Eighty years ago, the CUNA Mutual Society issued a life insurance claim payment of $40 to the beneficiary of a Milwaukee Road railroad switchman. That payment began to fulfill the vision of the Credit Union National Association (CUNA) National Board, which had approved creation of an insurance operation devoted to protecting credit union members and their families.
According to an article recently published in the Wall Street Journal's Money Beat "...credit unions are also supplanting other large types of lenders in the auto market. Credit unions’ share of the total marketplace expanded from 15.7% to 16.9% in the first quarter of 2015 compared with the same period a year earlier, according to data provider Experian Automotive.
CUNA Mutual Group has released new consumer research that shows 62 percent of middle-income Americans worry about their financial stability every day1. The company shared these and other insights from the What Matters Now™ research program at the CUNA Marketing and Business Development Council Conference.
With the rise in highly publicized financial data breaches, the first question credit union directors and senior executives should ask isn't: "How can we prevent a data breach?" Given the most recent cyber-crime statistics (see "Data Breach Numbers" below), the more appropriate question to ask may be: “What are we going to do when it happens to us?”
CUNA Mutual Group Fidelity Bond policyholders can become versed on the most pressing risks facing credit unions and get loss-avoidance recommendations by participating in the insurer’s 2015 Credit Union Protection webinar series. These webinars are offered throughout the year as a no-cost, value-added benefit for policyholders who can attend without stepping away from their desk, or with their mobile device if they’re on the go.
Credit unions face a myriad of daily risks that threaten their financial well-being, reputation and membership. To further protect credit union fidelity bond policyholders and reduce their loss exposures, CUNA Mutual Group has introduced an intuitive online tool that provides executive-level risk insights unique to a particular credit union.
For a perfect mini-seminar on how a board of directors can allow internal fraud to sink a credit union, take an hour or so to peruse the NCUA’s “material loss reviews.” These summarize investigations into why credit unions failed, resulting in losses to the National Credit Union Share Insurance Fund.