​According to the Bureau of Economic Analysis (BEA) the US economy grew by 5.7 percent in 2021. This represents the strongest calendar-year growth since 1984. GDP is a strong indicator of America’s overall economic health. With such strong growth, one might assume Americans are also benefiting from this economic revival. Unfortunately, that is not the case.

​In a recent media release from the National Credit Union Foundation (NCUF) about the newly created FinHealth Fund, it was shared that the financial health of more than 160-million Americans is fragile and uncertain. The FinHealth Fund aims to transform lives by helping people improve their financial health. To accomplish this goal the FinHealth Fund will focus on three interrelated efforts.

1. Creating a national resource library (e.g., current work, case studies, toolkits and other resources) to help credit unions embrace financial well-being for all as a strategic imperative.
2. Providing education and upskilling for credit union employees to establish a workforce ready to passionately serve people where they are in their financial lives.
3. Supporting industry-wide consumer research, data capture and analysis to prioritize efforts and quantify improvements to members’ financial health.

​The fund, which was created after a group of about 60 different CU industry leaders met in September of 2021, aims to raise $10 million over the next five years. Four-credit unions (BCU, Chicago, Ill.; Coastal FCU and Local Government FCU, Raleigh N.C.; Redwood CU, Santa Rosa, Calif.) have already committed a total of $1 million to the fund. And CUNA Mutual Group has contributed another $1 million.

CUNA Mutual decided to contribute to the FinHealth Fund for three reasons.

1. We are where you are: The first and possibly simplest reason being we want to be where our credit unions are. The need for this fund was identified by CUs last year. The strategy is being driven by CUs. And CUNA Mutual wants to be there to support our CUs on this journey 
2. Organizational Purpose: The second reason CUNA Mutual decided to participate goes back to the organization’s purpose. That purpose is to make a brighter financial future accessible to everyone. As I mentioned earlier, the fund’s collective goal is to transform lives by helping people improve their financial health. Contributing to the fund was a natural fit because it directly aligns with CUNA Mutual’s purpose and the mission of the credit union movement.
3. More than just a transactional relationship: The third reason we contributed to this fund is to be there to provide the consumer with more than just a transactional relationship. Consumers need more than an institution to cash their checks. They need financial advice and coaching. They need places to live and raise their families. They need transportation to work and school.

Why should your CU get involved with the FinHealth Fund? For a very long time, CUs have been leaders in improving the financial health of the consumers they serve. Although some economic indicators like 2021’s GDP may suggest we can take our foot off the gas, others, like the fact that there are more than 160 million Americans whose economic health is fragile at best, tell us now is not the time to let up.

How can you get involved? The answer is two-fold. First, you can donate. But more importantly, as these resources curated by the FinHealth Fund become available, use them. Use the resource library. Take advantage of the upskilling for your employees. Use the data and research made available. Taking these steps will help make brighter financial futures available to more than 160 million Americans whose financial health hangs in the balance.

This article is provided through the Minnesota Credit Union Network's strategic alliance with CUNA Mutual Group. For more details, contact MnCUN Chief Operating Office John Ferstl or visit the Solutions Directory.

Gerry Singleton is the Vice President of Credit Union System Relations for CUNA Mutual Group. He is responsible for establishing, strengthening and maintaining relations with credit union trade organizations and state leagues. Gerry can be reached at Gerry.Singleton@cunamutual.com.

​The final keynote speakers for Co-op Solutions' THINK 22 have been revealed: Colin Bryar, a former top-level executive at Amazon and best-selling author of “Working Backward,” and Fred Reichheld, who leads the loyalty practice at Bain and is the inventor of the Net Promoter system. They join an already-impressive lineup of speakers and changemakers from inside—and outside—the credit union industry who are scheduled to appear at the credit union industry’s premier growth strategy conference.

​Join Co-op Solutions in person May 2-6 in Chicago or register today for the virtual experience offering select general session content and special offerings from wherever you are. Either way, you’ll have access to new research showing the importance of knowing members like never before and actionable insights to help you put members front and center, future proofing your model to keep pace with increasing member expectations. 

Join the Minnesota Credit Union Network along with Strategic Alliance Partners, The Baker Group, for the Interest Rate Risk and Investment Strategies Seminar on Tuesday, May 3.

Two years after the pandemic left financial institutions drowning in excess liquidity at historically low interest rates, the industry faces a new challenge… rising interest rates. The Fed has quickly pivoted from supporting the economy to fighting inflation and credit unions are now facing the first rising rate environment in years. Regulators have watched with concern as loan and investment durations extended to record highs in a search for yield and will have a renewed focus on the Investment Portfolio and Interest Rate Risk Management. Portfolio managers can no longer be reactive, but must be proactive in managing their investment portfolio and balance sheet in the face of rising rates and a flattening yield curve. This seminar will examine all of these concerns and present actionable strategies to better prepare your institution for the uncertainty ahead.

Join us for an in-depth discussion of the following topics:

• Economic and Market Update — Review of current economic conditions and the outlook for growth, inflation, and interest rates
• The Powell Pivot — Update on rate hikes, tapering, and the outlook for Federal Reserve monetary policy
• Interest Rate Risk — How to ensure you are prepared for the heightened regulatory focus coming in the years ahead
• Liquidity Risk Management — Best practices for managing liquidity risk as rates rise
• Investment Portfolio Strategies — Adapting your strategy and finding the best relative value for rising rates and a flattening yield curve
• MBS/CMO Market — Balancing prepayment and extension risk in an uncertain mortgage rate environment
• Municipal Market Update — The latest on managing municipal credit risk and finding the best relative value

For more details, view the event flyer.

​AmeriCU Mortgage knows credit unions and how to build a successful mortgage lending program for credit unions and their members. Kim Alexander, Chief Operations & Transformation Officer at AmeriCU Mortgage and newly appointed member of the Freddie Mac Lender Advisory Board will talk about the key concerns and hurdles and how to find the right partner to develop a mortgage program and deploy it in your lending business without headaches or hassles. 

​In this session, you will hear how credit unions can offer a successful mortgage program despite rising interest rates and the housing market's low inventory.

​Discussion Topics:
Purchase Business

• How to get it
• How to be competitive
• What are members looking for

Market outlook

• Rates
• Origination forecasts

April 14
Time: 1:00-2:00 p.m.
Location: Webinar/Video Conference 

​​​AI-based lending uses more data and better math to give credit unions a more accurate view of borrower risk than legacy scoring.

​In this session, you’ll hear how credit unions are yielding big gains in loan growth (20% to 30%) without adding risk. Jose Valentin, VP of Corporate Development at Zest AI, will talk about the key concerns and hurdles and how to find the right partner to develop an AI model and deploy it in your lending business without headaches or hassles.

​After registering, you will receive a confirmation email containing information about joining the FREE webinar on April 7, from 10:30 to 11:30 AM.

​​AI-based lending uses more data and better math to give credit unions a more accurate view of borrower risk than legacy scoring.

​In this session, you’ll hear how credit unions are yielding big gains in loan growth (20% to 30%) without adding risk. Jose Valentin, VP of Corporate Development at Zest AI, will talk about the key concerns and hurdles and how to find the right partner to develop an AI model and deploy it in your lending business without headaches or hassles.

After registering, you will receive a confirmation email containing information about joining the FREE webinar on April 7, from 10:30 to 11:30 AM.

Zest AI is a technology CUSO based in Los Angeles. They were founded in 2009 to make fair credit available to everyone. Zest's AI-driven lending software delivers better, faster, fairer loans across the credit spectrum, helping credit unions safely say "yes" to more members without increasing risk.

This post is provided as part of MnCUN's Stragic Alliance with CUNA Strategic Services. For more information, contact MnCUN Director of Business Development, Kris Jacobsen. 

​The post-COVID branch transformation has blossomed, and members want to see this modernized branch transformation at their credit union. However, before reaching out to spend on new technology, it is important to consider how to improve security to reduce cost, increase efficiency, and bolster security efforts in the long term.

Read this FAQ sheet from 3SI to see how security tech can elevate safety and increase efficiency in your branch.

​The Minnesota Credit Union Network, Montana’s Credit Unions, and The Wisconsin Credit Union League have partnered to offer TriState Products & Services. The three states are working together to form strategic endorsement relationships with partners to help their credit unions best serve their members.

​“The collaboration seeks to develop relationships with service providers that can help credit unions in all three states meet the ever-evolving financial needs of their members,” said Minnesota Credit Union Network’s Chief Operations Officer John Ferstl. “We are proud to be using the cooperative model to take advantage of economies of scale and bring added value to our member credit unions.”

Under the TriState Products & Services umbrella, the league service corporations are partnering to offer partner education opportunities and joint marketing efforts. 

“The Wisconsin League continually strives to provide our members with top quality products and services at a reasonable cost. This collaboration will allow us to do just that,” said Brett Thompson, President & CEO of The Wisconsin Credit Union League.

Tracie Kenyon, President/CEO, Montana’s Credit Unions added, “The Tristate collaboration with WI/MT/MN has been a great benefit in Montana, and is now growing to our business partnerships. This means we will have a larger pool of quality business partners with better cost benefits for our credit unions, and additional revenue for our service corporation. A win!”

Partner Education: Omnichannel Communications with Eltropy

The partnership will kick off with a webinar presented by Eltropy: Omnichannel Communications on Wed., March 23 at 10:30 a.m.

With their omnichannel solution, credit unions can manage their marketing, reviews, loans, payments, and much more. This webinar demonstration includes a breakdown of their product, their growth as a company, and the trajectory they're on, use cases, and integration. Come and find out why they’ve been endorsed by 29 of the 31 state credit union leagues, and get your questions answered during a live Q&A session following their demonstration.

After registering, you will receive a confirmation email containing information about joining the FREE webinar on March 23.