There’s never been a more important time to examine the credit union model. That’s why, once again, CO-OP Financial Services is bringing you a brand new THINK experience, transforming the industry-renowned in-person conference into a complimentary, content rich 4-part virtual series designed to help you rethink everything. 
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This year’s THINK Virtual event series will unpack the needs of credit union members and consumers through the lens of a brand new member research study conducted by CO-OP and EY. Attendees will receive exclusive content and insights from the study, as well as hear from industry experts and distinguished change agents already incorporating these strategies into their business transformation. 

Here’s a quick look at schedule of THINK Virtual events CO-OP has in store this year: 

​RECORDING: Rethink what drives your P&L to unleash future growth
Get a first look at new member research study into what’s driving Primary Financial Relationships today as well as hear insights from others who have mastered customer centricity and the business-of-experience. Attendees will receive a copy of the executive summary from the research.

Thursday, May 25 at 12 p.m. CT:  Rethink your service model: exceeding expectations at every moment.
CO-OP will discuss how shifting consumer expectations and a digital and remote preference requires meeting members where they are in a holistic, connected way. Owning micro-moments along with milestones. Member lifestyles as well as life stages.

Tuesday, July 27 at 1 p.m. CT: Rethink data: turning insights into personalized experiences
CO-OP will share how intelligently investing in data insights and a modern payments infrastructure coupled with dedication to member empathy pays off. So you’ll readily (and efficiently) be there for every key member moment now and in the future.

Tuesday, November 9 at 1 p.m. CT: Rethink your operations: how to maximize the power of payments
How empathetically you serve your members is directly tied to the focus of your operations, and your success. Learn how making the pivot to becoming a modern payments platform is necessary to own members’ digital lifestyles. And how an ecosystem of orchestration, vendor integration, microservices, and cloud-based architecture can remove the obstacles to getting you there.

For more information, please visit: http://visit.coop/380wf8 

The podcast begins its first season with a preamble episode to introduce the unique history of credit unions, their commitment to community, and the importance of nonprofit partnerships. Noelle and Patrick are joined by NetGiver’s president and co-founder, Eric Berg. Berg remarks, “Credit unions are passionate about empowering community engagement, but they don’t shout it from the rooftops. Imagine the Difference provides the platform for credit unions to celebrate, share, and learn from each other and from their nonprofit partners.”

Upcoming episodes include a conversation with Dan Stoltz, president and CEO of SPIRE Credit Union, and Abby Patterson, SPIRE’s Giving Coordinator. Subsequent guests include representatives from Envista Credit Union, Blue Federal Credit Union, and their nonprofit partners. New episodes are released every week on Wednesday for the duration of the 12-week initial season.

NetGiver is currently inviting submissions and requests for participation in its second season. Credit unions and nonprofit organizations interested in sharing their community impact stories are encouraged to contact NetGiver’s podcast team at: https://www.netgiverapp.com/podcast.

As of March 2021, WINcentive in Minnesota has reached nearly $10 million in total saved by over 8,300 members of credit unions throughout the state.

WINcentive Savings incentivizes consumers in to save by offering risk-free rewards. WINcentive prizes are awarded on a monthly, quarterly, and annual basis, with prizes ranging from $100 to $5,000.  Account holders in Minnesota qualify for up to four chances per month for each $25 increase in their month over month savings balance.
 
For details about prize-linked savings, please contact Director of Engagement, Ben Hering, via email. More information about WINcentive Savings, including a list of participating credit unions, can be found at wincentivesavings.org.

Photo: WINcentive winner, Deb, member of Affinity Plus Federal Credit Union, with Winona branch employee. 

​Your members have become more reliant than ever on their debit and credit cards as the main source of payment for day-to-day purchases. They also carry the expectation that access to their funds will be at their fingertips and without interruption. When an account is compromised, having immediate solutions in place that ensure secure and convenient access to their funds can ease the stresses associated with fraud, delivering value to the member and ultimately top of wallet status for your card. 

This can be accomplished through technologies that include digital card issuance, member card controls and tokenization. Your credit union can be the oasis during a time of fraud recovery, while also building trust as your primary financial institution.

Digital issuance provides the ability to issue a replacement digital card on demand and provision the card into a mobile wallet for immediate use online and in apps. While the physical card is in transit, security features are in place that restrict in-person transactions until the physical card is in-hand and activated by the member.  

​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:

• An Inside Look at CDFI Credit Unions
• Apply Now for NCUA Streamlined CDFI Certification 

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On March 18, 2021, the NCUA announced an interim distribution representing a partial recovery to capital holders of the U.S. Central, Members United and Southwest Corporate Asset Management Estates (AMEs). Alloya has received several inquiries from its membership following this announcement and will be hosting an educational webinar on April 12, 2021 to provide additional details regarding resolution of the Estates.

Alloya holds an interest in the U.S. Central AME and expects to receive a partial distribution by April 30, 2021 with the remaining projected distributions to be received in 2022 or later.

Alloya does not have an interest in the Members United or Southwest Corporate AMEs. Credit unions that hold an interest in those AMEs will receive distributions directly from the NCUA. The WesCorp AME continues to project zero value while the Constitution AME shows a positive projected value with distributions projected to begin in 2022.

In anticipation of these distributions, Alloya’s Board of Directors declared a record date of March 17, 2021 for future Special Dividends associated with receipt of U.S. Central AME funds on Alloya’s Perpetual Contributed Capital (PCC).

​For additional information regarding the educational webinar and open forum to be held by Alloya’s management team on April 12, 2021, please visit www.alloyacorp.org/asset-management-estates.

The sale of TruLync’s item processing services to Alloya Corporate Federal Credit Union is entering it’s next phase. Following the completion of due diligence, the purchase agreement has been signed. Alloya FCU will now work with credit union clients to set a conversion date to occur on or before October 31, 2021. Our team of professionals from TruLync and Alloya FCU will work hard to ensure a seamless transition, so that credit unions will immediately begin to realize the benefits of this strategic partnership.

TruLync has found a strong partner in Alloya Corporate Federal Credit Union and is pleased to keep the item processing business in the credit union system. TruLync Services, including the business lines of Prize Linked Savings and M360 Data Analytics, will not be impacted by the transaction. 
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With questions, contact MnCUN President & CEO Mark Cummins or Chief Operating Officer John Ferstl.

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.

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.

Credit unions certified as CDFIs are eligible to apply for awards through a variety of competitive programs administered by the CDFI Fund. There is no better time to become CDFI Certified with resources from CUNA Mutual Group and Inclusiv.

Don’t miss out on funds that can help your members and your community recover from the economic impacts of the pandemic

Would You Like to be a CDFI? There is no better time to become CDFI Certified 

• Apply Now for NCUA Streamlined Certification
• Any Low Income Designated Credit Union that is not already CDFI certified may apply.
• Must apply by April 3, 2021.
• NCUA determines eligibility through credit union data file uploaded to NCUA’s CyberGrants Portal. For more information about streamlined certification, visit NCUA.
• For more information and assistance with CDFI eligibility and certification, contact Inclusiv's Jules Epstein-Herbert, Director of Membership, jherbert@inclusiv.org.

Already CDFI Certified?
The CDFI Fund Rapid Response Program (RRP) has $1.25 billion in funds to award to CDFIs to deliver immediate assistance in communities impacted by the COVID-19 pandemic through a streamlined application and review process. The Financial Assistance (FA) and Technical Assistance (TA) grants have $188 million in funds to award to CDFIs to build financial capacity.

If your credit union is CDFI certified and interested in applying for RRP, FA, or TA grants, there are some key deadlines to keep in mind.

CUNA Mutual Group and Inclusiv Resources​

• Check out Inclusiv’s webinar from March 1st for more detailed information on the RRP.
• Register for Inclusiv's webinar on FA/TA grants on Monday, April 5 at 2pm EST.
• Register for Inclusiv’s free CDFI office hours, held every Wednesday at 3pm EST, with CUNA Mutual Group.
• Visit Inclusiv to learn more about resources for CDFIs.
• Visit Inclusiv for resources for credit unions looking to get CDFI certified, including a series of videos with CUNA Mutual Group on the value of CDFI certification.