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2 Historical Moments: CUNA Mutual Officially Changes Name Today, As Union Also Calls Strike

MADISON, Wis.–One of the most iconic names in credit unions and credit union history in the U.S. will officially change today when CUNA Mutual Group begins operating under the TruStage brand across the enterprise.

thumbnail_TruStage

All enterprise, business-to-business and consumer brands are now unified under the single brand name of TruStage, which the company has been using for some of its products for a number of years.
The new brand is being introduced at the same time approximately 450 employees represented by Office & Professional Employees Local 39 have gone on strike. It is the first strike in the company and the union's history. As CUToday.info has been reporting, the company and the union have been at an impasse since February of 2022, when the prior contract expired. 

In a statement to the Wisconsin State Journal, CUNA Mutual Group spokesperson Barclay Pollak said in relation to potential interruptions in service to credit unions, “We totally understand the situation and it may present questions from our partners and communities.”

Pollak told the publication the company has “business resiliency plans” in place for customers amid the strike, though he declined to go into specifics.

About the New Name

Meanwhile, the new name, TruStage, is an amalgamation of “trust” in credit unions and “stage,” for the various life stages members go through. But CUNA Mutual has also made a number of acquisitions and become much more complex in its offerings and operations.

In mid-2022, when the company announced the plan to rebrand, CEO Bob Trunzo said in a statement, “We were born out of the credit union movement more than 85 years ago and founded on the principle of people helping people. As we’ve evolved in how we help those we serve, we’ve always remained anchored to our purpose to make brighter financial futures accessible to everyone. Now is the time for our brand to reflect all we do.”

In early May, CUNA Mutual reported strong financials for 2022, ending the year with $5.2 billion in total revenue and $343 million in net income. Additional details about its performance can be found here.

History of CUNA Mutual

CUNA Mutual was founded in 1935, one year after the formation of the Credit Union National Association (CUNA), as the CUNA Mutual Insurance Society. A primary initial offering was credit insurance, sold for nominal amounts to credit union members during the Depression when CUs promoted the offering by saying the “debt shall die with the debtor.”

CUNA Mutual Insurance Society was created with a $25,000 loan from credit union champion Edward A. Filene, a Boston department store retailer. Its first claim totaled $40.

The company has been intricately intertwined with credit unions since its founding and today is one of the biggest sponsors of various events throughout the industry.

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