A Message From Troy Stang
December 30, 2014
December 30, 2014
We will always remember 2014 as a milestone year for credit unions. This year marked 80 years since the passage of the Federal Credit Union Act, and we celebrated 100 million memberships. Proudly, Northwest credit unions serve 4.5 million of those members. These people and their families live in Oregon and Washington communities, which make up our beautiful region. The superior care and service of credit unions help these families build financial strength, and together they strengthen the social fabric of the Northwest.
Others also share the honor of serving 100 million memberships and growing communities — business partners. Partners come alongside credit unions. Whether it’s the Internet provider, the credit card processor, or the insurance carrier, all play an important role in assisting the credit union in advancing its role as a financial cooperative. In this post we highlight the insurance business partner — CUNA Mutual Group.
As credit unions contribute to the strength of our families and communities, CUNA Mutual contributes to the strength of credit unions, and has been helping to grow and strengthen the credit union movement since 1935. The products and services of CUNA Mutual help credit unions and their members plan for the future, meet today’s challenges, and grow with new opportunities.
Last year, CUNA Mutual Group paid out nearly $1.9 billion in benefits to credit union families, including $365 million to members for debit protection and credit insurance products. They oversee more than $18 billion in retirement assets. Fifteen million families are now protected by TruStage products, including accidental death and dismemberment, life, auto and home insurance. CUNA Mutual Group’s technology powers the $4 million in loan requests made by mobile phones every day.
CUNA Mutual adds strength and stability to the credit union system, while also investing back into that system to the tune of $39 million last year. And they answer the advocacy call-to-action, allocating $2 million for state and national legislation in recent years. CUNA Mutual employees also gave $223,000 — in personal dollars — for PAC contributions, while donating more than $1 million to charities.
This year, Northwest credit unions added 200,000 memberships. As we look ahead to 2015 we anticipate many new members throughout Oregon and Washington. With support from their credit unions, CUNA Mutual Group, and all Northwest credit union business partners, these families will build financial strength for themselves and their communities, weaving an ever stronger social fabric throughout the Northwest.
Strategic Link is the NWCUA’s wholly-owned service corporation, using the power of aggregation to provide the Association’s member credit unions with exclusive, high-quality, competitively-priced products and discounted services. Contact Director of Strategic Partnerships Craig Reed at firstname.lastname@example.org today to find out how Strategic Link can help your credit union save money while meeting its goals in 2015 and beyond.
Posted in CUNA.