President's Message
This morning Connecticut’s Credit Unions came together for the 87th Annual Meeting of the Credit Union League of Connecticut. Similar to last year, we decided to hold this event virtually for safety reasons. As great as it was to see everyone’s pixelated faces – I am very much looking forward to seeing you all in-person and face-to-face soon (more on that below). For those of you who were not able to join us for the meeting this morning, I share with you a transcript of my remarks and update below. Thank you for your continued trust and membership.
At last year’s Annual meeting, the COVID-19 pandemic was just picking up steam, and anxiety swirled around us. We all tried to prepare for a future that would be, at best, uncertain. Out of its twists and turns and ups and downs, our experience in 2020 proves that the League was both strong and nimble as it withstood and adapted to the sudden and unforeseeable disruption of a global pandemic. Now, more than 86 years into the League’s existence, we remain a sustainable servant to Connecticut’s Credit Unions. It was our unique honor to lead Connecticut’s Credit Unions—without regard to League membership—through last year’s challenges.
The League is nothing without members. Thank you for your enduring trust and for our mutual affiliation that makes us stronger together. You provided creative and compassionate leadership in your communities and among your membership. In short, you are Connecticut’s Financial First Responders.
At the outset of the COVD-19 pandemic, the League activated all our resources immediately and opened its doors to all every Connecticut credit union. In mid-March, the League began issuing daily communications with news and information on all relevant topics ranging from our negotiations with Governor Lamont to providing resources for sanitizing your pneumatic tube transport systems. Here are some league highlights from past year:
Swift and effective advocacy across the executive branch and especially in the Governor's office regarding essential worker definitions, travel authorizations, remote notarizations, and our collaboration as a system prevented an executive order on a forced mortgage payment moratorium.
Broad deployment of compliance resources by training more than 800 BSA Officers, employees and Board Members on necessary regulations to stop the illicit flow of funds through our credit unions generated by crimes like human trafficking, the sale of illegal drugs and weapons, and proliferation of terrorism.
Coordinated public awareness campaign generating more than half a million dollars in earned (or unpaid) media from broadcast news, radio, and local papers. Our strategic investments into paid media platforms such as billboards, radio, and digital platforms delivered more than 4 million impressions. The League’s work in this area earned three awards for its superior brand and reputation management by the Public Relations Society of America.
Successful and Safe Golf Tournament - recognizing that one of the main purposes of the League is to bring members closer together, the League pressed forward with the annual golf tournament in support of its charitable foundation, Credit Unions Building Financial Independence. The tournament provided important funding to allow us to continue bringing financial education to kids in a virtual format.
Another major purpose of the League is to provide you with valuable products and services at an attractive price. To that end, our League Services Corporation mounted an agile response to bring on important and relevant new partnerships. While we worked hard to rebalance our product portfolio to fit your immediate strategic needs during the crisis, we also developed long-term innovative solutions that will derive nationwide revenue with an eye toward easing our reliance on membership dues. These efforts, combined with the strong support of our System Success Partners such as CUNA Mutual Group and PSCU, the LSC delivered even more services to you and exceeded its revenue targets in an unpredictable year.
The League’s compliance team quickly brought in secure technology to allow it to continue safely performing and delivering audits to our members. Our shared compliance officer services grew in awareness and capacity and we are considering adding additional resources on this team. Helping to ease compliance and regulatory burden is a top league priority that allows us to provide you value by enabling you to do what you do best – serve your members.
Our charitable foundation, Credit Unions Building Financial Independence (CUBFI) was ahead of the “Corona Curve.” In late 2019, CUBFI transitioned its highly-successful financial reality fair program to an online environment. With your help and donations, CUBFI brought financial education to 370 students last year. As mentioned at the outset, the outdoor, socially distanced golf tournament also supported new initiatives running this year such as FICEP training, DEI development, and CDFI growth. Thank you all for your support of the foundation through your contributions from Charitable Donation Accounts, event participation, in-kind contributions, and the countless hours of volunteers that bring financial education to Connecticut. Thank you to the foundation’s board chair, Teresa Knox of American Eagle and the entire CUBFI board.
What is in store for the future?
The Aluvy loan participation platform created and owned by the League. Aluvy will help credit unions of all sizes find the right-sized loan pool and ease the servicing burden of sold pools. Aluvy is live now, and I encourage you to reach out to us to learn more.
Progress in the fight to allow Association Healthcare Plans for Connecticut’s Credit Unions. The League has achieved the monumental task of not only getting a bill raised in Committee, but also having a public hearing on it. While the bill did not ultimately make it out of committee this year, we are still at the negotiating table seeking inclusion in one of the other large healthcare bills that are still very much in play. Chance of success in 2021 is hard to estimate, but we have never made more progress or held so much hope for passage. We will continue to keep you engaged on developments here.
CU Offers is a national member benefit program housed in a mobile app that delivers exclusive discounts and savings to all credit union members. This Connecticut-lead collaboration with the Association of Vermont Credit Unions and the Cooperative Credit Union Association builds member loyalty and supports local businesses. More to come on this launch in the coming weeks.
Finally Face to Face Fun! I—and the entire league staff—look forward to seeing your faces, breaking bread, swinging golf clubs, and hoisting glasses as the League transitions back to in-person events. Our foundation golf tournament will be held on June 22, the wine gala follows on later in the summer, and a full-scale fall convention and vendor expo this October 13 and 14 at Mohegan Sun in joint collaboration with the Cooperative Credit Union Association. Save the date now, registration will be opening shortly.
The League is a collection of people who are unified in our mission to serve you and advance credit unions in Connecticut. League staff put in a truly herculean effort this past year and I cannot thank them enough. Thank you to Judy, Kelly, Dave, Tania, Shanon, Chris, and Emmy. Your passion and resolve is inspiring. It is an honor to work with you as you support the growth of Connecticut’s Credit Unions and maximize positive impact on their members, communities, employees, and all their relationships. I look forward to what you all will accomplish in 2021.
So, as we look forward to new changes on our board and on the executive committee, I also thank our outgoing director, Bradley Sullivan for his selfless service to the League. Brad’s dedication to our League includes service on the League Board for the last six years, and he exits as Board Treasurer. Thank you, Brad, for your service.
As always,
Bruce
