CUNA Mutual Group Navigates, Thrives In Historically Difficult 2020 While Aiding Leagues, CUs
2020 was a trying, challenging and difficult year for our nation. Credit unions stepped up in a big way to meet those challenges head-on, addressing a myriad of health, economic and social issues, while remaining focused on our members and their needs.
I’m proud to say League/League Service Corporation partner CUNA Mutual Group proved once again to be a vital support and resource to credit unions in serving members.
It provided customers and their beneficiaries with nearly $1.6 billion in benefit payments during 2020 – including $36.7 million in Coronavirus-related life, credit life and involuntary unemployment claims.
Through strategic investments, acquisitions, and adaptations to operations, the company ended 2020 with more than $4 billion in revenue and $146 million in net income, growing total assets by 15.7 percent to $28.49 billion. Liabilities totaled $23.82 billion.
The company created needed solutions for credit union member policyholders, including increased payment flexibility, expanded options to keep insurance protection, easier access to retirement funds, waived processing fees, and paid 38 percent of life claims within one day.
In addition, technology solutions subsidiary company Compliance Systems, LLC helped infuse billions of dollars into communities nationwide by enabling small business loans through the Paycheck Protection Program.
Despite the challenges posed by the pandemic, CUNA Mutual Group expanded its digital capabilities in 2020 to create a better and more convenient consumer experience. It did so by acquiring two start-up companies: CuneXus, a firm that provides financial institutions an all-in-one, consumer-friendly digital lending platform; and ForeverCar, which protects vehicle owners from expensive car repairs with Mechanical Repair Coverage policies delivered online.
Kudos also to the CUNA Mutual Group Foundation, which is matching CUNA Mutual Group employees’ donation of $700,000 to provide a total of more than $3.9 million to support economic, education and emergency aid efforts for local communities.
CUNA Mutual Group’s strong support of the Leagues and the credit union system totaled $147 million over the last five years, including $32 million in 2020. For your League, CUNA Mutual Group’s support is critical in supporting our advocacy mission. The system has been beset in recent years by legal challenges and threats on a host of issues.
From frivolous lawsuits over alleged ADA violations on credit union websites, to legal challenges related to overdraft programs and collection letters, CUNA Mutual Group remains a critical resource and leader in identifying and responding to these issues. CUNA Mutual Group’s support, for example, aided your League in pursuit of our ADA litigation protection bill in 2019.
While we’re seeing light at the end of the tunnel as we begin to think of life post-pandemic, credit unions can take comfort in knowing CUNA Mutual Group is a rock-solid, financially resilient, service-oriented partner ready and able to help see credit union members through the worst of times.
Many of you know that I’ll soon wrap up a 40-plus-year career in the system, and I’ve witnessed first-hand over those decades the role CUNA Mutual Group has played in protecting, supporting and serving credit unions and their members. I want to thank CUNA Mutual Group for their unwavering support of the credit union community; support which has empowered our League to deliver on its mission in advancing the system here in the Commonwealth.
Rick Pillow, President
Virginia Credit Union League
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