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The Pulse (01-11-13)










The Pulse (01-11-13)

Jan. 11, 2013    ●    Volume 02, Issue 02

The Pulse Archive

Credit Union News


NCUA increases small CU asset threshold to $50 million

Yesterday the NCUA voted to raise the threshold for a "small" credit union from the current $10 million to $50 million in assets. The NCUA's change will make assistance from the its Office of Small Credit Union Initiatives (OSCUI) available to more than 4,600 credit unions an increase of 2,270. The agency made it clear that the OSCUI will make changes to its procedures to handle the increased workload without adding additional staff.

Under the new rule, the NCUA will consider periodic changes to the asset-level test; initially every two years, and eventually every three years. The regulatory changes will go into effect in 30 days after publication in the Federal Register, which generally occurs within a week or two of an agency's adoption of a new rule. Credit unions that meet the regulatory definition for "small" have some additional flexibility when it comes to NCUA rules. The current $10 million small credit union asset threshold was set by the agency in 2003.


Insight on legislative issues available in Jan. 22 webinar

The Minnesota Credit Union Network is providing credit union professionals and volunteers a backstage pass to Credit Union Day at the Capitol through a free pre-event webinar on Tuesday, Jan. 22. This session will provide registered CU Day attendees an overview of this important political advocacy event.

The "Insider's Look at 2013 CU Day at the Capitol" webinar will highlight the event's schedule, along with providing an overview of the legislative session. Attendees will learn about changes to this year's Credit Union Day at the Capitol, receive information about the new process for scheduling legislative visits, and gain insight into The Crew young professionals event. Additionally, MnCUN's Vice President – Governmental Affairs Mara Humphrey will provide credit union professionals and volunteers with an issues briefing for the 2013 Legislative Session.

Mark your calendar for Jan. 22, and take participate in this insiders' event for CU Day. For more information, visit the Credit Union Day at the Capitol page of the Network website.


National CU locator proves valuable to Minnesota consumers

As part of its initiative to increase credit union market share, the Minnesota Credit Union Network provides the state's credit unions access to the national credit union locator, aSmarterChoice.org. This website uses news stories and member testimonials to educate consumers about credit unions and offers a search engine that visitors can use to find a credit union to join.

Throughout 2012, Minnesota consumers showed remarkable interest in the website, as consumers from across the state used this online tool to learn about Minnesota credit unions. Consider these 2012 statistics from aSmarterChoice.org:

  • From Jan.-Dec., more than 6,200 Minnesota consumers visited the website;
  • Of those who visited aSmarterChoice.org, an average of a nearly 60% successfully found a credit union that they were eligible to join (compared to the national site average of 31% of visitors successfully finding a credit union);
  • Minnesota ranked 15th in the nation for most visits to the site; and 
  • Throughout the year, MnCUN websites (including mncun.org, minnesotacreditunions.org and bankziety.org) ranked within the top 30 sites (out of 500 sites) that referred people to aSmarterChoice.org.

Last year, MnCUN's statewide consumer awareness campaign Bankziety used the Smarter Choice locator to help consumers find credit unions in their area. This campaign, combined with other consumer awareness efforts around the state, helped to increase membership at Minnesota credit unions in 2012.

The website aSmarterChoice.org is one of the many tools that the Minnesota Credit Union Network makes available to credit unions to help them grow and thrive. To learn more about the benefits of affiliation with MnCUN, visit the MnCUN Membership page of the Network website. With specific questions, please contact MnCUN Vice President – Association Services Kristina Wright by email or at (651) 288-5507.


Nominate an outstanding colleague for MnCUN's Professional & Volunteer awards

MnCUN is now accepting nominations for two of its most prestigious awards! Now is your chance to nominate a colleague for the Outstanding Professional of the Year or the Outstanding Volunteer of the Year Awards.

  • The Outstanding Professional of the Year Award recognizes the notable service of one outstanding credit union professional who has selflessly given time, effort and talent to the support and promotion of the credit union mission and who has gone above and beyond to improve the credit union culture in Minnesota.
  • The Outstanding Volunteer of the Year Award is given to one extraordinary credit union volunteer who best exemplifies the credit union spirit through dedication to, and belief in, the credit union movement. Grounds for nomination include involvement in the credit union movement at local and state levels and participation in other activities that support the credit union mission.

Presented on an annual basis, the Professional and Volunteer Awards showcase dedicated service and professionalism of credit union staff and board members for their work over the previous calendar year. The winners of these awards are recognized during the Minnesota Credit Union Network Annual Meeting & Convention, which takes place May 17-18. Honor what makes your co-workers special! Consider nominating a supervisor, CEO, colleague, volunteer or even yourself for these awards.

Nominations for both awards must be received by the Network by Friday, March 15. Complete information and printable nomination forms can be found on the Recognition Awards page of the Network website. With questions about these awards programs, contact MnCUN Communications Specialist Kelli Sandhurst by email or at (651) 288-5503.


Education survey results shape MnCUN's 2013 events lineup

Last October, the Minnesota Credit Union Network surveyed more than 1,000 credit union staff and volunteers to gather information about their professional development needs. The survey asked for feedback on educational session topics, content and delivery channels to allow the Network to assess its educational offerings and hone future sessions.

Based on survey responses, below are the five most popular educational delivery channels:

  1. Webinars – More than 100 webinars will be offered in 2013, including a slate of Webinars On Demand.
  2. Half-day or one-day workshops/seminars – Upcoming events include CU Day at the Capitol, Lending Conference, Crew events for young professionals, Supervisory Committee Workshops, and a Business Lending Conference.
  3. Roundtables – 18 roundtable meetings will be offered during 2013, giving credit union professionals peer-to-peer networking for various positions.
  4. Teleconferences – 14 teleconference options will be offered in conjunction with roundtable meetings, enabling attendees to participate in these meetings from their credit union.
  5. Multiple-day conferences – This year there will be several conference options, including the Western States Volunteers Conference, Governmental Affairs Conference, Lending Conference, Annual Meeting & Convention, CEO Conference, and Fall Conference.

In addition, meetings, webinars and other educational sessions will be offered throughout the year on the various topics requested by survey respondents. The list below includes the five most popular education topics:

  1. Lending compliance;
  2. Compliance;
  3. Economy & growth strategies;
  4. Management & supervisory skills; and 
  5. Bankruptcy, collection & loss prevention.

Additional information, session dates and online registration for all educational events can be found on the Event Calendar section of the Network website. With questions or suggestions, please contact MnCUN Director of Education Sue Groskreutz by email or phone at (651) 288-5521.


HDMA loan applications to be focus of Jan. 24 NCUA webinar

Home Mortgage Disclosure Act (HMDA) Loan Application common errors, form preparation tips, and credit union management responsibilities will be addressed during a free NCUA webinar on Thursday, Jan. 24. Titled "HMDA: Accuracy and Timeliness,” this webinar will provide credit unions key information for effectively handling HMDA Loan Applications.

During the webinar, experts from NCUA's Office of Consumer Protection and the Federal Reserve Board will:

  • Address common errors identified in HMDA LAR data and submissions;
  • Provide tips for preparing and submitting accurate and timely HMDA LARs; and
  • Discuss financial institution management responsibilities in the HMDA process.

For more information and to register, visit the Event Calendar section of the Network website.

Nominate your credit union for the Progressive Minnesota 2013 Award

Finance & Commerce is now accepting nominations for its Progressive Minnesota 2013 Award. This program recognizes individuals and companies who are driving business and industrial growth and economic development in Minnesota through unique and innovative ways. The Network encourages credit unions to submit entries for this award and be recognized for their strong presence in the state's communities and unique products and services.

The Progressive Minnesota Award encourages, promotes and honors entrepreneurs and organizations from across the state who invest their time, energy and ideas into strengthening the state's communities. Through their work, these individuals and organizations are having a significant impact on job creation, business development and the overall economic health of the Twin Cities and the entire state.

Entry forms can be obtained from the Finance & Commerce website. Entry forms must be submitted by Friday, Jan. 18.


Credit union notes…

  • In 2012, Duluth Fire Department Credit Union announced Tim Aune as its new manger. Aune has been with the credit union since October 2010 and also works for the Duluth Fire Department as a Fire Equipment Operator.

Advocacy Corner

Save the Dates: 2013 offers political events not to be missed

 

At the Capitol

2013 Minnesota Legislature commences, MnCUN develops and strengthens relationships  

NCUA to focus on capacity, clarity and consistency in 2013 

Out for Comment

IRS publishes truncated TIN proposal

CUNA Mutual Group unveils TruStage:™ A new brand & a new resource

PolicyAid investigates how the CFPB impacts card services