Minnesota

REGULATING AGENCY: Minnesota Department of Commerce; Financial Institutions Division

Minnesota State Capitol

ACCREDITED: 2017

LEAGUE: Minnesota Credit Union Network

PRIVATE SHARE INSURANCE: No

STATS: (As of Q4 2021)

Total Number of Credit Unions: 93

  • TOTAL # SCUs: 64
  • TOTAL # FCUs: 29
  • SCU % OF TOTAL (SCUS #/STATE TOTAL #): 69%

Total Assets: $35,859,423,811

  • TOTAL $ SCU ASSETS: $26,922,525,139
  • TOTAL $ FCU ASSETS: $8,936,898,672
  • SCU % OF TOTAL ASSETS (SCUS $/STATE TOTAL $): 75%

Total Members: 2,013,083

  • TOTAL Members SCUs: 1,433,869
  • TOTAL Members FCUs: 579,214
  • SCU % OF TOTAL (SCUS/STATE TOAL): 71%

FUN FACT: The first practical water skis were invented in 1922 by Ralph W. Samuelson, who steam-bent 2 eight-foot-long pine boards into skies. He took his first ride behind a motorboat on a lake in Lake City.


RECENT NEWS

Minnesota Credit Union Foundation announces capital drive to support black-led CU

Published in CUNA News

February 1, 2022 — The Minnesota Credit Union Foundation has established a special fund to receive donations from supporters of Village Financial Credit Union, and is seeking to raise $1 million in capital from the credit union community. The Association for Black Economic Power (ABEP) is a nonprofit organization created to establish a Black-led credit union to address systemic financial challenges impacting Minneapolis residents, particularly people of color, and is raising capital for post-opening operating expenses for Village Financial Credit Union.

“Establishing the only Black-led, cooperative credit union in Minnesota is an opportunity to effect positive change, empower growth and economic stability while directly addressing the core cause of systemic poverty on a variety of levels,” said Debra Hurston, Executive Director of the Association for Black Economic Power. “The original organizers were very passionate about having a community-led credit union that would directly respond to the community wealth gap. Also, having the credit union-owned and operated by the community provides a huge source of pride and independence for the members.”

READ MORE


STORY ARCHIVE:
Click here to take a look at the stories that have been collected over the years in Minnesota.

What’s new in your state?
Click here to submit your state-chartered credit union news stories to NASCUS today!