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President's Message

November 02, 2021

Collaboration, as they say, rests at the heart of the Credit Union Difference. The very first credit unions depended on their members to collaborate with one another and that still holds true in today’s credit unions. We work cooperatively to build better financial lives for our members and their communities.

The community of credit unions also collaborates with one another and with our partners system wide to ensure a strong and sustainable credit union movement that brings financial well-being to more and more people. CUNA Mutual Group is an important collaborator that helps credit unions across the country to bring the credit union difference to life for literally millions of people. Investing more than $147 million into the system over the last 5 years alone, CUNA Mutual Group has demonstrated a deep commitment to our movement and to making the financial future brighter and more accessible to everyone.

The League—your League—with the ongoing support of CUNA Mutual Group plays a critically valuable role in the success of Connecticut’s credit unions by putting people first, investing in the right solutions, and protecting credit unions’ future. Looking back, CUNA Mutual Group:

  • Made available an overdraft/NSF free risk alert available to all Connecticut credit unions,

  • Paid out $1.6 billion in benefits in 2020 including $36 million on COVID claims,

  • Supported 95% of credit unions as customers,

  • Made investments in data and analytics solutions, emerging technologies, and digital member experience enhancements,

  • Provided more than $200,000 in additional financial support of state foundations and the National Credit Union Foundation,

  • Provided $20,000 in matching funds to CUBFI (the League’s charitable foundation) to assist credit unions to obtain CDFI designation,

  • And helped the League to train over 40 FiCEP counselors who will provide financial coaching to your members in your communities.

As we look ahead to 2022 and beyond, CUNA Mutual Group and the League will continue to lead on issues and investments that credit unions value. Next week, please join the League for an Economic and Industry Update with CUNA Mutual Group. This session will deliver an engaging presentation on the 2022 economic projection and, more importantly, useful ideas on how credit unions can prosper and grow in this ever-changing (but hopefully just a little more predictable) market we call Financial Services.

Thanks,
Bruce