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CU News (09-28-12)










The Pulse (09-28-12)

Sept. 28, 2012    ●    Volume 01, Issue 39

View 09-28-12 issue of The Pulse

Credit Union News


Network while you bowl during MnCUN's Crew event

Are you a young credit union professional who likes to connect and have fun with others in the movement? If so, you are invited to attend MnCUN's Crew networking and bowling event on Oct. 25 from 5 p.m.-8 p.m. at the Sky Deck Sports Grille & Lanes in the Mall of America.

Established earlier this year, The Crew is made up of mid-level, young credit union professionals who are looking for the opportunity to grow in their career. Crew events are held in conjunction with MnCUN's major conferences and give young professionals the opportunity to learn about the credit union industry, explore options for advancement, and network with other professionals.

The Oct. 25 Crew event will be held in conjunction with MnCUN's Marketing & Media Bootcamp. The evening will consist of dinner, bowling and networking opportunities. Attendees will have the opportunity to meet and connect with marketing and business development professionals, along with other Crew participants.

Register today and secure you spot at this fun event. Registrations received by Tuesday, Oct. 2, will be able to take advantage of the early bird pricing. All other registrations are due by Thursday, Oct. 18. For more information and to register, visit The Crew page of the Network website. 


MnCUN urges NCUA to reconsider proposed rules

This week the Minnesota Credit Union Network responded to NCUA's call for comment on two important issues. MnCUN's responses are part of its ongoing effort to communicate credit unions' ever-increasing regulatory burden and advocate for relief.

MnCUN's first letter to NCUA commented on the agency's proposed rule regarding access to emergency liquidity. This proposed rule would require credit unions to maintain a contingency funding plan and limits the methods through which credit unions can comply with this requirement. In its communication to NCUA, MnCUN drew attention to the fact that this rule is inconsistent with other regulators' actions regarding emergency liquidity. Other financial institution regulators issue guidance on liquidity rather than regulations, and MnCUN encouraged NCUA to do the same.

In addition, the Network expressed concern over the proposed rule's limit on the number of sources for emergency liquidity that credit unions would be able to use. MnCUN encouraged NCUA to reconsider its proposed rule and reevaluate whether additional emergency liquidity resources are appropriate avenues for protecting credit unions.

The second proposal MnCUN commented on pertained to NCUA's definition of troubled condition. The proposed rule would allow NCUA to designate a state-chartered credit union as one that is in troubled condition, even if the state regulator doesn't agree. In its letter, the Network highlighted its concerns that the proposed rule erodes state regulators' authority and threatens the credit union dual chartering system. MnCUN stated that without adequate justification for NCUA to overreach and overstep the state regulators, it cannot support this proposed rule.

To view the letters, visit the MnCUN Comment Letters page of the Network website. With questions, contact MnCUN General Counsel John Wendland.


V.I.P. online: MnCUN now delivering V.I.P. info digitally

This year the Minnesota Credit Union Network is delivering its directory of Vendor Involvement Program (V.I.P.) participants to credit unions in a new way. The 2012 V.I.P. Directory, featuring 27 vendors dedicated to serving credit unions, is now available as a digital publication.

This digital edition includes the same useful information as the previous printed versions but allows credit union individuals to view it anywhere – on a desktop computer, laptop or by using their smartphone's web browser. This interactive directory can also be downloaded as a PDF, shared by email or social media, or printed.

The exclusive vendor listing is a benefit of participating in V.I.P., which is an advertising program that increases service organizations' visibility among credit unions. V.I.P. participants agree to support the Network and Minnesota's credit unions and pledge to offer professional service, quality product lines and competitive pricing. Participation in the Vendor Involvement Program does not constitute an endorsement by the Minnesota Credit Union Network.

More information about the Vendor Involvement Program and links to the 2012 V.I.P. Directory are available on the Network website.


CU investment option supports financial literacy, Minnesota Credit Union Foundation

Did you know? Credit unions can support local financial literacy efforts and contribute to the Minnesota Credit Union Foundation (MnCUF) by investing in the National Credit Union Foundation's (NCUF's) Community Investment Fund (CIF). Through the CIF, which celebrates its 13-year anniversary this year, investing credit unions receive 50 percent of the return, and the remaining 50 percent is split evenly between the MnCUF and the NCUF.

For more information on how the CIF works, please visit the MnCUF website or watch the 4-minute video.

Investment options and features are included below.

National Cooperative Bank (NCB)

  1. NCB's variety of products and terms are open to all credit unions and fully insured up to $250,000.
  2. Ability to donate from 50-100 percent of interest earned on the CIF account.
  3. Easy online participation and automatic renewal (unless the credit union selects otherwise).
  4. No stock purchase requirements.

    Visit the National Cooperative Bank website for details, rates and to participate.

Alloya Corporate Federal Credit Union

  1. Only capitalized members can participate in the CIF program through Alloya.
  2. Account agreement designates:
    1. Investment amount & type (term certificate or 90-day notice account)
    2. Interest distribution percentage & CIF Fund option
  3. Minimum investment amount is $1,000.

    Contact Member Services at (800) 342-4328 for current rates or to place your CIF investment

MEMBERS Trust

Three options for large investments:

  1. NCUF Charitable Lead Trust (CLT) – NCUF will receive annual payments calculated as a percentage of the market value of the assets held in the trust for a three- or five-year period. The CLT allows the donor credit union to better match their investment strategy to their charitable intent while maintaining ownership of the assets. The recommended minimum deposit is $500,000.
  2. NCUF Charitable Investment Trust – MEMBERS Trust Company, as trustee, shall manage the assets in a trust according to the Federal Credit Union Act Part 703 of NCUA Rules & Regulations and other applicable laws. The recommended minimum deposit is $500,000.
  3. NCUF Federally Insured Account – An account using the Certificate of Deposit Account Registry Service Program (CDARS) that allows credit unions to invest in federally-insured CDs up to $50 million. The recommended minimum deposit is $250,000.

With questions about the Community Investment Fund, please contact MnCUN Vice President – Association Services Kristina Wright at the Network office or NCUF Director of Resource Development & Donor Relations Josie Collins at (800) 356-9655, ext. 4397.


Looking for insight into NCUA's actions? Attend the agency's town hall webinar

There is still time to register for NCUA's free virtual town hall webinar at 2 p.m. on Thursday, Oct. 4. The session will feature the latest updates from the NCUA and give credit union professionals and volunteers the opportunity to ask the regulator questions.

Specific topics that will be covered during the webinar include:

  • Credit union industry performance;
  • NCUA's low-income credit union eligibility initiative;
  • NCUA's Regulatory Modernization Initiative;
  • The corporate credit union resolution;
  • The new Office of National Examinations & Supervision; and
  • Recently finalized and proposed rules.

To register for the free webinar, visit the Event Calendar section of the Network website. If you have a question you would like answered during the session, you can email it to the agency at WebinarQuestions@ncua.gov. Webinar participants will also be able to submit questions during the session.