June 4, 2010 ● Volume 33, Issue 11 Archived Issues
CUs called to action on interchange issue
Over the past week, the credit union movement has launched a nationwide effort to oppose an interchange amendment that could be signed into law. If passed, this legislation would reduce or eliminate the interchange income credit unions receive from merchants, thus impacting credit unions’ ability to offer debit card programs to members. Due to the serious impact of this legislation, Minnesota credit unions are urged to join a grassroots initiative to voice the movement’s opposition to the interchange amendment.
The interchange provision was passed in mid-May as part of the U.S. Senate’s Financial Regulatory Reform Bill and would mandate price controls on interchange fees paid by merchants that accept debit cards. In December 2009, the U.S. House of Representatives passed its own version of the Financial Regulatory Reform Bill that did not include the interchange provision. As Congress meets to reconcile the difference between the two bills, credit unions will be urging elected officials to remove the interchange provision from the final bill.
In order to have an impact on Congress, it is vital for every credit union to participate in the initiative to defeat this amendment. There are a variety of ways that credit unions employees and supporters can get involved.
- E-mail your elected officials: Through GREAT, the GrassRoots Education & Action Team, MnCUN has sent a variety of action alerts on interchange fees. Credit unions are being called to contact their elected officials once again about this issue. To do so, visit the GREAT web site and click the green featured alert "Protect Your Credit Union's Card Program.” If you are not a member of GREAT, you can become one by responding to the action alert.
- Participate in the Call on Congress: CUNA has coordinated a national Call on Congress to inundate federal elected officials with phone messages communicating credit unions’ opposition to the interchange amendment. To participate in the Call on Congress, call (877) 223-5275 to be connected with your representative. A sample calling script is available on the Call to Action page of the Network web site.
- Get members involved: This issue impacts the debit card programs your members use, so get them involved in this initiative. Encourage them to e-mail their elected officials through GREAT and participate in the Call on Congress. To access resources for encouraging member involvement, visit the Call to Action page of the Network web site.
It is imperative that all Minnesota credit unions join this fight to remove the interchange amendment from Congress’ final Financial Regulatory Reform Bill. Complete information and resources on this grassroots initiative is available on the Call to Action page of the Network web site. With questions, contact MnCUN Vice President-Governmental Affairs Mara Humphrey or MnCUN Political Advocacy Director Monica Weber.
MnCU4Kids and FIC committees recognize key volunteers
The Minnesota Credit Unions for Kids (MnCU4Kids) committee and Minnesota Family Involvement Council (FIC) honored two individuals in April for contributions to their respective committees. As members of these committees of the Minnesota Credit Union Foundation, Steve Oien of Minnco Credit Union and Angie Pidde of SouthPoint Federal Credit Union received their volunteer awards at the MnCUN 2010 Annual Meeting & Convention.
Oien is President/CEO of Minnco Credit Union in Cambridge and has served in this capacity for 18 years. He joined the MnCU4Kids committee in 2003 and was co-chair from 2004-2008. For the second consecutive year, Oien received the Volunteer of the Year honor for his active involvement in the committee’s golf, MnCUN Annual Meeting, and Bowl-O-Rama subcommittees, along with regular attendance at meetings and involvement in other activities.
"It’s rewarding to be part of such a worthwhile cause,” Oien said. "The money we raise directly helps kids and their families. Gillette is an amazing place, and I am proud to be part of a committee that supports its initiatives.”
Last year, Minnesota raised more than $190,000 for Gillette Children’s Specialty Healthcare in St. Paul, which has outreach clinics around Minnesota. Nationally, fundraising for CU4Kids takes place in all 50 states.
Pidde earned the Minnesota Family Involvement Council’s Outstanding Volunteer Award for her service on the committee, an honor she also received in 2005. Pidde joined the FIC in 2002, and she currently is the Training Coordinator at SouthPoint Federal Credit Union. As a committee member, Pidde has been an active participant of the FIC, serving as Treasurer from 2004-2009. Today, Pidde continues to play an integral part on the committee, assisting in the coordination of its annual silent auction fundraiser and yearly scholarship competition.
Additionally, Pidde’s passion for financial literacy has compelled her to serve on her local school board since 2006. In this position, she investigates creative ways that schools can take advantage of credit unions’ resources to teach students basic financial skills.
The FIC is a volunteer-based organization run by credit union professionals. Its mission is to enhance the future of the credit union movement by supporting Minnesota credit unions’ efforts to provide financial education and encourage full-family involvement. The recipient of this annual award is voted on by members of the council.
"Even after eight years of service to the Family Involvement Council, I am just as passionate about the committee’s mission as I was when I started,” said Pidde. "Our mission to help credit unions is so much larger than just serving the movement. We are helping schools and communities with an area of education that is continually under the threat of being cut.”
"The strength of the credit union movement lies in people like Steve and Angie who dedicate their time and resources to putting the credit union philosophy into action,” said Kristina Wright, MnCUN Vice President – Communications and MnCU4Kids and FIC liaison. "They are both passionate about and dedicated to their respective causes and very deserving of the accolades they received.”
MnCU4Kids Golf Tournament set for June 23
Credit unions and vendors are invited to join the Minnesota Credit Unions for Kids committee (MnCU4Kids) for its 15th annual Golf Tournament on Wednesday, June 23, at the Refuge Golf Course in Oak Grove. The tournament will begin with a shotgun start at 12:30 p.m., followed by a silent auction and awards dinner in the evening.
Credit unions and vendors also have the opportunity to serve as tournament sponsors. With sponsorships ranging from $150-$500, there are a variety of opportunities to support the event. Tournament proceeds will benefit Gillette Children’s Specialty Healthcare.
For more information about the golf tournament and to register, visit the Event Calendar section of the Network web site.
NYIB conference helps connect CUs with youth
Is your credit union ready to move into new territory with youth services and financial education? If so be sure to attend the National Youth Involvement Board (NYIB) Annual Conference set for July 26-29 in St. Louis, Mo.
This youth-focused conference will provide a platform for sharing marketing materials and will feature educational sessions on a variety of youth financial literacy topics. Experienced professionals will lead sessions on youth products, technology trends, advancing relationships after high school, top-of-the-class techniques and more. Receive resources to teach money management skills to your young members and discover tools for making youth a priority at your credit union.
For more information and to register, visit the NYIB web site. Registrations received by Friday, July 2, will receive a $100 early bird discount.
Grow professionally with CUNA Management School
Credit union professionals aspiring to management and leadership positions in the credit union movement are invited to enroll in CUNA Management School. This three-year program uses a rigorous blend of university classes and experimental learning activities to build dynamic leaders dedicated to the movement.
CUNA Management School students receive advanced academic training with practical, real-world applications that can be directly applied back at the credit union. The school consists of two-week terms held over three consecutive summers and provides instruction on a variety of credit union topics.
The first session of CUNA Management School will take place July 11-23 in Madison, Wisc. For more information and online registration, visit the Event Calendar section of the Network web site.
Credit union notes…
Hibbing Co-op Credit Union has named Waylon Vitters as its new President/CEO. He will assume his new role in August. Vitters brings more ten years of banking experience to the position and has a background in consumer real estate and commercial lending. He most recently worked as a Vice President & Branch Manager of American Bank of the North.
- MnCUN Vice President – Communications Kristina Wright was reelected to the Board of Directors for the Minnesota Jump$tart Coalition for Personal Financial Literacy. She also serves as the organization’s Vice President. On this coalition, Wright works with representatives from a variety of organizations to improving the personal financial literacy of Minnesota’s youth. The Jump$tart Coalition includes representatives from government agencies, businesses, educators, financial institutions, non-profit organizations and community leaders.
Products & Services Corner
CUNA Mutual to offer Health Care Reform webcast
Does your credit union fully understand the impact of the new health care reform law? To help credit unions navigate through the new rules and expectations for employers, CUNA Mutual Group will host a free Health Care Reform webcast on Tuesday, June 29, at 12:15 p.m.
This webcast will provide an overview of the expectations the new health care law places on employers, the risks of non-compliance, and practical steps to meet the obligations the new law requires. Receive information about timely compliance, grandfather provisions, and options to consider in this new environment.
For more information and to register, visit the Event Calendar section of the Network web site.
HRN Management Group: Ensuring competitive & equitable salaries
Is your credit union offering its employees competitive salaries? HRN Management Group offers credit unions around the nation tools and expertise to help them effectively manage employee compensation and ensure that salaries are aligned with the market.
HRN Management Group provides its clients with a tool called Compease, which is a salary administration system. With this program, credit unions receive consulting, market data and information, software training, and ongoing support. Compease delivers time-saving tools for managing employee compensation with ease, accountability and confidence.
This software assists in the development and maintenance of competitive pay rates, helps drive employee performance, and manages merit increases and compensation budgets. Specific components of Compease include:
- Job evaluation system;
- Salary grades and ranges;
- Merit increase planning;
- Compensation management;
- Salary updates; and
- Job descriptions.
Take advantage of HRN Management’s Compease tool and improve your credit union’s compensation management. For more information about HRN Management Group, contact Vickie Ganrude, MnCUN Director of Business Development, by e-mail or at (651) 288-5515.
Protect members’ private information with Shred-N-Go
What steps are your credit union taking to secure members’ private information? With Shred-N-Go, you can ensure that members’ information stays safe once it leaves the building.
The Fair & Accurate Credit Transactions Act (FACTA) Disposal Rule requires businesses that maintain or otherwise possess consumer information derived from consumer reports to "properly dispose” of the information. With Shred-N-Go, your credit union’s sensitive information and members’ records will be properly discarded. Through their on-site shredding, confidential information is safely and securely disposed.
For more information about Shred-N-Go, 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 webcasts available throughout the summer. Visit the online Event Calendar today.
- June 7 (10:30 a.m.): Central Chapter Golf Outing
- June 8 (10 a.m.): TeleCourse - Bankruptcy Update
- June 9 (2 p.m.): WebCast - The New Accounts Dilemma
- June 10 (10 a.m.): Minnesota Credit Union Foundation Board Meeting
- June 10 (2 p.m.): WebCast - Remote Deposit & Risk
- June 14 (9 a.m.): Teaching Financial Education Today – Legislation, Learning styles & the HSFPP®
- June 15 (8 a.m.): Association of Credit Union Internal Auditors Conference
- June 15 (9 a.m.): Teaching Financial Education Today – Legislation, Learning styles & the HSFPP®
- June 16 (9 a.m.): Small Business Administration Conference – American Recovery & Reinvestment Act
- June 16 (9 a.m.): Teaching Financial Education Today – Legislation, Learning styles & the HSFPP®
- June 16 (10 a.m.): TeleCourse - Cell Phones: Our Future Wallets
- June 16 (2 p.m.): WebCast - Safe Deposit Fundamentals
- June 17 (9 a.m.): Small Business Administration Conference – American Recovery & Reinvestment Act
- June 17 (9 a.m.): Teaching Financial Education Today – Legislation, Learning styles & the HSFPP®
- June 17 (2 p.m.): WebCast - What Are the Financial Reports Telling Me?
- June 18 (10 a.m.): WebCast - Revised BSA Exam Manual
- June 22 (9 a.m.): Teaching Financial Education Today – Legislation, Learning styles & the HSFPP®
- June 22 (10 a.m.): TeleCourse - Professionalism in the Workplace
- June 23 (12:30 p.m.): MnCU4Kids Golf Outing
- June 23 (TBD): CUNA Mutual Group WebCast - Minimizing Mortgage Fraud In Your Credit Union
- June 23 (9 a.m.): Teaching Financial Education Today – Legislation, Learning styles & the HSFPP®
- June 23 (2 p.m.): WebCast - Frontline & Call Center Loss Prevention
- June 24 (9 a.m.): Teaching Financial Education Today – Legislation, Learning styles & the HSFPP®