NCUA welcomes new Minnesota examiner
In December, the NCUA welcomed Jarvis Bell as Minnesota’s newest credit union examiner. Prior to joining the NCUA in August, Bell worked with State Farm Insurance Companies as a high-risk insurance underwriter. Additionally, he has been in the military for 13 years and currently serves as a Technical Sergeant with the Minnesota Air National Guard.
MnCUN investigates CU participation in state program
Over the past few months, the Minnesota Credit Union Network has been advocating on credit unions’ behalf to ensure that they are able to fully participate in a state program – the Minnesota State Board of Investment’s Certificate of Deposit Program. This program was brought into the spotlight in October when Gov. Mark Dayton announced that he would use it to make an additional $100 million in deposits available for community banks.
Understanding the importance of achieving parity between credit unions and banks, the Network has been working with the State Board of Investment to ascertain how credit unions can be included in the program. The Certificate of Deposit Program would provide three- to six-month CDs to participating institutions, with a maximum investment of $1.5 million per financial institution. Additional information about the specifics of the program is outlined in the Certificate of Deposit Program brochure.
Prior to investing more time into making additional changes to include credit unions in the program, the Minnesota State Board of Investment would first like to gauge credit union interest. While most credit unions are probably not looking for deposits, the Network wants to ensure that they have the ability to participate in this program. Therefore, credit unions are being asked to indicate their interest in the program so that the state will take the steps necessary for credit union inclusion.
If your credit union may be interested in this program, please contact MnCUN Vice President – Governmental Affairs Mara Humphrey by email or at (651) 288-5523. Additionally, while the program currently only operates through three clearinghouse banks, the Network will work with the state to increase this number – if there is enough credit union interest. When responding to Humphrey, please indicate your current correspondent relationships.
Foundation releases financial education webinar series
The Minnesota Credit Union Foundation recently released an archive webinar series titled "Connecting the Dots: Financial Education…Financial Capability.” This series provides tools to help credit unions increase the effectiveness of their financial education efforts.
In 2011, the Foundation worked with the University of Minnesota Extension to fund a series of live webinars that are now archived for continued use. These sessions help to equip credit union professionals to teach financial topics and improve the financial management skills of young adults. These webinars help to make financial education relevant for students in their daily lives while demonstrating the importance of making wise financial decisions.
Archived webinars are available free of charge to anyone who works to improve the financial literacy levels of students, including credit union staff, teachers, business educators, community agency staff and others. Credit unions can use these tools to establish relationships with local schools or work with teachers to increase overall effectiveness in teaching financial education.
For additional information or to download the webinars, visit the Foundation website. Credit unions are also encouraged to publicize the availability of this resource to their members, especially those with a concentration of teachers in their fields of membership. For a sample newsletter article, contact Foundation staff liaison Kristina Wright.
Credit union notes…
- Catholic Credit Union merged into Catholic United Financial Credit Union on Jan. 1. The merged credit unions have more than $17 million in assets and serve nearly 4,000 members through branches in St. Paul and St. Cloud.