January 28, 2011 ● Volume 34, Issue 02 Archived Issues
Minnesota CUs participate in Members United Advisory Council
On Jan. 12, four Minnesota credit union representatives participated in an Advisory Council for Members United Bridge Corporate Federal Credit Union. This event brought industry leaders together to brainstorm strategic options available to Members United in the near future and beyond.
During this one-day event, attendees provided a management perspective on options for the future of the corporate credit union system. Professionals from the region examined the NCUA-imposed regulatory structure and timelines and discussed the opportunities and challenges of these changes. The Advisory Council also provided feedback on several different scenarios for the bridge corporate and shared comments on the future direction of the credit union. The Council included representatives from eight different states. Minnesota representatives included:
- Lynn Kothe, North Memorial Credit Union;
- Bill Raker, US Federal Credit Union;
- Dan Stoltz, SPIRE Federal Credit Union; and
- Mark Cummins, Minnesota Credit Union Network.
"As the corporate credit union system works through the current transition, it is vital that credit unions communicate what products and services they need from their corporate,” said MnCUN President & CEO Mark D. Cummins. "Through participation in the Advisory Council and other events, Minnesota credit unions are playing an active role in finding solutions that will guide and enhance the future of the corporate credit union system.
Throughout the restructuring process, Members United remains dedicated to gaining members’ perspectives and using their input and guidance to direct the future of the organization. Credit unions are encouraged to share any ideas and suggestions they have with Members United Bridge Corporate Federal Credit Union.
Free NCUA town hall webinar set for Feb. 17
In an effort to keep an open line of communication with credit unions, NCUA will be hosting a free town hall webinaron Feb. 17 from 1 p.m.-2:30 p.m.. This webinar will provide credit unions the opportunity to learn about the agency’s current initiatives .
Hosted by NCUA Chairman Debbie Matz, the event will overview the agency’s plans to reform the corporate credit union system, minimize costs to consumer credit unions, and promote financial literacy for credit union volunteers. In addition, webinar participants will be able to submit questions on the presented material and any other topics. An archive of the session will be available on the NCUA web site for those unable to listen to the webinar.
For more information about the webinar and to register, visit the Event Calendarpage of the Network web site.
Professional & Volunteer Award nominations due soon
Have you nominated a colleague for MnCUN’s 2011 Outstanding Professional or Volunteer of the Year Awards? If not, you have until Friday, Feb. 18, to submit your nomination to the Network office.
These prestigious awards recognize individuals in the state who have distinguished themselves in their effort to serve their credit unions and the movement as a whole. The Professional of the Year Award is given to one credit union professional who has selflessly given time, effort and talent to the support and promotion of the credit union ideal and the betterment of credit unions in Minnesota. The Volunteer of the Year Award is awarded to a credit union volunteer who best exemplifies the credit union spirit through dedication to, and belief in, the credit union movement.
Eligible nominees include those whose work has made a significant impact at their credit union, and individuals who have been actively involved in the local, state, national or international credit union movement. Winners will be recognized with a video tribute shown during the Banquet at the Network Annual Meeting, which is set for April 8-9 at the Sheraton Hotel in Bloomington.
Nominations for both awards must be received at the Network office by Friday, Feb. 18. Complete information and nomination forms can be found on the Professional and Volunteer Awardspage of the Network web site.
CUNA changes procedures for its certification programs
CUNA announced that effective Feb. 1, all STAR, VAP, and MERIT material and exam orders must be placed with the CUNA Center for Professional Development rather than with league offices. As a result, the Network will no longer process book orders and administer tests for Minnesota credit unions.
Starting Feb. 1, credit unions should contact CUNA to order certification program materials and to ask questions about the programs. Materials can be ordered by calling (800) 356-8010 and choosing option 3. To ask questions about exams, certificate processing, and anything else related to the programs call (800) 356-9655 ext. 4072 or e-mail firstname.lastname@example.org. In addition, hard copy exams should be mailed to:
CUNA & Affiliates
Attn: National Processing Center
P.O. Box 431
Madison, WI 53701-0431
Additional information about the changes to the certificate programs and the new prices is available on the Certification Programspage of the Network web site. With questions about this conversion, contact MnCUN Vice President – Education & Credit Union Development Neil Christyby e-mail or at (651) 288-5503.
CUNA releases CU examination resources
Recent changes to the NCUA’s examination procedures have led CUNA to develop two free resourcesthat address some of credit unions’ frustrations with the agency. The examination guide and experience reporting form provide credit unions tools to help them work through any NCUA issues they may be experiencing.
Last week CUNA released a guidance document titled Supervisory Issues and Examinations: Guidance for Credit Unions during the Current Economic Times and Beyond. This publication provides credit unions guidance on responding to supervisory issues and outlines steps to take when an examiner appears to have overstepped his or her authority. Specifically, it explores the general duties of examiners, credit union examination concerns, and credit unions’ examination rights.
In addition, CUNA has created an Examination Experience Reporting Form to investigate examination issues that credit unions are experiencing and to analyze trends in these areas. The form asks credit unions to provide detailed information about their most recent examination experiences. The information provided is strictly confidential and only summaries of the information will be reported by CUNA.
Take advantage of these free resources that help credit unions uphold their examination rights. Both resources are available on the Examination and Supervisory Issuespage of CUNA’s web site.
22 organizations enroll in MnCUN’s Vendor Involvement Program
MnCUN welcomed 22 participants into its 2011 Vendor Involvement Program (V.I.P.)on Jan. 1. The V.I.P., created in 2005, provides committed service organizations with an opportunity to work with MnCUN and increase visibility among Minnesota credit unions.
Designed to optimize business relationships with Minnesota credit unions, this advertising program offers Annual Meeting packages, unique exposure, and exclusive opportunities to participate in new MnCUN initiatives.
Of the 22 total organizations, four are new and 18 have renewed their participation for 2011. New vendors include:
- CRW Insurance
- John M. Floyd & Associates
- StarWest Chevrolet Honda Sports
Repeat participants include:
- CUNA Mutual Group
- CFC Technology
- Advantage Network
- Consumer Loan Services
- CO-OP Financial Services
- Emergent Networks, LLC
- First Class Mortgage
- Fidelity National Information Services
- ICUL Card Services
- LarsonAllen LLP
- LockNet IT Solutions
- Metro License Services
- Minnesota Item Processing Corporation
- MnCUSC Shared Branching
- Repossessors, Inc.
- Wipfli LLP
- World Wide Audio Media
"The Vendor Involvement Program gives credit union service providers an easy way to get their message in front of Minnesota credit unions,” said Mark D. Cummins, MnCUN President & CEO. "In a time when so many companies are looking to make the most out of their advertising dollars, this packaged program provides opportunities throughout the year to speak directly to their target audience.”
Participants in MnCUN’s Vendor Involvement Program must offer professional service, quality product lines and competitive pricing. These companies must appreciate the qualities that make credit unions unique and understand the importance of providing the best service possible to Minnesota’s credit union members. Participation in the Vendor Involvement Program does not constitute an endorsement by the Minnesota Credit Union Network.
Credit unions are encouraged to check out the products and services offered by participants of V.I.P. For more information about the participants of this program, visit the Vendor Involvement Programpage of the Network web site.
National Credit Union Youth Week set for April 17-23
Join the movement in celebrating credit unions in April by coordinating activities during National Credit Union Youth Weekon April 17-23. Credit unions can celebrate the entire month or just during youth week – the choice is completely up to you.
This year’s theme is "Money Rocks at My Credit Union” and will focus on how credit unions rock with youth. To help you celebrate, CUNA has a variety of ready-to-use materials for promoting the celebration simply and effectively to several age groups. You can purchase promotional projects, read about past success stories, discover celebration ideas, download coloring pages and more.
Your credit union is also invited to join the National Youth Savings Challenge. This contest encourages the habit of saving at an early age, builds member loyalty, and helps lower the average age of members. Plus, young members participating in the challenge will have a chance to win $100. Last year nearly 170,000 young members deposited $24.8 million into their saving accounts during this national event – with 10,385 of these being new accounts.
Be sure to participate in this year’s National Credit Union Youth Week. For more information and to sign up for the Savings Challenge, visit the National Credit Union Youth Weekpage of the CUNA web site.
Credit union awards...
- Mary Finnegan-Ongaro of Members Cooperative Credit Union received CUNA Brokerage Service's 2010 Women of Distinction Award. This honor recognizes top-performing female financial advisors who demonstrate superior performance, bring value to their credit unions' programs, provide exceptional client service, and make significant contributions to the financial services industry.
Credit union notes…
- Catholic Aid Association Credit Union recently changed its name to Catholic United Financial Credit Union. The change matches the credit union’s name with the new name of its sponsor company.
Intuit unveils SnapTax for iPhone & android
CUNA Strategic Service provider Intuit Financial Services announced that SnapTax, a mobile application that allows people to prepare and file their taxes, is now available nationwide for both iPhone and Android. With this application, credit union members can work on their taxes remotely.
SnapTax allows taxpayers with simple returns to snap a photo of their W-2 with their mobile phones, and the information from the form is automatically entered into their tax return. Taxpayers answer a few basic questions, review their return for accuracy, and hit "File Now" to electronically file their federal and state tax returns. Plus, SnapTax shows a running tally of the refund or taxes owed every step of the way.
This is one of the many products and services offered by Intuit Financial Services. Through a comprehensive portfolio of internet-based financial products and services, they enable credit unions to become the trusted transaction hub for their consumer and business members. They offer consumer and business internet banking, electronic bill payment and presentment, account-to-account transfers, web site development and hosting, and marketing programs designed to help increase online banking end user growth.
For more information about Intuit Financial Services, visit the MnCUN Strategic Alliancespage of the Network web site. With questions about Intuit, contact MnCUN Director of Business Development Vickie Ganrudeby e-mail or at (651) 288-5515.
CUDL to host Lending Conferences in 2011
In 2011, CUDLwill host two CU Direct Lending Conferences that will provide credit unions insights into successful lending strategies. Credit unions have the opportunity to attend the May 11-12 conference in California or the Sept. 14-15 conference in Washington, D.C.
Featuring a line-up of comprehensive sessions led by compelling speakers, the conference will address the many challenges posed by today’s evolving industry. Attendees will receive insight into the latest tools and real world solutions that credit unions are using to build stronger, more profitable lending portfolios. Explore the latest lending trends, proven best practices, business intelligence, innovative lending and marketing channels, risk management and more.
Attend this conference for the opportunity to learn, network, and interact with credit union lending professionals. To register visit the CUDLpage of the Network web site. With questions about CUDL, contact MnCUN Director of Business Development Vickie Ganrudeby e-mail or at (651) 288-5515.
Calendar of Events
The Minnesota Credit Union Network offers a wide variety of educational opportunities for credit union professionals and volunteers. Check out the roundtables, telecourses, and webcasts available in February. To register for these and other events, visit the online Event Calendar.
- Feb. 2 (10 a.m.): TeleCourse – Media Relations during a Crisis
- Feb. 2 (2 p.m.): Webinar – Denied Loan Requirements
- Feb. 3: Credit Union Day at the Capitol
- Feb. 3 (11 a.m.): TeleCourse – Regulation CC
- Feb. 3 (2 p.m.): Webinar – New Revenue Alternatives
- Feb. 7 (11:30 a.m.): Roundtable – Trainers
- Feb. 8 (2 p.m.): Webinar – ACH Rules Update
- Feb. 9 (10 a.m.): TeleCouse – Elder Fraud
- Feb. 10 (10:30 a.m.): Roundtable – Collectors
- Feb. 10 (2 p.m.): Webinar – Interpreting Tax Forms
- Feb. 15 (2 p.m.): Webinar – What Directors Should Know
- Feb. 16 (2 p.m.): CUNA Mutual Webinar – ATM Fraud: A Growing Threat
- Feb. 16 (2 p.m.): Webinar – BSA Training for Frontline Staff
- Feb. 17 (1 p.m.): NCUA Virtual Town Hall Meeting
- Feb. 17 (10 a.m.): TeleCourse – Disaster Recovery
- Feb. 17 (2 p.m.): Webinar – SAFE Mortgage Act Registration & Compliance