CUNA Mutual Group was founded in 1935 by credit union pioneers, andour commitment to their vision continues today. We offer insurance and protection for credit unions, employees and members; lending solutions and marketing programs; TruStage™ – branded consumer insurance products; and investment and retirement services to help our customers succeed.
Our purpose is simple: To become the trusted insurance and investment partner, empowering middle-America to achieve financial security.
CUNA Mutual Group on COVID-19
CUNA Mutual Group President & CEO, Robert Trunzo, discusses CMG’s financial strength and stability. Consistent financial strength and credit issuer ratings, capital position, and balance sheets show that CMG is well positioned to navigate the COVID-19 crisis.
Effective March 12, 2020, CMG will not cancel or non renew any policies for failure to pay premiums. More information can be found here.
CMG has automatically increased its bond coverage amount, to $500k, and made some important lending program updates, in response to the demand for cash by consumers. CMG has also provided a comprehensive list of program updates and changes, available here. As a leader in the industry, CMG stands ready and able to help credit unions meet the demands of the COVID–19 crisis. To learn more about this temporary change, click here.
- Leading through crisis while taking care of members
- U.S. economic outlook and its implications
- Helping members in the digital era
- Collaboration and care in the credit union movement
- Coming trends and their effect on your business
As banks, credit unions and fintechs focus on building digital capabilities that deliver a convenient, frictionless customer experience (CX), many are overlooking a key driver of CX perceptions – how the experience makes the consumer feel. This emotional element is an opportunity for credit unions to differentiate themselves, especially during the current pandemic crisis.
Last year accentuated the racial and socioeconomic disparities that continue to exist in our country, exposing the ugly truth about these historic inequalities. The result is that a growing segment of our nation has fallen behind or worse yet, has never been able to get ahead. The disproportionate impact of COVID 19 on minority communities has devastated them, obliterating their feeble post great recession gains. How do cultural differences impact our business, our credit union partners and society at large? In this session you will learn what CUNA Mutual’s Multicultural Center of Expertise has discovered in the last three years to better serve our underserved consumers and grow together!
Held on Tuesday, Oct. 20, the event featured Edgar Hernandez, Sr. Manager Multicultural Business Strategy, and Alison Fleming, TruStage Sales Specialist. This was a fast-paced, information-packed program that explored how credit unions can support their aging membership and the caregivers in their lives. Click here to listen to the recording and share with credit unions.
The Moving Forward Forum/Mini conference will feature three, 45-minute presentations that are truly fresh and timely. CMG has put together a great line-up of resourceful speakers to bring fresh, timely guidance to credit unions as they manage through the barrage of current crises. Registration is now available. This event will be promoted exclusively through the Leagues and is open to all credit unions at no charge.
Learn how the COVID-19 pandemic is impacting the economy, financial sector, labor market, U.S. interest rates, and credit union balance sheets and earning performances through 2020 and beyond. Steve Rick, director and chief economist, will analyze and establish standards against which a credit union’s performance can be measured. He’ll identify trends of savings and loan activity and weigh the influence of future economic events on growth patterns into 2021.
Tim Harrington of TEAM Resources, will show how credit unions can respond to the COVID-19 economic impact. Based on Steve Rick’s economic outlook, Tim will give practical guidance to help control the balance sheet, manage the income statement, and minimize losses.
We have protected more than $260 million in credit union member loans, enabling 8.5 million members to keep their homes and cars if unforeseen setbacks were to come.
Helen Agnew is one of those 8.5 million and her story is our purpose. A member of CU Community Credit Union in Springfield Missouri, Helen tells us how the credit union offered our debt protection product on a loan that ultimately made all the difference in keeping her and her daughter on their feet when she became unemployed.
In the last year, we launched 3 new insurance products: Whole Life, Children’s Whole Life and Health. We also optimized our Life claims handling process for beneficiaries, with 25% of claims now paid on the initial call. There are now more than 15 million credit union members protected through our TruStage insurance.
Belinda Lockridge is just one of those members but her story is our purpose. She is representative of the millions of underinsured Americans we serve to build financial security for their families.
As a provider of retirement plans for credit unions and small businesses, we strive to include educational features that will improve the organizations’ participation rates in the programs.
More than 45,000 credit union and small business employees now track their progress toward retirement and are able to easily make adjustments through our online planning tool.
Nathan Grossenbach of Shoreline Credit Union in Two Rivers, WI tells the story of how we exceeded their expectations with the transition to a new 401(k) plan and helped their employees understand the plan and how they would benefit from participating. His story is our purpose.
In 2014 with our business protection solutions and risk management resources, we paid $64.7 million in claims (through Q3) and sent alerts to 24,000 credit union employees, helping them mitigate and overcome risks. We also visited nearly 1,000 credit union sites to assess risks and provide strategic consultation.
Unfortunately, Augusta VAH Federal Credit Union experienced a devastating fire to its main branch in 2011. CEO Phyllis Cochran’s story–of how our teams helped her CU recover–is our purpose.
CUNA Mutual Group’s Wealth Management helps consumers achieve a more secure financial position by helping them save for and realize their lifetime dreams, whether that’s their child’s education, a dignified retirement, or simply financial peace of mind. We’re doing this by providing unique, simple-to-use, high-value service and product solutions to consumers through financial advisors.
This past year, we paid credit unions more than $65 million in fee revenue.
David Young, EVP at Commonwealth Credit Union in Frankfort, Kentucky, shares why they partner with CBSI to enhance their investment services and deepen member relationships. His story is our purpose.