April 8, 2011 ● Volume 34, Issue 07 Archived Issues
Interchange Call on Congress launched
This week MnCUN and CUNA launched the interchange Call on Congress campaign. This next stage of the legislative battle will inundate Congress with phone messages that communicate credit unions’ support of the interchange bills in the House and Senate.
In mid-March elected officials in both federal legislative bodies introduced bills that would delay the implementation of the interchange provision of the Dodd-Frank regulatory reform package. Ultimately, both bills have the same objective – to stop the Federal Reserve Board’s rulemaking process and study the true impact of debit interchange regulations.
It is imperative that you participate in the national Call on Congress and communicate your support of the House and Senate bills. To be part of this calling campaign, call (877) 422-3525, and you will be connected with your federal elected officials. A recording will then guide you through the calling process. To assist you with your message, a sample calling script is available on the Interchange Call to Action page of the Network web site.
The third phase of this opposition campaign will extend this advocacy effort to include credit union members. Next week credit union presidents will be sent information on engaging members and will receive a variety of resources, including sample web stickers, take action cards for the teller line and more.
This effort will take all-out grassroots support, and it is vital that Minnesota credit unions join the opposition campaign. For more information about the interchange advocacy efforts, including the Call on Congress, visit the Interchange Call to Action page of the Network web site.
MnCUN Bankruptcy Roundtable & Workshop set for May 4
Credit union professionals looking to deepen their knowledge of the bankruptcy process are invited to attend the Network’s Bankruptcy Roundtable & Workshop on Wednesday, May 4. This session is your ticket to knowledge, tools and information on effectively handling bankruptcies.
This conference – held at the Holiday Inn in St. Paul – will feature two main sessions. The event will begin with a roundtable on bankruptcy. Attendees will exchange ideas and information on bankruptcy topics of their choice. During the workshop portion of the session, bankruptcy experts will overview the basics of the collection claim process -- from judgment to post-judgment. Follow a case through the bankruptcy process, and learn about state and federal exemptions and the intricacies of the law.
The Network has several registration options for this conference, including roundtable only, workshop only, and all day pricing options. For more information about the conference and to register, visit the Bankruptcy Workshop page of the Network web site.
FIC awards $11,000 in scholarships
After wading through more than 1,100 applications on March 8, the Family Involvement Council (FIC) selected the recipients for its 2011 scholarship program. A total of $11,000 in scholarships were awarded to 20 individuals for the 2011-2012 school year. Two $1,000 scholarships and eighteen $500 scholarships were awarded to applicants in traditional (high school seniors) and non-traditional categories.
Applicants submitted information and an essay that answered the following question: "What does the phrase ‘living within your means’ mean to you? How can your credit union help you achieve this?”
While reading through the scholarships, the FIC committee took note of the insightful comments and tips that members provided in their essays. The committee plans to make this information available to credit unions.
The scholarship winners in the traditional category include:
|Cade Robertson of Dawson Coop CU |
Sarah Laudon of Mayo EFCU
Kristianna Harris of SharePoint CU
Landon Brands of Mayo EFCU
Dain Brademan of Members Cooperative CU
Seth Moline of Ecolab CU
Grace Tait of St. Cloud FCU
Conner Keeffe of Affinity Plus FCU and SPIRE FCU
Lauryn Heineman of TopLine FCU
Andrew Benson of Hiway FCU
The scholarship winners in the non-traditional category include:
|Jean Beckel of Great River FCU|
Amy Nichols of General Mills FCU
Rachel Maxfield of General Mills FCU
Lauren Grove of Hiway FCU
Jonathan Zarling of Affinity Plus FCU
Bridget Gohmann of Central Minnesota FCU
Tayler Yilek of St. Cloud FCU
Lindsey Johnston-Waddick of Affinity Plus FCU
Spencer Frie of Central Minnesota FCU
Rachel Ayoub of TopLine FCU
Funds for the FIC’s scholarship program are raised at the committee’s silent auction held during the MnCUN Annual Meeting. Information about the 2012 scholarship program will be available in late August/early September.
Dollars & sense: Register today for MnCUN’s Financial Management School
A credit union’s financial statements serve as a road map showing where the organization has been and where it is headed. During MnCUN’s Financial Management School, credit union employees will receive knowledge and tools to successfully read this map.
Set for May 16-18 at the Network office in St. Paul, the school will provide attendees an overview of credit union financial statements, key ratios and the budgeting process. The first half of the conference will investigate how to evaluate a credit union’s financial statements and calculate key ratios. Participants will then tackle the budgeting process, learning how to set monetary objectives and develop a budget.
Register today to take advantage of the Financial Management School’s early bird pricing. Those that miss the Tuesday, April 26, deadline can still register for the conference at the standard rate until Thursday, May 5. Complete information, a printable brochure and online registration are available on the Financial Management School page of the Network web site.
Jump$tart Coalition to host seminar on financial literacy
In honor of Financial Literacy Month, the Minnesota Jump$tart Coalition is hosting an afternoon seminar entitled "Critical & Daunting: The Task of Developing Financially Capable People.” The event is scheduled for Tuesday, April 26, from 4 p.m.-6 p.m. in St. Paul. The afternoon focus on financial literacy will offer a keynote speaker, panel discussion, educational tradeshow and networking opportunities.
Dr. Catherine Solheim, Associate Professor at the University of Minnesota, will keynote the seminar. Dr. Solheim will discuss effective financial education, including research, tools and teaching methods. She will share her knowledge of cultural and economic factors that impact financial management and personal wealth.
Attendees will also receive an update on current financial capability efforts at local, state and national levels. Following the keynote, the Jump$tart event will feature a panel discussion with three Twin Cities high school educators sharing their personal insights and experiences in teaching financial education.
The afternoon will also include an educational tradeshow. The tradeshow will feature more than 10 different organizations that offer a variety of resources focused on financial literacy and personal finance.
The Minnesota Jump$tart Coalition invites all individuals and organizations interested in financial education to attend this educational networking event. Admission is free, however pre-registration is required. For additional information and to register, visit the Event Calendar section of the Network web site.
Become GREAT in 2011
As Congress considers interchange and member business lending legislation, credit unions must display strong grassroots support. The most effective way you can join this important advocacy effort is by becoming a member of GREAT, the GrassRoots Education & Action Team. As a member of this group, you will play an important role in ensuring that the credit union voice is heard on both state and federal legislative issues.
GREAT is made up of more than 1,000 credit union professionals, volunteers and supporters who work together to affect public policy. Throughout the year, members of this group are informed about pertinent state and federal bills, and occasionally they are asked to voice the credit union position on these key issues. MnCUN makes the process as easy as possible by providing GREAT members a sample letter or script to use when e-mailing or calling elected officials. It's free and easy to do!
Within the next couple of months, it will be imperative that you contact your elected officials to express support for legislation that would delay the implementation of the interchange rule and increase credit unions’ member business lending cap. By joining supporters around the state and country, you can play a significant role in positively influencing the progression of these important bills.
Join this grassroots network today and become part of a team that cares as much about the credit union movement as you do. To sign up, visit the GREAT web site and click on "Join our Action Network”.
Arrowhead Chapter Golf Outing set for May 18
Credit unions around the state are invited to attend the Arrowhead Chapter Golf Outing on Wednesday, May 18, at the Grandview Golf Course in Duluth. The tournament will start at noon, and the event will conclude with dinner at 5:30 p.m.
Attend this event for an afternoon of networking and fun. Additionally, organizations can participate in the tournament by sponsoring a hole and donating prizes for drawings. Registrations for the tournament must be received by Friday, May 13.
For more information about the tournament and a printable registration form, visit the Event Calendar section of the Network web site.
Add to your non-interest bottom line with JMFA
Credit unions can increase their non-interest bottom line with John M. Floyd & Associate (JMFA), a CUNA Strategic Service partner. JMFA is a leader in profitability and performance improvement consulting and a pioneer of automated overdraft privilege program.
JMFA organization has more than 30 years of experience and continues to be an acknowledged authority in the industry. They provide recommendations for disclosure, notification, accountholder education materials, and procedural changes that have been reviewed by state and federal examiners. JMFA offers a superior product and best in class service.
Credit unions that sign on with JMFA will receive numerous benefits through the CUNA Strategic Services program, including:
- 10% off retail*;
- The ability to improve non-interest income while helping members avoid the negative consequences of overdrawn accounts;
- 100% satisfaction guarantee;
- 100% compliance guarantee for state and federal regulations;
- 100% software compatibility that automates overdraft privilege management;
- Onsite, expert training and follow-up; and
- Complete analysis and recommendations.
*Credit union discounts do not apply to JMFA Account Acquisition Services
Investigate JMFA today and discover the overdraft services they have to offer your credit union. For more information about the products and services offered by JMFA, contact MnCUN Director of Business Development Vickie Ganrude by e-mail or at (651) 288-5515.
Save big with OfficeMax
In the world of office products, OfficeMax® has a unique perspective. They do more than sell supplies. Their goal is to lower your overall cost without sacrificing quality or service.
OfficeMax is a leader in both business-to-business office product solutions and retail office products. OfficeMax customers are served by approximately 35,000 associates through direct sales, catalogs, e-commerce and more than 1,000 stores. In addition, credit unions are able to take advantage of the following benefits:
- Substantial savings from 31% to 88% off of manufacturers’ list price on core products most frequently purchased by credit unions
- Discount pricing on more than 12,000 additional products;
- Discount pricing on OfficeMax ImPress print and document services;
- Discount pricing on furniture, technology and managed print services;
- Discounted pricing at more than 1,000 OfficeMax retail stores; and
- Free next-day delivery to most locations, and no minimum order required.
For more information about OfficeMax® and the savings it is able to offer your credit unions, contact Vickie Ganrude, MnCUN Director of Business Development, by 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 webinars available. Professionals and volunteers are also invited to attend MnCUN's Bankruptcy Roundtable & Workshop and its Financial Management School: Parts I & II. To register for this and other events, visit the online Event Calendar.
- April 12 (2 p.m.): Webinar – Firewalls: Compliance Guidelines
- April 13 (2 p.m.): CUNA Mutual Webinar – Survive the Unthinkable
- April 13 (2 p.m.): Webinar – Impaired Loans and ALLL
- April 14 (5:30 p.m.): Central Minnesota Chapter Meeting
- April 19 (2 p.m.): Webinar – Unauthorized, Revocation & Stop Payment
- April 20 (10 a.m.): TeleCourse – Bankruptcy 101
- April 20 (10 a.m.): Minnesota Financial Fitness Conference
- April 20 (2 p.m.): Webinar – Reg CC & Funds Availability
- April 26 (10 a.m.): TeleCourse – Increasing Loan Growth
- April 26 (4 p.m.): MN Jump$tart Seminar – Critical & Daunting: Developing Financially Capable People
- April 27 (10 a.m.): Business Development/Marketing Interactive Forum - Capturing the Mom Market
- April 27 (10 a.m.): TeleCourse – Capturing the Mom Market
- April 27 (2 p.m.): Webinar – Supervisory Committee Roles & Responsibilities
- April 28 (2 p.m.): Webinar – Retention of Image Documents