April 20, 2012 ● Volume 01, Issue 16
View 04-20-12 issue of The Pulse
Credit Union News
Minnesota Credit Union Network elects new directors at 2012 Annual Meeting
The Minnesota Credit Union Network held its Annual Meeting & Convention on April 13-14 at the DoubleTree Hotel in Bloomington. More than 330 credit union professionals and volunteers were in attendance, representing 78 credit unions. Additionally, the meeting welcomed more than 125 individuals from 52 service organizations.
Also at MnCUN's annual business meeting, three incumbents and three new representatives were elected to terms on the MnCUN Board of Directors:
- Chuck Albrecht of Mid-Minnesota Federal Credit Union in Baxter was reelected to represent credit unions outside Minnesota's seven-county Metro Area.
- Mary Hansen of Mayo Employees Federal Credit Union in Rochester was elected to represent credit unions with greater than 10,000 members.
- Julia Havens of Riverview Credit Union in South St. Paul was elected to represent credit unions with 2,000 or fewer members.
- Nick Meyer of Minnesota Valley Federal Credit Union in Mankato was reelected to represent credit unions outside of Minnesota's seven-county Metro Area.
- Patrick Pierce of City & County Credit Union in St. Paul was reelected to represent credit unions within Minnesota's seven-county Metro Area.
- Sandra Wiederholt of Ecolab Credit Union in St. Paul was elected to represent credit unions with 2,001 to 10,000 members.
The MnCUN Board also elected its table officers for 2012:
- Chairman Patrick Pierce of City & County Credit Union in St. Paul;
- Vice Chairman Chuck Albrecht of Mid-Minnesota Federal Credit Union in Baxter; and
- Secretary/Treasurer Jeff Schwalen of Hiway Federal Credit Union in St. Paul.
MnCUN hires Compliance & Audit Consultant
This week MnCUN welcomed Marcia Lewis as its Compliance & Audit Consultant. Lewis will work to develop MnCUN's new Compliance Services Program, which is a fee-based service that provides credit unions one-time or ongoing compliance assistance.
As the Network's Compliance Consultant, Marcia Lewis works with credit unions around the state to provide compliance and audit services. She assists credit unions in meeting ongoing regulatory needs and provides compliance and auditing services on a project basis. She also works as part of a credit union's team to identify compliance issues and assist in implementing solutions.
Lewis has 25 years of financial institution experience in a variety of positions. Her hands-on experience in a diverse range of positions enables her to fully understand the intricacies of credit union operations. Specifically, she has experience in risk management, internal auditing, training, compliance and operations. She also has the ability to establish, develop and strengthen programs that facilitate credit union compliance with regulations. Lewis has been a certified compliance officer since 1997, and has been designated as a Certified Financial Services Auditor since 1998.
In addition to her credit union experience, Lewis serves as an adjunct instructor at Globe University/Minnesota School of Business where she teaches business, business ethics, management, operations and entrepreneurship.
For more information about MnCUN's new compliance service, visit the Compliance Services page of the Network website.
MnCUN releases Gen Y research, announces webinar series
During last week's Annual Meeting & Convention, MnCUN debuted the results of its research on attracting and retaining younger members. Developed by the Filene Research Institute, this Minnesota-specific research provides credit unions tangible action steps they can take to more effectively reach 18-34 year olds.
Funded in part by the Minnesota Network Advertising Program (MNAP), this research combines Minnesota information with 10 years of research on the young adult segment and how credit unions can reach this generation. The complete research is presented in a free, downloadable report that outlines how to understand the needs of young adults, build awareness, develop products that meet the needs of Gen Y, use employees to leverage outreach activities, and establish metrics. Since credit unions come in all shapes and sizes, the recommendations in the report are presented in a "Good, Better, Best” framework.
In addition to delivering the information in a written report, MnCUN is also hosting a free webinar series that will highlight specific components of the research. To be held from May-September, the webinars will deliver the research information in a compelling and interactive way. The first webinar, The Young Adult Challenge & Identifying Their Needs, will be held on Wednesday, May 2, from 10 a.m.-11:30 a.m. This webinar will dissect what young people want from a financial institution and how credit unions can fulfill that need.
Check out the Filene Generation Y research today and discover ways that your credit union can attract younger members. For more information about the research, to download the report or to register for the webinar series, visit the Generation Y page of the Network website. This page also contains a four-minute video summarizing the research results.
MnCUN publishes analysis of 2011 CU data
Aiming to provide insight into the state of the credit union movement, the Network has published a 2011 profile of Minnesota credit unions. Working together with economic and research experts at CUNA, MnCUN developed this quarterly report to highlight overall credit union performance, ratios and trends.
Highlighting the improving economy, the year-end report focuses on the positive improvement in key economic indicators. Consumer confidence is growing, which is shown by the increase in lending and membership at Minnesota credit unions. According to the report, loan balances increased by 2 percent in 2011 after finishing unchanged in 2010 and declining 2 percent in 2009. Over the past year, Minnesota credit unions’ member business lending activity also grew 8 percent, which is higher than the national average of 5 percent.
Overall, the state's credit union membership grew by 3,900 last year, which is a decent turnaround after two consecutive years of decline. In contrast, total Minnesota credit union membership increased by an average of 1,900 over the past three years and by an average of 5,300 over the past decade. In addition, Minnesota credit unions added a total of 15,250 checking accounts in the fourth quarter and 42,000 during all of 2011. Nationally, credit union membership grew 400,000 during the fourth quarter, which represents 31 percent of the full-year increase of 1.3 million.
For additional insights from the report, along with charts and credit union data, visit the Minnesota Credit Union Profile page of the Network website. Credit unions are encouraged to share this information internally and with members of the media. With questions about the report's information and data, contact MnCUN Controller Tommy Rempfer by email or at (651) 288-5511. With questions about disseminating this information to the media or your members, contact MnCUN Director of Communications Rachel Anderson by email or at (651) 288-5527.
Financial Principles School early bird pricing ends April 26
Credit union professionals have less than a week to save $50 on registration for MnCUN's Financial Principles & Business Planning School. Featuring credit union expert Jim Aho, this school blends theory with practical application to provide attendees with a thorough understanding of the fiscal aspects of the credit union.
Set for May 21-23, this training will develop a foundation of basic financial principles and guide attendees on how to take that knowledge to the next level. Using their own credit union's financials, attendees will calculate, examine and discuss key financial ratios. The ratios will then serve as a basis for an analysis on the strategic issues and financial challenges facing their credit unions today and into the future.
Register by Thursday, April 26, to take advantage of the early bird pricing for this school. For more information, reviews from past attendees and online registration, visit the Financial Principles & Business Planning page of the Network website.
Credit union notes…
- Fergus Falls Community Credit Union recently merged into Otter Tail Federal Credit Union. The merged credit unions have more than $13 million in assets and serve 3,000 members through a branch in Fergus Falls. The merger is effective July 1.