August 27, 2010 ● Volume 33, Issue 17 Archived Issues
MnCUN announces statewide Maxwell, Herring & Desjardins award winners
The Minnesota Credit Union Network recently announced the statewide winners of the 2010 Dora Maxwell, Louise Herring and Desjardins competitions. All seven statewide winners will advance to the national competition where they will compete with credit unions from across the country in their respective award and asset categories.
All three award programs are sponsored by MnCUN and the Credit Union National Association (CUNA).
The 2010 winners include:
Dora Maxwell Social Responsibility Award
- $20-$50 million: Star Choice Credit Union
- $100-$200 million: Greater Minnesota Credit Union
- $200-$500 million: TopLine Federal Credit Union
- > $500 million: Central Minnesota Federal Credit Union
Louise Herring Award for Philosophy in Action
- < $50 million: Star Choice Credit Union
- > $250 million: Affinity Plus Federal Credit Union
Desjardins Award Youth Financial Education Award
- $150-$500 million: Greater Minnesota Federal Credit Union
The Dora Maxwell Social Responsibility Award was created in 1987 to promote social responsibility among credit unions by formally recognizing their social achievements. With seven asset category divisions, this award is given to a credit union for its projects and involvement within the community.
The Louise Herring Award for Philosophy in Action is awarded to a credit union for its practical application of the credit union philosophy within the actual operations of the organization. Created in 1990, it recognizes credit unions’ unique internal programs and services.
The Desjardins Youth Financial Education Award formally recognizes the leadership of individual credit unions and chapters on behalf of youth financial education.
"This year credit unions around the state continued their commitment to helping Minnesotans persevere through the economic recovery. The 2010 award winners demonstrated extraordinary dedication to helping their members and communities move forward toward a brighter future,” said Mark D. Cummins, MnCUN President & CEO. "I applaud each of the winning credit unions, and I wish them luck in the national competition.”
Minnesota credit unions hit campaign trail to support allies
Minnesota credit union representatives recently took to the streets to show their support for Congressmen Tim Walz (D-1st District) and Erik Paulsen (R-3rd District) in their bids for re-election. Volunteers assisted both candidates with a variety of campaign activities, including door-knocking, distributing promotional materials and fundraising.
On Aug. 24, 11 credit union professionals and volunteers assisted Rep. Paulsen’s campaign in distributing lawn signs for the candidate. Traveling throughout neighborhoods in the 3rd Congressional District, credit union representatives delivered election materials to residents and attended a meet-and-greet with the congressman.
Earlier this month credit unions were also involved in Congressman Walz’s bid for re-election. On Aug. 12, 20 credit union professionals and volunteers spent an afternoon door-knocking and attending a fundraiser for the congressman. The volunteers dispersed throughout neighborhoods in the 1st Congressional District, distributing literature and sharing information about the congressman’s strong desire to support constituents. The door-knocking event was followed by a fundraiser held at the Rochester home of Kelly McDonough, President & CEO of First Alliance Credit Union.
Both campaign volunteer events provided credit unions the opportunity to demonstrate their support for these credit union allies. During their time in office, both Rep. Paulsen and Rep. Walz have been supportive of credit unions. During in-district and Capitol Hill meetings over the past years, they have sought industry insight on issues affecting credit unions and their members in both districts.
"Through the door-knocking and fundraising event, we were able to support Congressman Paulsen and Congressman Walz on a deeper level and had the opportunity discuss with them the issues affecting credit unions, members and Minnesota consumers,” said Mara Humphrey, MnCUN Vice President-Governmental Affairs. "Our afternoons of volunteering provided us with the opportunity to increase our involvement in campaign activities as we worked to help re-elect both candidates.”
The Minnesota Credit Union Network will be coordinating additional events during the 2010 campaign season to increase credit unions’ involvement in local election activities and to support credit union allies running for office at the state and federal level.
Suri to leave MnCUN
On Aug. 23, Simone Suri announced her departure as the Minnesota Credit Union Network’s General Counsel. She has accepted a position as Members Cooperative Credit Union’s General Counsel.
"While I am sad to be leaving my colleagues at the Network, I am excited to continue my career in the credit union movement,” said Suri. "I am confident that the Network will continue to offer quality products and services and look forward to working with MnCUN in my new position.”
At Members Cooperative Credit Union, Suri will work with management, staff and the supervisory committee to ensure the credit union's compliance with all laws and regulations. She will provide legal advice on contractual matters, facilitate compliance with auditing procedures, and represent the credit union regarding other legal issues that may arise.
"We are sad to see Simone go, and her friends at the Network wish her well,” said Mark D. Cummins, MnCUN President & CEO. "Her knowledge, experience and professionalism will be missed."
Suri’s last day with the Network will be in mid-September. Her duties will be distributed among existing staff during the interim period while MnCUN searches for a capable replacement.
Educational opportunities in September
Throughout the month of September, MnCUN is offering credit union professionals and volunteers the opportunity to participate in a variety of training activities.
- Financial Management School: Parts III & IV – Sept. 20-22
Providing employees with a firm understanding of financial principles, parts III & IV of Financial Management School blend theory with practical application to provide a thorough understanding of the fiscal aspects of the credit union. Attendees will focus on how to pair asset liability management with product pricing and matching strategies in order to make better pricing decisions. Each participant will also work on developing their credit union’s strategic direction, philosophy, and long-term objectives.
- Loan Officer School – Sept. 22-23
The Minnesota Credit Union Network’s Loan Officer School will provide professionals with the tools and knowledge to transform deposits into loans that will earn the credit union revenue. Participants will receive an overview of loan underwriting basics and discuss the unique lending opportunities that the current economy has made available to credit unions. Specific topics that will be explored include the partnership between lending and collections, safeguarding member assets, decision making, and providing exceptional member service.
Detailed information and online registration for both conferences is available in the Event Calendar section of the Network web site.
FIC helps CUs develop and focus financial literacy strategies
During its debut education session on Aug. 19, the Minnesota Family Involvement Council (FIC) held a Start 2 Go Workshop, guiding more than 40 credit union professionals on how to infuse energy into lifestage programs, clubs, and overall financial literacy strategies. Investigating the need for financial education, credit unions explored ways that they can fill the gap in fiscal knowledge that currently exists in today’s society.
Led in part by nationally-recognized speaker Nathan Dungan, the workshop focused on the importance of facilitating money conversations among credit union members of all generations. Dungan is the founder and president of Share Save Spend, an organization dedicated to helping families link their money decisions to their values. Throughout the day, he emphasized to credit unions their role in engaging, educating and equipping families to have discussions about money.
"Families today lack a value system to talk and teach about money,” said Dungan. "By playing an active role in helping members participate in money conversations, credit unions will begin to see healthy spending habits develop in their members.”
Dungan went on to explain that this would benefit credit unions in the long run.
During the workshop, participants investigated steps for increasing members’ financial literacy. Through a panel discussion, they explored techniques for marrying financial literacy tactics with the credit union’s overall strategic plan and vision.
"Credit unions have the opportunity to instill lifelong money management habits across multiple generations,” said LeAnn Achtenberg, FIC chair. "The Start 2 Go Workshop provided credit unions with the tools to make financial literacy more than just an event. They left with a blueprint enabling them to give financial literacy a more strategic role within their organizations.”
As a committee of the Minnesota Credit Union Foundation, the FIC is committed to enhancing the future of the credit union movement by supporting Minnesota credit unions’ efforts to provide financial education programs and to encourage full-family involvement. Through their Start 2 Go program, they have assisted credit unions in increasing their financial literacy efforts through the development of kids, teen and senior citizens clubs.
Vikings and Gophers schedules available for credit unions
Help your members gear up for fall by providing 2010-2011 Minnesota Vikings and Gophers football schedules. Available through the Network, these schedules can be customized with your credit union’s information and can be ordered in any quantity.
To order football schedules, complete the Vikings/Gophers Schedule Order Form and return it to MnCUN Director of Technology Scott Shoberg at the Network office.
Minnesota Credit Union Network
Vikings/Gophers Schedule Order
555 Wabasha Street, Suite #200
St. Paul, MN 55102
Consider MnIPC for your check processing needs
Is your credit union considering an alternative check processor? If so, take a look at MnIPC. With 15 years of experience, they are able to meet your check processing needs.
MnIPC is an independent check processor that provides share draft and deposit processing at competitive rates. They offer full image-based processing, which includes the following services:
- Share drafts
- Check deposits
- Merchant capture solutions
- Online check image access for credit union staff and members
- Long-term image access archive
- Flexible file format posting
- Interfaces compatible with many data processing and home banking vendors
- CD/DVD image output
- Image statements
- Return item processing
- Personal e-mail settlement advice
MnIPC offers flexible settlement arrangements that allow for credit unions' preference on where they hold their accounts. With strong dedication to credit unions, MnIPC staff provides unsurpassed customer service to clients. For more information about MnIPC’s products and services, contact Vice President Michelle Carlson by e-mail or at (651) 288-5551.
Transform your web site into a financial management hub
Are you looking for ways to increase traffic to your credit union’s web site? With Intuit Financial Services, you can help members manage their financial information and accounts online through a product called FinanceWorks.
With FinanceWorks members can access more than 16,000 financial institution and credit card sites allowing them to pay bills on time, track their money, and receive alerts about their account status. Financial institutions offering this service have found that providing online financial management capabilities delivers tangible business benefits. With FinanceWorks, you can:
- Strengthen relationships – FinanceWorks users log in to online banking twice as often as active online banking users.
- Acquire new relationships – 78 percent of FinanceWorks end-users surveyed said they would recommend their financial institution.
- Increase online channel profitability – FinanceWorks users are up to four times more profitable than the average household.
Drive retention and loyalty with FinanceWorks. For more information, contact MnCUN Director of Business Development Vickie Ganrude 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. In addition, this fall MnCUN is offering a variety of conferences and schools, including Fall Conference, Financial Management School: Parts III & IV, Loan Officer School, and IRA Training Essentials & Advanced. To register for these and other events, visit the online Event Calendar today.
- Sept. 1 (10 a.m.): TeleCourse - Decedent Accounts
- Sept. 1 (1 p.m.): Agility Recovery Solutions WebCast – Business Preparedness
- Sept. 2 (2 p.m.): WebCast - Identifying Risk for the Credit Union
- Sept. 8 (2 p.m.): WebCast - Garnishments, Levies & Other Demands for Members' Funds
- Sept. 9: MnCUN Board Planning Session
- Sept. 9 (10 a.m.): TeleCourse - The Growing Role of Market Segmentation
- Sept. 9 (2 p.m.): WebCast - Writing a Policy for FACT Act Risk-Based Pricing Regulations
- Sept. 9 (5:30 p.m.): Central Minnesota Chapter Meeting
- Sept. 10: MnCUN Fall Conference
- Sept. 14 (10 a.m.): TeleCourse - Innovations in Business Continuity
- Sept. 15 (10 a.m.): CUNA Mutual Group WebCast - Spam, Shams & Other Scams ... The Sequel!
- Sept. 15 (10:30 a.m.): Call Center Roundtable
- Sept. 15 (12 p.m.): Minnesota Credit Unions for Kids Committee Meeting
- Sept. 15 (1 p.m.): Agility Recovery Solutions WebCast – Preparedness Certification
- Sept. 15 (2 p.m.): WebCast - Legal Aspects of Checks