The Pulse (01-04-13)
Jan. 4, 2013 ● Volume 02, Issue 01
The Pulse Archive
Credit Union News
MnCUN's external communications strategy focuses on trust
Last month the Minnesota Bankers Association declared an "assault” on credit unions in an article in the Minneapolis/St. Paul Business Journal. The story focused on credit unions' business lending efforts and highlighted the bankers' plan to challenge credit unions' tax exempt status and other legislative initiatives during next year's session.
The current environment sets the stage for an escalated battle between banks and credit unions in the 2013 legislative session. Credit unions' increase in membership throughout 2012 combined with the state's budget deficit will likely cause the bankers to oppose credit unions' initiatives with new passion and vigor.
The Network is prepared to proactively address bankers' opposition through its external communications strategy. This initiative will focus MnCUN's messages to consumers, the media and legislators on the theme of trust. These audiences will receive messages focused on the principle that credit unions are trusted, reliable and relevant financial institutions. While the tone and call to action will be different for each of these audiences, the overall strategy and theme of trust will remain consistent throughout all of the messages. Through these coordinated efforts, credit unions' messages to various external audiences will enhance, complement and strengthen each other.
There will be three main components of this external communications strategy:
- Public Affairs Communications – During the 2013 Legislative Session, MnCUN will be sharing the credit union difference with legislators, media and decision-makers through newsletters, postcards and other forms of direct communication. With nearly one-third of state elected officials being new this year, these efforts will help to ensure that legislators and policymakers are informed about credit union issues.
- Media Relations – In 2013, MnCUN will enhance its media relations efforts through editorial board meetings, increased media pitches and op-ed submissions. The Network will use the media as a channel for delivering the message of trust to consumers and public opinion leaders.
- Consumer Engagement – Through its work with the Minnesota Network Advertising Program (MNAP), MnCUN will coordinate a number of consumer initiatives focused on the trust theme. The committee will use statewide consumer research, radio and website advertisements, and the Bankziety website to educate consumers about the credit union difference and encourage them to switch to a credit union.
Throughout 2013, credit unions will be faced with many challenges and opportunities. The Minnesota Credit Union Network stands ready to proactively promote credit unions and proclaim to the state's consumers, media and legislators that credit unions are trusted financial partners.
3 reasons to register for CU Day by Jan. 10
MnCUN's Credit Union Day at the Capitol on Tuesday, Jan. 29, provides credit unions professionals and volunteers the unique opportunity to learn about legislative issues and meet with elected officials. This important advocacy event forms the foundation for a positive working relationship with legislators throughout the 2013 Legislative Session.
Register by next Thursday, Jan. 10, to take advantage of these perks:
- Save Money – Those that register by Thursday, Jan. 10, will receive the early bird pricing for this event, with discounts ranging from $20-$40!
- Save Your Spot – As part of the registration process, MnCUN will be scheduling legislative visits for everyone who signs up for CU Day. This new service offered by MnCUN takes away the stress of scheduling legislative visits. Register early to help arrange for a meeting with legislators from your home district.
- Save the Date – By registering early, you can ensure that Jan. 29 is reserved for CU Day. The longer you wait to register the more likely it is that appointments, meetings and other obligations will creep into this day. Register today and mark Jan. 29 as "booked” on your calendar.
Through education sessions, legislative briefings, keynote speakers and legislative visits, Credit Union Day at the Capitol brings the credit union message to elected officials. For more information about this important event and to register, visit the Credit Union Day at the Capitol page of the Network website. Be sure to register by Thursday, Jan. 10, to take advantage of the early bird pricing!
Nesvold, MnCUN staff recognized by World Council of Credit Unions
Recognizing the extraordinary efforts of exceptional volunteers dedicated to improving and supporting the credit union culture worldwide, the World Council of Credit Unions (WOCCU) recently bestowed three Minnesota credit union representatives with an international honor.
Dick Nesvold, CEO of SouthPoint Federal Credit Union in Sleepy Eye, Minn., Mark D. Cummins, MnCUN President & CEO; and Kristina Wright, MnCUN Vice President – Association Services were among a group of nine credit union professionals who were inducted into WOCCU's International Executive Volunteer Corps (IEVC). The IEVC recognizes industry leaders for their dedication to international credit union development and volunteer service with WOCCU.
Cummins, Wright and Nesvold make up the perennial components of a group of Minnesota credit union representatives who participate in an ongoing exchange between MnCUN and the Paraguayan credit union association Central de Cooperativas del Area Nacional Ltda. (CENCOPAN). This partnership was established in 2004 through the World Council of Credit Unions, and it allows credit union representatives from both countries to share ideas, knowledge, insight and experiences.
The group has met with officials in Paraguay several times and, most recently, a contingent from Paraguay visited Minnesota to gather regulatory and credit union operational insight from the state's regulators, MnCUN staff and other credit union professionals. During the November exchange, Nesvold and his SouthPoint FCU staff hosted the Paraguay group and was one of several Minnesota credit unions the group visited.
"We strive to ensure that this partnership continues to be beneficial to CENCOPAN and the Paraguayan credit unions, as well as to MnCUN and the credit unions we represent," Cummins said. "It is a great honor to be recognized for our work with this partnership, and I look forward to future exchanges and the opportunity to work with other credit unions, here and internationally, to help advance cooperatives and further the global credit union movement."
IEVC members are affiliated with WOCCU's volunteer activities and International Partnerships Program, which formalizes credit union partnerships worldwide. Inductees have demonstrated at least a three-year commitment to furthering WOCCU's international credit union development efforts, and each has engaged in two or more volunteer assignments abroad. IEVC members must have hosted at least four international credit union professionals at their individual credit unions within the previous two years.
In 2006, US Federal Credit Union President & CEO Bill Raker and former MnCUN employee Dana Hofmann-Geye were also inducted into the IEVC.
MnCUN Dues Payers: Top 10 of 2013
Thank you to the first 10 credit unions to pay their Minnesota Credit Union Network and CUNA dues for 2013! Dues packets were mailed to all credit unions in mid-December, with a deadline of Thursday, Jan. 31.
MnCUN's "top 10” list for 2013 includes:
- Employees First Credit Union
- Deer River Co-op Credit Union
- Minnesota Power Employees Credit Union
- AE Goetze Employees Credit Union
- Associated Healthcare Credit Union
- Collegeville Community Credit Union
- Eaton Employees Credit Union
- St. Cloud Federal Credit Union
- Hermantown Federal Credit Union
- SouthPoint Federal Credit Union
Many of the credit unions listed above also made voluntary contributions to the Minnesota Network Advertising Program (MNAP), the Unity Fund, and/or Credit Union House on Capitol Hill. Additional information about annual dues or membership with the Minnesota Credit Union Network can be found online:
With specific questions, please contact MnCUN Vice President – Association Services Kristina Wright by email or at (651) 288-5507.
Lunch with a side of learning
In today's work world, efficiency and multitasking are essential. In an effort to help credit union professionals and volunteers make the most of their time, MnCUN is hosting a free Product Series Webinar during the lunch hour on Tuesday, Jan. 8. This new webinar series provides credit unions insight into services and expertise offered by MnCUN's strategic alliance business partners.
The Jan. 8 webinar will feature LSS Financial Counseling Services discussing three personal finance trends that will affect credit unions in 2013. Program Director Darryl Dahlheimer will offer insight into three primary trends in consumer debt. Participants will learn proactive approaches to help members get ahead of and navigate these trends. In addition, attendees will investigate the top 10 fraud schemes and what they should know about debt settlement companies.
Take advantage of this free and informative webinar. For more details and to register, visit the Event Calendar section of the Network website. Attendees must register for this session by the end of the day today.
MnCUN webinar provides insight into
conservatorships, guardianships and powers of attorney
To assist credit unions in unpacking the intricacies of conservatorships, guardianships and powers of attorney, credit unions can now access an archive of a recent webinar focused on these topics. The webinar archive features MnCUN Associate General Counsel Chris Loftus providing information on how credit unions should handle members' financial activity and requests involving these financial relationships.
The webinar discusses the important differences between powers of attorney, conservatorships and guardianships. Participants will learn what a credit union must consider when presented with a legal document establishing one of these relationships. Specifically, the webinar highlights:
- Important differences between conservatorships, guardianships and powers of attorney;
- Powers of the conservator, guardian and attorney-in-fact;
- Setting up accounts for each type of protective relationship;
- Evaluating powers of attorney created online or by the member vs. the Minnesota Short Form;
- Handling share drafts and other financial documents;
- Terminating the protective accounts; and
- Successor conservators, guardians and attorneys-in-fact.
To access the webinar archive, visit the Legal Relationships page of the Network website.
Governmental Affairs News
CUs look to tackle regulatory burden, finance reform and charter enhancements during 113th Congress
At the Capitol
Credit union friends found on key legislative committees
2013 permission agreements due
Regulatory Compliance News
New ATM signage law signed
CUNA to host call on international remittance service
CFPB defines when a final rule is issued
CFPB increases HMDA threshold
FinCEN extends FBAR filing deadline for some individuals
FTC issues amendments to COPPA rule
FTC issues debit card report
2013 CRA and HMDA software
Out for Comment
FASB proposes changes to calculating credit losses
CFPB issues new proposed international remittance rule
CFPB requests comments on impact of CARD Act