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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. Last Friday, the US House passed the Biden Administration’s Build Back Better bill. The IRS reporting provision WAS NOT included in this version, marking a tremendous victory for credit union advocacy. The bill will now move to the Senate, where it is expected to undergo significant revisions and will most likely come back to the House for a vote looking very different than it does now. MnCUN will continue to monitor the bill’s progress and keep up our communications with our Minnesota Senators but we’re cautiously optimistic that the IRS reporting provision is effectively dead.
Thank to our credit union advocates for voicing opposition on this issue. During the NCUA’s 2021 DEI Summit, you can learn about best practices in expanding gender diversity in the executive ranks, as well as creating and maintaining credit union board diversity.
Register Today! Visit the NCUA's DEI Summit 2021 event page for updated agenda items, including sessions and speakers. CUNA Mutual Group and Inclusiv are collaborating to help raise credit union awareness and utilization of the Community Development Financial Institution (CDFI) program:
The FDIC and Minnesota Department of Commerce are hosting a webinar titled “Household and Small Business Financial Capability Challenges for Minnesota’s African Diaspora” on Thursday, August 12th at 11:00 a.m.
This webinar will help attendees understand financial capability challenges specific to the African Diaspora in Minnesota, and builds upon previous outreach in 2021 to better understand how to increase financial inclusion for Minnesota’s BIPOC and immigrant communities. In the upcoming event, we will hear from two organizations that directly serve the African Diaspora: African Career, Education, and Resource Inc. (ACER) and Sakan Community Resource. ACER will discuss financial capability challenges for immigrant small business owners, and Sakan Community Resource will discuss non-interest bearing financial products. The goal for the event is to create awareness about the challenges faced by the African Diaspora around banking and lending and the need for culturally relevant financial products that promote economic inclusion. The event will take place on WebEx and you can register online.
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:
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The PulseThe Pulse is MnCUN's newsletter that keeps credit union professionals and board members updated on current news and information. Archives
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