Keeping credit unions on the cutting edge

The Credit Union System Digitization Working?Group released its end-of-year report this week with some important insights on how credit unions can continue to adapt to consumer expectations, behaviors, and demands.

In addition to making significant strides on an industry-wide roadmap for digitization, the group worked to create three workstreams to refine their focus:

• The Maturity Model Roadmap group will identify key offerings, strategies, and operational checkpoints credit unions should consider.
• The Digital Journey Assessment Tool group will develop a tool credit unions can use to perform a self-evaluation and identify the next steps to take.
• The Credit Union Digitization Score group will create a scoring matrix to benchmark digital activity that will give credit unions data to measure the impact of their digital tools and offerings.

Thanks to all the members of the working group for their insight, and to CUNA EVP/Chief Engagement Officer Greg Michlig for his leadership. I can’t wait to see what’s next!

read the report here

Reflecting on Black History Month

This week marks the start of Black History Month, and it’s an opportunity for us all to reflect on how we can work to remove financial barriers?Black communities face. Credit Union Magazine published their first in a series of profiles on Black leaders within our movement this week, featuring SAFE Credit Union’s Assistant Vice President of Communications Micah Grant.

read the article here >

Welcome Senior Economist Ligia Vado

This month’s Economic Update video features an introduction of Ligia Vado, our new senior economist. She brings more than 20 years of financial policy experience as a risk, insurance, and mortgage expert. We’re thrilled to welcome Ligia to CUNA! The video also provides updates on unemployment, inflation, and CUNA’s forecast on credit union growth this year.

watch the video here >

FinHealth fund launched to aid financial wellness

CUNA Mutual Group, BCU, Coastal Federal Credit Union, Local Government Federal Credit Union, and Redwood Credit Union announced this week their commitment to FinHealth Fund. This new fund—held at the National Credit Union Foundation—will capitalize on a five-year program focused on the financial wellness of credit union members and employees.

read more here >

Credit Union Magazine GAC contest winner announced

Congratulations to Jennifer Hogan, president/CEO of Community Credit Union in Lewiston, Maine. Thanks to Credit Union Magazine, Jennifer will attend the 2022 CUNA GAC for free after winning the magazine’s 2021 subscription contest drawing. Jennifer is also a frequent and valuable contributor to the Small Credit Union Community. Thank you for your support!

Minnesota Foundation raises funds for Black-led CU

The Minnesota Credit Union Foundation has established a special fund to raise capital for Village Financial Credit Union, which aims to be the first Black-led credit union in the Minneapolis area. The Association for Black Economic Power, a nonprofit organization created to operate Village Financial, is currently raising capital for post-opening operating expenses. Village Financial will address systemic financial challenges that communities of color face. This is an incredible way to leverage the credit union difference to reach underserved communities and support Financial Well-being For All.

read more here >

‘CUNA GAC On-Air’ provides limited, virtual option

We opened registration for “CUNA GAC On-Air,” a limited-content virtual option to attend the 2022 CUNA GAC, scheduled for Feb. 27 to March 3. While we’d love to see as many people in person as possible, this virtual option will highlight some of the fantastic content at this year’s GAC.?

learn more here >

360-degree advocacy

• The Financial Accounting Standards Board approved a CUNA-supported change that removed Troubled Debt Restructuring requirements for those who have adopted the current expected credit loss (CECL) standard.
• We wrote to the Federal Communications Commission on the need for a firm timeline and deadlines for blocked call codes.
• We joined other organizations to call on the Federal Reserve to reconsider re-opening Regulation II and to resist requests for further changes to Durbin Amendment requirements.
• We wrote to the House Financial Services Subcommittee on Diversity and Inclusion highlighting how credit unions are well-positioned to advance financial inclusion.
• Chief Advocacy Officer Ryan Donovan provided impactful insight into how 2021’s successes set us up for an important—but challenging—2022.