Nov. 2, 2012 ● Volume 01, Issue 44
View 11-02-12 issue of The Pulse
Credit Union News
Be sure to vote on Nov. 6!
Election Day is next Tuesday, so be sure to visit the polls and cast your vote! With so much at stake for credit unions in Washington and at the state capitol, it is critical that professionals, volunteers, members and supporters make it a priority to vote.
More than 42 percent of all registered voters belong to a credit union. How many will vote this year? If credit unions don't vote, we cannot expect our voice to be heard on Capitol Hill or in the Statehouse. Make your voice heard!
To access voting resources, including MnCUN's Credit Union Voter Guide and links to voting information, visit the Campaigns & Elections page of the Network website.
MnCUN freezes dues for third consecutive year
As credit unions around the state finalize their budgets for 2013, the Network wants to ensure that all Minnesota credit unions have a viable and affordable option for membership, continued education and support throughout the year. At a meeting on Oct. 26, the MnCUN Board of Directors elected to once again freeze the dues factors at the 2010 level as we move into 2013. Consequently, no annual inflation rate increase or other adjustment will be assessed for next year.
The Network's dues formula is based on asset size and membership as reported on the June 2012 NCUA Call Reports. Invoices will be mailed to credit unions in December with a due date of Thursday, Jan. 31, 2013.
Designed to serve and support the needs and interests of credit unions around the state, the Minnesota Credit Union Network works hard on behalf of its members year-round. MnCUN is committed to providing a viable option for membership at an affordable price, while working to ensure the success, growth and vitality of Minnesota credit unions. We do this by creating a positive public environment through leadership, political advocacy, education, awareness and regulatory assistance.
Details about MnCUN's strategic goals, services and accomplishments from 2012 can be found on the MnCUN Membership page of the Network website. With questions or for additional information, please contact MnCUN Vice President – Association Services Kristina Wright by email or phone at (651) 288-5507. We look forward to serving you in 2013!
Foundation, CU Aid support CUs affected by Hurricane Sandy
The National Credit Union Foundation (NCUF) has activated the online disaster relief system CUAid.coop to raise money for credit union people along the East Coast affected by Hurricane Sandy. As donations are posted through CUAid.coop, NCUF will coordinate with credit union leagues in the disaster areas to distribute money efficiently to affected credit union employees and members. 100 percent of the donations through CUAid goes to credit union disaster relief.
"To help alleviate the devastating effects of this disaster, we encourage credit union leaders all across the country to use CUAid.coop as a channel to collect donations from their employees, volunteers and members,” said NCUF Executive Director Bucky Sebastian. "Everyone who supports CUAid is helping affected credit union people directly with critical needs, longer-term recovery needs, operational needs, and assisting credit union members.”
CUAid was developed by NCUF in cooperation with state credit union foundations, state credit union leagues, and the Credit Union National Association's Disaster Preparedness Committee in 2006.
For additional information or to donate, visit the Minnesota Credit Union Foundation website.
10 tips for collaborating with co-ops
Last week MnCUN President & CEO Mark D. Cummins joined CUNA in unveiling a white paper from the Cooperative Alliances Committee focused on cooperation and collaboration among all sectors of the cooperative movement – including credit unions. Cummins serves as the Chair of the Cooperative Alliances Committee, which facilitates the exchange of ideas that foster partnerships, alliances and opportunities among credit unions and cooperatives. As part of the committee, he contributed to the development of this publication that suggests ways and presents case studies on how credit unions can collaborate more closely with other types of cooperative businesses.
The white paper highlights 10 tips to help credit unions increase collaboration among cooperatives:
- Ensure that every employee and director is trained on the cooperative business model.
- Host a co-op meeting at your credit union with other co-op businesses in your community.
- Invite other co-op leaders to speak at your credit union.
- Make it someone's, or more than one person's, responsibility to serve as liaison to other cooperatives.
- Offer financial products that cooperatives can access, including share loans for housing co-ops, business loans to co-ops.
- Sell and serve other cooperatives' products in your lobby and break room, along with signage announcing that you are doing this and why.
- Find ways to let your members know your credit union is a cooperative.
- Utilize The .coop domain name, which is exclusively available to co-ops, to showcase that you are a cooperative.
- Consider sending staff members to participate in the Credit Union Developers Education Program (CUDE, also known as the DE program).
- Invigorate your annual meeting to promote greater member engagement.
To learn more about these 10 tips and to download this free white paper, visit the Credit Union National Association website.
Calling all credit unions: Promote your young social entrepreneurs
BizKid$ – an award-winning financial education program and television series – has launched a national contest called "Build Your Social Biz” to recognize and highlight young social entrepreneurs around the country. Minnesota credit unions are encouraged to promote the contest to their members and highlight the ingenuity and social responsibility efforts being spearheaded here in our state.
This contest is a great opportunity to put your credit union and its members in the spotlight. BizKid$ is offering a total of $6,000 in prize money to the winners and the chance to work with professional mentors! Could some of your members be social entrepreneurs? Those who try to make a difference by using profits to create a social, cultural or environmental change?
To help credit unions promote this unique contest to their members, the Minnesota Credit Union Foundation has created a sample newsletter article that can be personalized to your credit union. Click on the link below to download the document.
The contest is open to existing businesses or ideas currently being developed. Now through Monday, Dec. 31, young entrepreneurs can submit a one-minute videos that outline an idea for improving their community. Entries will be judged on the presentation of the vision for their social enterprise, not the quality of the video.
Cash awards are available to fund business ventures – including a $3,000 top prize and mentoring from an experienced business expert at Ernst & Young, LLP. Video entries can be uploaded through the contest entry form. To learn more about the contest details, visit the Foundation website. Finalists will be posted to the BizKid$ website by mid-February, with the winner chosen by popular vote and announced at the end of March.