80 Years Young and More Innovative Than Ever
December 14, 2015
December 14, 2015
By Troy Stang, NWCUA President and CEO
This year CUNA Mutual Group celebrated 80 years of helping hardworking Americans achieve financial security. In March they published a groundbreaking study of middle-income Americans called “What Matters Now.” While we know that middle-income Americans are the backbone of our nation, the study showed that 62% of them worry daily about their own financial stability.
The results have profound implications—both for credit unions looking to better serve their members and for Movement Advocacy. This is classic CUNA Mutual Group: resourcing credit unions with world-class solutions and simultaneously advancing the Credit Union Movement.
Ninety-seven out of 100 credit unions trust CUNA Mutual Group with at least one product or service relationship. But the company isn’t resting on its current success. They will invest more than $200 million over the next five years to make sure credit unions can deliver seamless experiences to their members—in cutting-edge fields like big data analytics and mobile technologies.
CUNA Mutual Group’s new Mortgage Payment Protection (MPP) shows that their innovation even goes beyond hardware and software. MPP is the only product of its kind in the marketplace. And it delivers exactly the kind of support credit union members need—assurance that their homes and families are safe, even during turbulent financial times. Oregon is among the first states in the nation where it’s available, and Washington regulatory approval should be right around the corner.
This dedication to hardworking, middle-income Americans is foundational to the advocacy message of credit unions. Americans need the not-for-profit, cooperative choice of credit unions now just as much as they did when the Federal Credit Union Act was signed in 1934. And credit unions offer the products and services members need to build a strong, stable economy.
This message is in CUNA Mutual Group’s DNA because they were founded by credit unions, for credit unions, and they continue to serve their original calling. Their contribution to the Credit Union Movement cannot be overstated. In 2014 they paid $1.1 billion in benefits to credit unions and members, contributed $325 million in non-interest income to credit unions, and spent $1 million directly on credit union advocacy.
Here in the Northwest, CUNA Mutual Group paid over $16.5 million in claims and delivered $3.68 million in income back to credit unions in 2014 alone.
CUNA Mutual Group has been working shoulder to shoulder with credit unions for over 80 years. As we close out 2015, it’s clear that CUNA Mutual Group continues to push the Movement forward through innovation, investment, and advocacy. And most importantly, they continue working with credit unions to fulfill their critical mission: to empower hardworking Americans—credit union members here in the Northwest and across the nation—to achieve financial stability.
Questions about this story? Contact James Pearson: 206.340.4790, firstname.lastname@example.org.