesota with a Bachelor of Arts in psychology. He has been recognized as the Emerging Leader of the Year by the Minneapolis Regional Chamber, a Credit Union Rockstar by Credit Union Magazine and a Next Top Credit Union Executive Finalist by CUES. Upon accepting the award, Hering said, “As we continue this work, let these moments be our bridge. Let today resonate with ripples of hope, for change and toward a brighter tomorrow.” By Opal Tomashevska, Director, Multicultural Business Strategy, CUNA Mutual Group. This article is provided as part of MnCUN's partnership with CUNA Mutual Group.
As I talk with credit unions around the country, I’ve been able to engage with many in the movement around multicultural business strategy, and there is one message I repeat over and over. To be competitive and to live up to our founding principle of people helping people, multicultural business strategy isn’t optional. It’s essential. While multicultural business strategy is gaining traction in our industry, there are still some who believe that for their community or their credit union, it doesn’t apply. But that thinking doesn’t match our reality. Take a look at the evidence:
Focusing on multicultural consumers is not a nice to have or an add on. If you are going to stay competitive and not fall behind, it’s an essential part of your core business strategy. The same multicultural business strategies that enhance empowering relationships with members when focusing on race, age, ethnicity, and culture, extend to your ability to better serve members along all aspects of diversity including gender identity, sexual orientation, physical and mental ability, and socioeconomic status. 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 continues on June 22nd; and August 10th. All sessions will be held from 1 to 2 p.m. Further descriptions of each session are noted below. Follow this link to register.
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. This is session is particularly useful for credit unions looking to enhance outreach and services for Minnesota’s immigrant/refugee and African-American communities. 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. Opportunities for Credit Unions to Serve Growing Multicultural Populations in MN: Webinar on June 225/24/2022
Please join us Wed., June 22, at 1 PM, for the next webinar in a series that connects the MnCUN Multicultural Opportunity Report with actionable examples for your credit union and your communities to grow and prosper. The webinars are presented by Coopera, a full-service multicultural analytics and consulting firm and you may sign up for individual sessions or for the entire series. Further descriptions of each session are noted below.
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. ![]() 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 |
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