YOUR WEEKLY UPDATE FROM MONTANA'S CREDIT UNIONS | March 24, 2023
What a busy week we've all had. Through all the turmoil, we couldn't be prouder to represent you. If there's anything we can do for you, please reach out!
NEWS & INFO YOU CAN USE
Credit Unions 4.0 — The Near Future of Credit Unions: Bestselling author and futurist Brett King returns to CUNA Mutual Group to share some big-picture future gazing and drilling down into the fundamental shifts taking place in the credit union space. From the effect the pandemic had on branch and digital utilization to the takeover of mobile wallets, embedded finance, and new tech like smart glasses, King may have you challenging everything you know about credit unions — especially how they differentiate on member service. Register now for the April 12 session at noon.
Loan balances rose 19.4% in 2022, up from 7.7% in 2021.
New-auto loan balances paced 21.4% in 2022.
Median single-family home prices fell 2% in December but rose 2% during the last year — well below the 4% long-run average.
Q4 2022 State-Level Credit Union Data Report: According to a recent NCUA report, federally insured credit unions experienced continued growth in assets, shares and deposits, and loans during 2022. Montana's specific growth was among the top 12 states in the nation with an over 3% growth.
NCUA 2022 Annual Report: The National Credit Union Administration released its2022 Annual Report, highlighting the agency’s activities, policy initiatives, and accomplishments for the previous year. Read the full press release for additional information.
FOR YOUR DUES
Sharing the Credit Union Difference in Times of Financial Uncertainty: Last week, we shared some message points for credit unions in the wake of the collapse of Silicon Valley Bank. Many of you have pushed out messages reassuring your members and communities that credit unions are safe and sound. CUNA also launched a webpage to provide additional support and resources for those looking to highlight the financial strength of credit unions.
In response to an Op Ed that appeared in the Helena Independent Record last week, we penned this response. Additionally, we distributed a similar public statementto our media partners across the state. We continue to monitor the situation and are here to support with your messaging. Please contact Karen or Michelle.
Financial Wellness at the Montana Department of Environmental Quality: When the Montana Department of Environmental Quality (DEQ) approached us to help facilitate the Financial Wellness component of their Employee Wellness Program, we jumped at the opportunity. Heidi Davey, Experience Manager from Altana FCU (pictured left), facilitated a presentation yesterday to 84 DEQ employees from across the state. The 90-minute interactive session focused on personal values and the role they play in financial choices and goal-setting. The session also included information on credit and credit reports along with an introduction to the Momentum onUp program available through MCU.
The DEQ Financial Wellness training will continue throughout the year with several "lunch and learn" sessions. If you are interested in engaging in these opportunities, contact Karen.
A Direct Line: This week's blog — Worthy Nominees Needed — provides information on how you can celebrate one of your fellow board or supervisory committee members with an annual award nomination. It includes information on each of the awards and links to past blogs that highlight previous winners.
FROM OUR PARTNERS
Win $100 for the Charity of your Choice: Ever wonder how your credit union measures up against your peers? Be included in Montana's portion of the State of Credit Union Consumer Lending Innovation and AI to find out. Take this survey before March 31, for your chance to win a $100 donation to the charity of your choice! The survey takes less than ten minutes, and you will receive a copy of the full report when it's published.
Spark! Plan to join Filene’s spring meeting, Spark!, May 9-10 in Maryland or online. This hybrid research event will bring fresh insights from inside and outside of the industry. The credit union system is facing disruption from various sources, and these complex problems require collaboration — such as this event — to solve them. Learn more and register. Plus: be sure to mark your calendars for Filene’s Big Bright Minds Conference December 5-6.
The More You Buy, The More You Save: Want to take your training to the next level AND save money? Our partner CU Webinar Network offers subscription tokens you can purchase to save you money. Tokens can be used to purchase live or recorded webinars anytime, with no expiration!
WE SEE THE #CUDIFFERENCE
Last week, the MCU Giant Springs Chapter — which includes Montana CU, Russell Country FCU, Horizon CU, Fergus FCU, Family First FCU, and 1st Liberty FCU — created a monstrous construction for the Great Fall Food Bank's CANtastic event. Called "We CAN do our JURASSIC part to make hunger a thing of the past," the project was made of 1,377 cans/packets and took 110 hours to plan, construct, and deCANstruct. The cans used in all of the creations were donated to the food bank to help stock their shelves. That's CANtastic!