December 17, 2010 ● Volume 33, Issue 24 Archived Issues
Dues invoices to be mailed today
MnCUN dues packets will be mailed to all Minnesota credit unions today. The packets include dues invoices, credit union information forms, and CUNA’s Power of Association brochure.
In addition, this year’s packet includes MnCUN’s 2010 Compliance Reference Guide, which includes the following booklets:
- Guide to Liens;
- Fundamentals of Business Account Compliance;
- Regulatory Summary 2010; and
- Credit Union Report Deadlines 2011.
Minnesota Credit Union Network dues should be remitted by Monday, Jan. 31. With questions, please contact the Network office at (651) 288-5170.
Nominate a colleague for MnCUN’s Professional and Volunteer Awards
MnCUN is now accepting nominations for its annual Outstanding Professional and Volunteer of the Year Awards. If your credit union has an extraordinary employee, board member or volunteer committee member, be sure to nominate him or her for these prestigious awards.
The Professional of the Year Award recognizes 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. Professionals of all positions and backgrounds are eligible to receive this award.
The Outstanding Volunteer of the Year Award is bestowed upon one credit union volunteer who best exemplifies the credit union spirit through dedication to, and belief in, the movement. Grounds for nomination include involvement at local and state levels and participation in other activities that further the organized movement.
Consider nominating a supervisor, colleague or volunteer for these prestigious awards. Simply follow the nomination instructions and return all information to the Network office by Friday, Feb. 18. The winners of the Professional and Volunteer Awards will be recognized with a video tribute that will be shown at the Network Annual Meeting, to be held in Bloomington on April 8-9, 2011.
Complete award information and nomination forms are available on the MnCUN Professional & Volunteer Awards page of the Network web site. With questions about the awards program, contact MnCUN Director of Communications Rachel Anderson by e-mail or at (651) 288-5527.
MnCUN Lending Conference offers tips, tools and techniques
Professionals seeking to grow their credit unions’ loan programs are invited to attend MnCUN’s Lending Conference on Jan. 27-28 at the Holiday Inn in St. Paul. This conference will provide attendees tools to bring their lending practices to the next level.
Geared toward more experienced loan officers, loan managers and CEOs, this two-day training program is designed to help credit unions make better loan decisions, increase revenue and profitability, and improve membership growth and retention. Attendees will examine how to develop a lending philosophy that integrates proactive strategies and programs. Learn how to gain the competitive advantage while increasing revenue and decreasing delinquencies.
Led by a 20-year credit union veteran, this conference is not to be missed. Those that register by Thursday, Jan. 6, will receive a $30 early bird discount. All other registrations must be received by Thursday, Jan. 20. For more information and to register, visit the Lending Conference page of the Network web site.
NCUA offers free Troubled Debt Restructuring webinar
On Jan. 6, NCUA will be hosting a free webinar focused on providing credit unions guidance on how to handle the accounting for troubled debt restructuring. Moderated by NCUA Board Member Gigi Hyland, the session will answer credit unions’ questions on documenting these transactions.
During the webinar, participants will review the definition of troubled debt restructuring (TDR) loans and examine the definition of concessions with dealing with TDRs. In addition to insight from the NCUA, the webinar will feature input from auditing firm Crowe Horwath LLP. Specifically, the session will answer the following questions:
- What is a TDR?
- What constitutes financial difficulty?
- What is a concession?
- How does impairment measurement work?
Although this webinar is free, registration is required. For more information and to register, visit the Event Calendar section of the Network web site.
MnCUN stand-up event calendars mailed
Last week credit unions received stand-up event calendars highlighting MnCUN’s major educational events for 2011. This condensed version of the MnCUN’s traditional spiral-bound event calendar works in conjunction with the Network web site.
The stand-up calendar offers credit unions an outline of the major credit union conferences and events occurring over the next year. Professionals and volunteers can visit the Network web site for more detailed information about each major event. In addition, the Event Calendar section of the Network web site contains dates, locations, and brief write-ups for the telecourses, webinars, roundtables and seminars being held in 2011. Detailed descriptions and online registration for each event will be available online four to six weeks prior to each session.
Visit the Network web site often and peruse the learning opportunities available to you. With questions or suggestions for sessions, contact MnCUN Vice President – Education & Credit Union Development Neil Christy by e-mail or at (651) 288-5503.
Webinar discounts offered in 2011
Credit unions have the opportunity to save on webinars offered in 2011 through a new bundling package offered by the Network. Credit unions that register for 12 webinars throughout the year will automatically receive one complimentary certificate for a free webinar.
To take advantage of this discount program, simply sign up for the webinars using the Network’s standard paper registration form or online registration system. MnCUN will keep track of your registrations and monitor your progress toward the free online education session. Any MnCUN webinar attended by anyone at your credit union will count toward the discount program. Registrations can be from multiple people, and they may be for webinars held over the course of the year. After your credit union registers for its 12th webinar, you will automatically receive a certificate for a free webinar.
Stretch your credit union’s training budget and take advantage of this webinar discount. A full list of 2011 webinars are posted in the Event Calendar section of the Network web site. With questions about the discount program, contact MnCUN Director of Education Sue Groskreutz by e-mail or at (651) 288-5521.
MnCUN offers CUs marketing tips
Is your credit union searching for new ways to connect with both current and potential members? MnCUN’s Research & Communications Recommendation Report provides tactics for increasing your credit union’s market share and moving consumers from awareness to action.
The report is based on information gathered this year during MnCUN’s consumer research survey, which investigated consumers’ knowledge of, perceptions about, and attitudes toward credit unions. The Research & Communications Recommendation Report takes the data from the research and synthesizes it into tangible results, ideas and messages that you can use. Focusing on the areas of key messages, consumer preferences, current opportunities, and regional take-aways, this publication provides you the tools and information to jumpstart your credit union’s marketing efforts.
The report is available for download from the Research & Communications Recommendation Report page of the Network web site. With questions about the publication, contact Rachel Anderson by e-mail or at (651) 288-5527.
Chain of Hearts 2011 – it’s not too late!
By now, participating credit unions should have received their 2011 Chain of Hearts materials. This fundraiser, which runs from Jan. 5-Feb. 25, is being coordinated by the Minnesota Credit Unions for Kids (MnCU4Kids) committee and encourages members to purchase hearts and links that are displayed in credit union lobbies.
This simple fundraiser is free and raises money for Gillette Children’s Specialty Healthcare, located in St. Paul with various clinics throughout the state. Credit unions that have not signed up yet can still do so! For more information or to participate, contact MnCU4Kids staff liaison Rachel Anderson by e-mail or at (651) 288-5527.
MnCUN holiday hours
Please note that the Minnesota Credit Union Network will be closed on Friday, Dec. 24, in observance of the Christmas holiday. Happy Holidays!
Credit union notes…
- Ashby Federal Credit Union named Sheila Drayna as its new manager on Dec. 9. She has been with the credit union since August and served as assistant manager before being promoted.
- Twin Valley-Flom Federal Credit Union changed its name to Pine to Prairie Federal Credit Union in November. The intent behind the name change was to help broaden the credit union’s visibility and increase its membership.
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 very competitive rates. They offer full image-based processing, which includes the following services:
- Share drafts
- Check deposits
- Return item processing
- Online check image access for credit union staff and members
- Long-term image access archive
- Flexible file format posting
- CD/DVD image output
- Image statements
- Remote capture solutions
- Unsurpassed customer service
MnIPC offers flexible settlement arrangements, allowing credit unions to choose where to maintain their accounts. With strong dedication to credit unions, MnIPC staff provides exemplary customer service. For more information about MnIPC’s products and services, contact MnIPC Vice President Michelle Carlson by e-mail or at (651) 288-5551.
Build 4,200 branches overnight with Shared Branching
By providing members access to more than 4,200 locations nationwide, the Shared Branching Network makes your credit union one of the most convenient financial institutions in the world. Make your credit union part of the network today and discover the numerous benefits to you and your membership.
Through Shared Branching, credit unions share facilities and provide members thousands of convenient locations where they can conduct transactions just as if they were at their home credit union. The service center program allows your credit union to offer multiple locations and extended hours of operation – without costing you hundreds of thousands of dollars in building expenses. By sharing facilities, credit unions extend their reach to offer greater convenience to all members in Minnesota and across the nation. Take advantage of this opportunity to serve your members better.
Join Shared Branching today and discover the benefits it has to offer your credit union. For more on how to offer this service to your members, contact MnCUN Vice President – Education & Credit Union Development Neil Christy by e-mail or at (651) 288-5503.
Survey shows that consumers are seeking better web solutions
This year Intuit Financial Services' annual survey found that more than one-third of Americans are managing their finances using online solutions provided by their financial institution – an increase from 27 percent a year ago. In addition, more than one-quarter of Americans have also cut back on visits to their credit union branch to just once a month, which indicates the need for credit unions to offer viable online solutions.
Intuit Financial Services’ survey also found that banking customers view online financial management solutions from their bank or credit union as competitive differentiators. Fifty-two percent of those surveyed said they would leave their current financial institution for one that offers better money management capabilities. Nearly half of all respondents said they had already switched banks or credit unions recently, and one-third of them switched because their financial institution did not provide satisfactory online solutions.
This trend emphasizes the need for credit unions to be competitive in the area of web solutions. Intuit Financial Services can help credit unions provide members and potential members sophisticated online banking services. They offer a comprehensive portfolio of internet-based financial products and services that enable credit unions to become the trusted transaction hub for their consumer and business members. They help your credit union strengthen its online presence by providing consumer and business internet banking, electronic bill payment and presentment, check imaging, account-to-account transfers, and web site development and hosting.
Examine Intuit’s products and services today and see how they can help your credit union stand above the rest. To learn more about Intuit Financial Services, 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. Professionals and volunteers are also invited to attend MnCUN's Lending Conference and Credit Union Day at the Capitol. To register for this and other events, visit the online Event Calendar.
- Tuesday, Dec. 21 (10 am): TeleCourse - Spurring Change at the Credit Union
- Wednesday, Jan. 5 (2:30 pm): Webinar – Form 1099
- Thursday, Jan. 6 (10 am): TeleCourse – Remarkable Sales & Service
- Thursday, Jan. 6 (1 pm): NCUA Webinar – Trouble Debt Restructuring
- Thursday, Jan. 6 (2 pm): Webinar – Business Continuity Planning