​Every year the Credit Union National Association, in partnership with state leagues, honors credit unions for their hard work and dedication to serving members and communities. Each state bestows the honors in three awards categories honoring credit unions for their amazing initiatives to spread financial literacy (Desjardins), increase social responsibility by supporting their local communities (Dora Maxwell), and demonstrate the credit union philosophy of “people helping people” through their actions (Louise Herring). The winners at the state level, then go onward to contend at the national level. The Illinois Credit Union League (ICUL) is thrilled to announce in 2023 CUNA presents two awards to Revity Credit Union in Illinois.

Revity Credit Union takes home 2nd place in The Louise Herring Philosophy-in-Action Award for their Volunteer Income Tax Program (VITA). VITA provides free tax preparation to low-to-moderate-income individuals, families, seniors and limited English-speaking taxpayers; households with less that $60,000 in income received free tax preparation with the VITA program. In the six years the credit union has participated, they have prepared 935 free tax preparations. In 2022 alone, this program helped members save over $44,000.
 
Revity Credit Union also received an honorable mention in the Desjardins Adult and Youth Financial Education Award category for their Financial FUNdamentals Program. The program empowers students to reach financial goals early in life and educates on the uniqueness of personal finance. Financial FUNdamentals teaches local youth year round at 50 local schools and is accessible online as well as within a classroom setting. In 2022, Revity reached 11,300 local students and over 170 teachers.
 
“We are so proud of the terrific work Revity Credit Union is doing to make a positive impact in their community,” said Tom Kane, ICUL President and CEO.  “We stand with credit unions in their mission of financial well-being for all, including Revity’s programs that are making a difference in the Metro East area they serve.” 

​ConnexCares proudly announces its recent donation of 25 frozen turkeys and a $2,000 in-kind donation to CT Foodshare as part of the annual Stuff-a-Bus campaign. CT Foodshare’s Stuff-a-Bus initiative is a collaborative effort bringing together businesses, organizations, and the community to provide Thanksgiving meals to families in need across Connecticut.

The 25 frozen turkeys donated by ConnexCares will directly benefit Connecticut families struggling with food insecurity, which also aligns directly with one of the three ConnexCares pillars. Additionally, the in-kind donation will further support CT Foodshare’s ongoing efforts to alleviate hunger in the region. 

​TruWest® Credit Union donated $10,000 to The Marbridge Foundation in Manchaca, Texas. Marbridge is a nonprofit residential community that offers transitional and lifetime care for adults with intellectual disabilities. In the supportive Marbridge community, residents are given unparalleled opportunities to learn, experience and achieve.
 
“We are so appreciative of TruWest’s recent donation in support of the Marbridge’s mission,” said Scott McAvoy, President & CEO of Marbridge. “This helps us to continue offering high quality programs and services. We also appreciate TruWest’s donation of time with the wonderful local employees who come on campus and support our mission in person. Thank you so much.”
 
TruWest is committed to making a difference in the lives of members, employees and the community. A culture of caring and people helping people are among the credit union’s fundamental core values. The credit union regularly adopts a culture of service as it is woven into the fabric of every task and every decision, organization-wide.
 
“TruWest and its employees are honored to support the vital work of The Marbridge Foundation,” said the credit union’s CEO, Alan Althouse. “We continue to be inspired by the compassionate and joyful care they provide this very important part of our community.”
 
For more information regarding TruWest Credit Union, please visit https://truwest.org/.

Now through December 31, credit unions joining CUES at the Unlimited Membership tier may choose to purchase Unlimited+ Membership at no additional cost, a savings ranging from $1,100 to $1,480 for U.S. credit unions, depending on their asset size.
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“Both our Unlimited and Unlimited+ memberships provide significant value to credit unions, but Unlimited+ includes some additional benefits like access to the compensation surveys and the board governance assessment, not available to Unlimited members,” said Jimese Harkley, JD, CUDE, CUES VP/Membership. “Everyone at a credit union—all staff, executive team, and board members—can be covered under our Unlimited and Unlimited+ tiers, the perfect way for credit unions to offer enhanced professional development easily and affordably.”
Unlimited+ Membership benefits include:

• Harvard ManageMentor—More than 40 online leadership development courses from the experts at Harvard Business Review.
• CUES Learning Portal—With new upgrades and enhancements coming soon, you’ll find easy access to our vast collection of engaging and top-notch online courses.  
• Online education for board members through CUES Director Education Center and Governance+.
• CUES Virtual Classroom—Highly interactive online training which allows participants to talk and interact with peers and experts, problem-solve, and build relationships, right from their desk.
• CUESNet™—The online networking community where CUES members connect and share ideas, join communities, access a documents library, discover membership tips, and more.
• CUES Compensation Survey Results—Access results of the annual CUES Executive Compensation Survey and CUES Employee Salary Survey.
• Board Governance Assessment—Quickly and concisely gather honest feedback from all board members.

Activate this CUES Membership offer today by emailing [email protected].
Learn more about CUES Membership at content.cues.org/membership.
Learn more about CUES at cues.org.

World Council of Credit Unions (WOCCU) is pleased to announce the addition of SICOOB (Brazil), one of the largest financial cooperative systems in Latin America, as the first new member added under a revised membership structure the WOCCU Board of Directors approved earlier this year.

With more than $43 billion in assets, SICOOB supports more than 14 central credit unions and 343 individual affiliated credit unions that serve more than seven million members across Brazil.

SICOOB joins WOCCU under its revised Associate Membership category, which is now open to national cooperative associations in countries where there is already an existing WOCCU Direct Member.

“The approval of SICOOB as an Associate Member of WOCCU is a source of great satisfaction, as it not only highlights our institution's commitment to the principles of financial cooperativism, but also confirms the importance of the topic on a global scale,” said Marco Aurélio Almada, CEO of SICOOB.

“Guided by the vision of a more cooperative and accessible financial future for all, our commitment is to disseminate and actively collaborate with our global partners, striving to shape a sustainable, transparent and people-centered financial system,” added Miguel Oliveira, Chair of the SICOOB Board of Directors.

​In the case of Brazil, Sicredi has been a Direct Member of WOCCU for more than 20 years. But Sicredi was one of the organizations that championed for greater inclusivity through the opening of WOCCU membership to more than one national association per country, even though it meant welcoming in one of its competitors.

“Sicredi’s support for the affiliation of new systems is a very clear sign of global intercooperation in favor of a better world aimed at the development of more peaceful communities—following the motto of people helping people,” said Manfred Dasenbrock, a WOCCU Board Director who also serves as President of Central Sicredi PR/SP/RJ (Curitiba, Brazil) and an advisor to Sicredi.

Thomas Belekevich, WOCCU's Director of Member Services, believes the new membership structure will only allow for greater diversity and engagement.

“Our network is our net worth at WOCCU. As we welcome SICOOB to our global family, this example of inclusivity reminds us of the potential to do so much more together. In deepening our relationships with financial cooperatives across Brazil, we are expanding opportunities to learn, share and collaborate on our shared global challenges,” said Belekevich.

WOCCU's new membership structure also allows for first and second tier credit unions to become Associate Members if they are located in countries where WOCCU does not have an existing Direct Member. This is an important mechanism that will allow WOCCU to build relationships in nations where there are no active national associations. Associate Membership also still remains open to regional financial cooperative confederations. 

Credit union service organizations, fintechs and other industry partners that had previously been Associate Members, are now recognized in the new Supporting Membership category. 

The revised membership structure will not change voting privileges within WOCCU. Direct Members will still be the only organizations allowed to vote at WOCCU's Annual General Meeting and be eligible to nominate representatives to the WOCCU Board of Directors. 

​Keeping its reputation as a trailblazer spurring fintech innovation within the credit union industry, Curql Collective has brought home the Credit Union Times Luminary Award for Product Innovation for a service and technology organization. The distinguished award was presented on November 9th at Disney’s Yacht Club Resort in Orlando, Florida.
 
The Credit Union Times Luminaries awards recognize credit unions, service and technology organizations, and individuals for their outstanding abilities to deliver change, meet members' needs, and bring innovation to the credit union industry. Curql Collective was selected as the service and technology Product Innovation Company winner from 15 finalists and many more entrants.
 
Curql Collective brings fintech and credit unions together to foster innovation benefiting the entire credit union industry through its collaborative credit union ecosystem and family of strategic investment funds. Curql Collective has revolutionized how credit unions partner with fintech to serve members and succeed in the digital age. Credit union members ultimately benefit from enhanced digital tools and services, greater convenience, and better member experiences because of the technology partnerships between Curql credit unions and fintech companies.
 
After accepting the Luminary for Product Innovation, Curql Collective President and CEO Nick Evens said, “We partner with credit unions and CUSOs that are innovative, collaborative, and in the game to stay relevant. We are proud of what we built and do to bring fintech to credit unions. It is not just about investing in fintech and is about everything that we do with the ecosystem we have created and the value we bring to the credit union industry. We are honored to be recognized. Thank you very much.”

UFCU, Austin's largest locally owned financial institution, has been selected as a trusted banking partner for faculty and staff at The University of Texas at Austin™ following a competitive request for proposal (RFP). Through this designation, UT faculty and staff have more immediate access to specialized UFCU financial services, competitive loans, unique mortgage solutions, and robust financial education programs to boost financial success.

"Founded by UT faculty and staff, our past is inexplicably tied to UT. We are honored that UT continues to place great trust in UFCU as we deepen our relationship through this announcement. We understand that financial stability is a key to financial success, and through this partnership, UFCU will continue to work alongside UT to build tools to ensure each Member is prepared and equipped to focus on building a better tomorrow," said UFCU CEO and President Michael Crowl. "At UFCU, our mission is always to improve the lives of our Members, and we are excited about the opportunity to do even more for the UT community in the coming years."
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In 1936, UFCU was founded by UT faculty and staff when they recognized that traditional banks were not meeting their needs. Since then, UFCU has grown to serve the financial needs of UT faculty, staff, and students, and more than 371,000 Members throughout Central Texas and Galveston County. As with all Members, UFCU is committed to providing reliable financial services, which includes access to lower-cost financing for homes and cars, checking accounts with no minimum balance requirements or monthly fees, free property and casualty insurance risk assessments, no annual fee credit cards, free consultations on investment services, digital solutions, and more.

"As an organization dedicated to the welfare of our faculty and staff, we actively seek innovative partnerships to increase affordability and provide unique value to our faculty and staff," said Vice President of People and Talent Roger Cude. "We are excited by this latest partnership with UFCU, which has been a trusted financial services partner for our faculty and staff for many years. Through custom financial products and tailored financial education opportunities, UFCU is well-positioned to provide value and support to our community."

​PSCU – the nation’s premier payments CUSO and an integrated financial technology solutions provider – published the November edition of the PSCU Payments Index, the goal of which is to provide information and insights to help financial institutions navigate the evolving financial landscape to make informed, strategic decisions for their organizations and members.
 
As the holiday shopping season commences, year-over-year growth in consumer spending continues to soften with modest increases reported for both credit and debit throughout October. In the November edition of the PSCU Payments Index, we present the first installment in our annual three-part Deep Dive series on holiday spending, which has displayed lackluster results in the Goods sector and mixed results for large retailers thus far.
 
The Consumer Confidence Index declined for the third straight month in October to 102.6 (1985=100), down from an upwardly revised 104.3 in September. Consumers remain concerned with rising prices overall, especially groceries and gasoline, along with the current political climate and higher interest rates. In the October survey, the decline in confidence spanned all households ages 35 and older, as well as all income levels.
 
In the Labor Department’s Nov. 14 update, the Consumer Price Index (CPI) for October was flat from the prior month, but up 3.2% year over year. Both were below estimates, sparking a rally on Wall Street. Excluding the volatile energy and food sectors, core CPI increased 0.2% since the prior month and 4.1% year over year, marking the smallest annual increase since September 2021. On Nov. 1, the Federal Reserve voted unanimously to leave interest rates unchanged. With one remaining Federal Open Market Committee (FOMC) meeting in 2023 (Dec. 12-13), it appears unlikely there will be a rate increase given recent economic data. A recent WSJ survey of economists reported the likelihood of a recession in 2024 has softened to 48%, down from 54% in the July survey.
 
In the October 2023 jobs report, the Bureau of Labor Statistics (BLS) reported that 150,000 jobs were added for the month, a sharp decline from September. Health care, government and the social assistance sectors saw job growth while manufacturing declined due to strike activity. The October overall unemployment rate increased slightly to 3.9%, or 6.5 million people.
 
On Nov. 14, the House of Representatives voted in favor of new Speaker Mike Johnson’s two-step continuing resolution (CR) plan, hopefully avoiding a government shutdown. If passed by the Senate and signed by President Biden later this week as expected, the stopgap plan will extend funding for some government agencies through mid-January and others through early February. As substantial economic impacts are typical byproducts of government shutdowns, we will continue to monitor these developments closely.
 
“As the holiday shopping season kicks off, Consumers Credit Union has partnered with PSCU’s Advisors Plus team to launch a targeted bonus points and cash campaign to our cardholders,” said Tyler Lange, director of Payments at Consumers Credit Union. “Through a series of emails, including one on Black Friday and another a few days before Christmas, our objective is to encourage our members to choose their credit union card for all their holiday spending. By creating a broad pattern of usage during the holiday shopping season, we look to maintain that top-of-wallet position throughout the year. Additionally, we recently launched digital issuance to provide members instant access to their card credentials – allowing them to easily leverage their card and earn rewards during peak holiday spending.”
 
A sampling of key takeaways from the November report includes:

• Consumer purchases softened in October and the rate of growth continued to diminish to the lowest point of 2023. Year-over-year growth in debit purchases was up 3.2%, while credit purchases were up 0.4%. Transaction growth finished with debit up 3.2% and credit up 2.1% for the month.
• For credit and debit purchases in October, the largest contributor to growth was the Services sector once again. Goods was the category with the largest offset to credit purchase growth, contributing a 0.8% reduction. For debit purchases, only Gasoline negatively contributed to a year-over-year reduction of 0.4%.
• The Consumer Price Index (CPI-U) was flat in October, while the 12-month rate of inflation was up 3.2%. Shelter costs rose 0.3% in October – half the gain in September – perhaps signaling a changing tide in this sector. Excluding the volatile Energy and Food sectors, the core CPI index increased 0.2% in October.
• Growth in discretionary spending remained positive but softened in October, with debit purchases up 4.0% and credit purchases up 0.6%. Growth in non-discretionary (or mandatory) spending followed a similar softening trend, with debit purchases up 3.1% and credit purchases up 0.4%.
• The holiday season kicked off with sales at the top retailers in early October. Amazon, Target and Walmart jockeyed to lure consumers to early holiday offerings with mixed results. For the month, growth in purchases for the overall Goods sector was down for credit by 2.1% and up for debit by 0.8%.
• The credit card delinquency rate increased again in October and finished at 2.33%, above the October 2019 pre-pandemic level by 40 basis points. Total credit card balances were up 9.2% for October compared to a year ago. The average credit card balance for active accounts was $3,033 for October, up 7.3% (or $207) year over year.

 
The full report is available for download here or can be shared as a PDF upon request. Please let us know of any questions or additional needs, or if you’d like to coordinate an interview.

A Response by CA and NV Credit Union Leagues President and CEO Diana Dykstra

In today’s discourse surrounding “junk fees,” it’s imperative to separate the sensational misconceptions surrounding overdraft fees at credit unions from the broader narrative. Contrary to the distorted portrayals by guest commentators and consumer “advocates” in the news media, credit unions are fundamentally different from other financial institutions associated with questionable “junk fee” practices.
 
All financial institutions are obligated to provide transparent information about overdraft fees, empowering consumers to make informed decisions aligned with their preferences and financial habits. It is disheartening to witness the misuse and misinterpretation of overdraft data, which has been leveraged to cast credit unions in an undeserving, negative light. Such tactics divert attention from the real financial service predators for which credit unions are a cherished alternative.
 
Opting-in for overdraft protection is a valued and worthwhile choice available to credit union members, providing a crucial safety net during unforeseen financial challenges. Fortunately, transparent and proactive credit union overdraft programs provide members a financial lifeline by covering expenses in times of need, while ensuring members avoid additional charges by allowing opportunities to cure items. According to data from the Credit Union National Association (CUNA), credit unions nationwide exhibit a high degree of flexibility and consumer-centricity in their unique approach to overdraft fees on behalf of their members:
 

• 98 percent waive overdraft fees on a case-by-case basis.
• 78 percent intervene when a member engages in frequent overdrafts.
• 71 percent provide targeted outreach or education to members who miss payments.

 
Here’s what also separates credit unions above financial predators in the overdraft space: they offer overdraft protection exclusively to member-owners who opt-in to a program, ensuring members have control over their choices. These programs undergo rigorous consumer protection, oversight, and regulation by state and federal regulators.
 
Despite criticism of credit union overdraft fees as greedy and usurious charges — or even equating them with “junk fees” — it is important to recognize their role in promoting responsible financial behavior, supporting stability, and offering emergency financial support. Looking out for the best interests of their members exemplifies the pro-consumer nature of the credit union-member relationship, which is unique in the financial services space. Consumers, armed with an understanding of the purpose and benefit of these programs and associated fees, can make informed choices about their banking relationships and strive for long-term financial wellbeing.
 
Regrettably, certain consumer “advocates” persist in launching misleading and biased attacks against credit unions, oftentimes to promote their own interests. In contrast, credit unions, as community-based and member-owned financial cooperatives, operate for the mutual benefit of their members, not shareholders. Their commitment to the best interests of members, regardless of their financial situation, positions credit unions as sincere, unequivocal consumer advocates.
 
When it comes to all the hype on “junk fees,” credit unions stand out as beacons of genuine consumer advocacy by offering financial security and transparent terms with their overdraft programs, providing services that align with the needs and requests of their members. As credit unions continue to prioritize the financial wellbeing of their members, they reinforce their role as true defenders of all consumers in our financial ecosystem.