(Winnipeg MB, March 20, 2020) — Manitoba’s credit unions are continuing to take the right steps to provide essential financial services to their members while also supporting the province’s public health efforts to combat the COVID-19 virus.
“Our top priority is helping to ensure the well-being of all concerned while continuing to meet the needs of credit unions and their members,” said Garth Manness, CEO of Credit Union Central of Manitoba (CUCM), the trade association serving Manitoba’s 24 credit unions.
“More than half of all Manitobans belong to a credit union. With $33 billion in assets, 40 per cent market share and a 100% guarantee on deposits, they are important financial institutions for all Manitobans,” Manness said. “In the 104 communities in which they operate — in cities, towns and villages throughout the province — credit unions are working together to help members navigate this new territory.”
Taking their lead from senior provincial health authorities, credit unions throughout the province have put measures in place to ensure the safety of members and staff, up to and including truncation of branch hours, limiting the number of members inside branch locations and, in some cases, suspension of operations of some branches.
“This is a rapidly evolving situation and public health concerns must be paramount as credit unions look to continue serving their members and communities safely,” Manness said. “Putting people first is at the heart of the credit union mission and never has this been more important than now.”
Credit unions have a decades-long history of helping members during times of need. As this crisis unfolds, credit unions are staying true to their member-focused mission by encouraging members to get in touch if they are experiencing financial hardship so that they can provide help on a case-by-case basis. This includes providing payment relief to borrowers.
Manitoba credit unions have developed policies to assist borrowers. Some have announced measures to provide consumer, commercial or agricultural borrowers with up to six months of payment and interest deferrals, while some have other measures in place to support their members.
Credit unions will work with individual member-borrowers during the current crisis, as they always have. Together, they will assess the borrower’s situation, and develop a plan for deferral and repayment.
Any members who have questions or concerns about their personal financial situation should reach out to their credit union for guidance and support.
Credit unions have been a key part of the communities in which we operate for close to a hundred years. We know the power of community – take care of yourselves, your families and friends. We’re in this together. Your health and financial well-being are top of mind for us, now more than ever.
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Media Contact: John Hamilton, Manager, Knowledge Services & Engagement
firstname.lastname@example.org | 204-223-1976
About Manitoba Credit Unions
Manitoba’s 24 credit unions operate 180 branches in 108 distinct communities throughout the province. In 68 of those communities, a credit union is the only financial institution in place to serve local residents and businesses. Providing more than 600,000 Manitobans with quality financial services and products, Manitoba credit unions collectively hold $27 billion in loans, $30 billion in deposits, $33 billion in assets, and 6.64 per cent of assets in equity.
About Credit Union Central of Manitoba (CUCM)
CUCM is the trade association and service provider for the province’s 24 autonomous credit unions and is governed by Manitoba’s Credit Unions and Caisses Populaires Act. CUCM manages liquidity reserves, monitors credit granting procedures and provides trade services in areas such as corporate governance, government relations, representation and advocacy. CUCM also provides payment and settlement systems, banking, treasury, human resources, research, communications, marketing, planning, lending, product/service R & D, business consulting and legal services to credit unions. Manitoba credit unions jointly own CUCM and representatives from five peer groups sit on its board of directors. CUCM is financed through assessments and fee income derived through its operations.
If you are still experiencing technical issues related to your debit card, please contact your local credit union for support.
Credit Union Central of Manitoba (CUCM) is pleased to announced the launch of a revamped public “Manitoba Credit Unions” website, creditunion.mb.ca, for members of the public who want to learn more about credit unions and what they have to offer.
In addition to general information about what makes credit unions unique, as member-owned co-operatives in the financial services industry, visitors can locate and connect to one of the 25 credit unions in the province, and use an interactive map to find one of their 180 locations. A similar map points them to the location of ATMs in Manitoba's (and Canada's) extensive credit union surcharge-free ATM network.
The site is bright, colourful, and succinct in its presentation of current facts and stats on Manitoba credit unions, the story of the financial co-operative system, and system career opportunities.
"The purpose of the site is to pique people's interest enough that they will take the next step and consider joining a Manitoba credit union," says Louise Smith, CUCM's VP of Knowledge and Strategy. "If credit unions see an uptick in traffic from our site, we'll have accomplished what we set out to do."
CUCM now has its own site, cucm.org.
Formerly incorporated into the public site, the new, stand-alone site allows CUCM to talk about itself a little more, in terms of its identity, purpose and values, as well as the services it provides to Manitoba credit unions.
With its own career listings, "working at CUCM" pages, and community engagement story, visitors and prospective employees should come away with a more complete picture of this vital credit union support organization.
WINNIPEG, Manitoba (March 23, 2016) — With interest rates at historic lows and competition at all-time highs, Manitoba credit unions continue to perform well, according to 2015 system results released by Credit Union Central of Manitoba (CUCM).
“Despite being in an extremely competitive industry, and considering that they depend on margin (the split between deposit and loan rates) for income to a greater extent than their competitors, in this historically low interest rate environment, Manitoba credit unions are doing exceptionally well,” said Garth Manness, President & CEO of Credit Union Central of Manitoba (CUCM).
As of the end of 2015, the province’s 34 credit unions had combined assets of nearly $26 billion. Over the past decade, assets have increased by more than $15 billion, with loans, deposits, equity, and other financial measures keeping pace.
Credit unions are far and above their nearest competitors when it comes to market share. Forty-three point six per cent of Manitoba consumers and 47 per cent of Manitoba businesses are credit union members. Even more impressive, 34.8 per cent of all consumers and 46 per cent of all small- and medium-sized businesses (SMEs) consider a credit union to be their primary financial institution. Nationally, credit union market share is highest in Manitoba — with the exception of Quebec’s caisse populaire system — and Manitoba’s share has increased by more than any provincial system that held at least a 10 per cent share in 1985.
And Manitoba consumer and SME members love their credit unions. Forty-four point four per cent of members are “very satisfied” with their credit union (34.9 per cent of bank customers are “very satisfied” with their bank). Credit unions also score highly when it comes to key factors such as trust, rates and fees and how focused they are on member needs. Among SMEs, 58.1 per cent say they are “very satisfied” with their credit union (41.6 per cent for banks).
“Beyond what they provide to their consumer and SME members, credit unions continue to play important, sometimes vital, roles in the communities in which they operate,” Manness said. “In 62 Manitoba communities, for example, a credit union is the only financial institution with a presence.”
In addition to currently having over $21.6 billion out on loan, generating activity in the economy (with 53 per cent of the commercial loan market and 37.8 per cent of the residential mortgage market), over the past five years, Manitoba credit unions have spent an average of $25.8 million each year on new buildings and facility improvements. With 3,300 employees and a total payroll of $132 million, credit unions provide skilled, well-paying jobs to Manitobans in communities throughout the province.
Credit unions shared $20.8 million in profits with members last year in the form of patronage allocations and dividends. That’s an important point of distinction between credit unions and other financial institutions: rather than sending those profits out of province, credit unions return them to members —through profit sharing and through exceptional rates and low fees — so they can use them as they see fit, right here in Manitoba.
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Manitoba Credit Union 2015 (Dec 31) Results at a Glance
2015: $23.93 billion
2014: $22.40 billion
2015: $21.61 billion
2014: $20.78 billion
2015: $25.91 billion
2014: $24.14 billion
2015: $115.8 million
2014: $127.2 million
2015: $1.62 billion
2014: $1.51 billion
Equity as a percentage of assets
Change: – 2
Number of communities where a CU is the only FI
Change: – 5
About Credit Union Central of Manitoba (CUCM)
CUCM is the trade association and service provider for the province’s 34 autonomous credit unions and is governed by Manitoba’s Credit Unions and Caisses Populaires Act and the federal Cooperative Credit Associations Act. CUCM manages liquidity reserves, monitors credit granting procedures and provides trade services in areas such as corporate governance, government relations, representation and advocacy. CUCM also provides payment and settlement systems, banking, treasury, human resources, research, communications, marketing, planning, lending, product/service R & D, business consulting and legal services to credit unions. Manitoba credit unions jointly own CUCM and representatives from nine provincial districts sit on its board of directors. CUCM is financed through assessments and fee income derived through its operations.
John Hamilton, Manager, Knowledge Services & Communication