The Point: April 3, 2013

Registration, lodging still available for State GAC

Credit union advocates can still register for the Credit Union Association of New York’s State Governmental Affairs Conference (GAC), which will be held April 16-17 in Albany.   

Details and registration are available on the Association website. Although the room block deadline for Hotel Albany has passed, Association staff are coordinating alternative lodging options. To request assistance with hotel reservations, contact the member services team at (800) 342-9835, ext. 8546 or

Reminder: Share April initiatives with Association

April is National Financial Literacy/Capability Month, and it is also the month of CUNA’s National Credit Union Youth Week and National Youth Saving Challenge. As a result, credit unions have numerous opportunities to promote financial literacy, saving and other positive financial habits in the days ahead.

Credit unions are asked to report any April initiatives to the Credit Union Association of New York via the MORE submission form. Submissions will be included in the 2013 MORE Report and considered for additional Association communications.

CUNA Mutual Group posts fourth straight year of earnings growth

CUNA Mutual Group has reported its fourth consecutive year of earnings growth, with consolidated GAAP operating revenue, net income and capital levels all increasing in 2012.

Highlights include:

  • CUNA Mutual Group recorded $150 million of net income (GAAP) in 2012, compared to $83 million in 2011, and GAAP operating revenue grew by 3 percent.
  • CUNA Mutual Group’s total cash and investments grew to $11.1 billion in 2012, an increase of $1.2 billion over 2011. 
  • Statutory total adjusted capital of CMFG Life Insurance Company, CUNA Mutual Group’s lead life insurance company, grew to $1.6 billion in 2012, up $133 million from 2011.  The company’s consolidated GAAP surplus ended the year at $2.5 billion, a 17-percent increase from 2011. 
  • In 2012, CUNA Mutual Group contributed $39 million to support credit union associations/leagues and reinvested more than $40 million in a number of businesses. 
  • A total of $964 million in benefits were paid to credit unions in 2012, up slightly from 2011.

“CUNA Mutual Group is not just a vendor, but a collaborator—one member of a trusted partnership with a common interest in helping each credit union achieve its highest potential,” said Mike Defnet, CUNA Mutual Group SVP of sales. “We’re proud of our strong partnership with CUNA and the Credit Union Association of New York, and we will continue to help credit unions in New York and around the country grow non-interest income by bringing stronger products and services to their members.”
For more information, view the related press release.

Helpful Links

CUNA News Now

CUNA Regulatory Advocacy Report (CUNA member log-in/registration required.)

CUNA Legislative Update (CUNA member log-in/registration required.)