The Pulse (02-19-14)
Feb. 19, 2014 ● Volume 03, Issue 7
The Pulse Archive
Credit Union News
Target data breach costs Minnesota credit unions & members $750,000
Minnesota’s credit unions have incurred nearly $750,000 in costs related to the Target data breach, according to estimates from a national survey conducted by the Credit Union National Association (CUNA). Survey results also show that Minnesota credit unions had an estimated total of 27,000 credit cards and 117,000 debit cards affected by the breach – at a cost of $5.15 per card.
"Credit unions and their members throughout Minnesota have been impacted by the data breach and they are having to cover those costs by themselves,” said Mark D. Cummins, Minnesota Credit Union Network President & CEO in a recent press release. "Credit unions have incurred all of the costs related to reissuing cards, monitoring accounts for fraud, notifying members and closing and reopening accounts.”
Nationwide, the cost estimates reported by CUNA are primarily related to card reissuance and other administrative expenses resulting from the breach and do not include the costs of any actual instances of fraud. Credit unions across the country have incurred an estimated total of $30.6 million in costs and 4.6 million impacted credit and debit cards.
"Protecting members’ financial and personal information is critical for credit unions – not just because it is required by regulations, but also because credit unions value the trust their members place in them,” Cummins said. "We urge Congress to consider legislation that holds all participants in the payments system to comparable security standards, allows for informing consumers about where their data was compromised, and requires merchants to reimburse credit unions for the costs of reissuing cards.”
On Feb. 5, MnCUN held a conference call with credit unions throughout Minnesota to share information related to the recent Target data breach. A recording of the call is available on the Target Data Breach page on the MnCUN website. A summary of the latest CUNA survey results is also available on the website.With questions about the Target data breach, please feel free to contact the following MnCUN staff:
Legislative activitiesCommunications, media relations and breach activity updates
CU Day – early bird deadline expires at midnight
Today is the last day for credit union professionals and volunteers to take advantage of the early bird pricing for MnCUN's Credit Union Day at the Capitol. This day of advocacy provides supporters the opportunity to bring the credit union message to the State Capitol.
On Thursday, March 13, at the Saint Paul RiverCentre, attendees will receive advocacy tips, hear legislative updates and visit their elected officials at the State Capitol. In addition, those under the age of 35 will have an opportunity to participate in unique networking and education opportunities through MnCUN's Crew Exclusive.
Register today to attend this important advocacy event. Those who register by the end of the day will receive $40 off the registration price. For more information and to register, visit the Credit Union Day at the Capitol page of the Network website.
Last chance to nominate your outstanding credit union colleague
Do you know an extraordinary professional or volunteer at your credit union? Nominate them for MnCUN's Outstanding Professional and Volunteer of the Year Awards! The deadline for nominations is this Friday, Feb 21.
These awards are presented annually and showcase the dedicated service and professionalism of credit union staff and volunteers. Individuals must be nominated by a colleague to be eligible to receive one of these top honors.
- Outstanding Professional of the Year recognizes the notable service of one outstanding credit union professional who has selflessly given their time, efforts and talent to the support and promotion of credit unions in Minnesota.
- Outstanding Volunteer of the Year is given to one extraordinary credit union volunteer who best exemplifies the credit union spirit through dedication to the movement through involvement at local and state levels and participation in other activities that support the credit union mission.
Award information and downloadable nomination forms can be found on the 2014 Professional & Volunteer of Year Awards page of the Network website. All nominations must be submitted online by Friday, Feb. 21.
With questions about the awards programs, contact MnCUN Director of Communications Connie Kuhn.
Annual Meeting 2014: SEVEN important changes you won’t want to miss!
Earlier this month, the Minnesota Credit Union Network opened registration for its 2014 Annual Meeting & Convention. Not only does this event feature educational sessions and the largest credit union tradeshow in the state, this year’s conference has a whole host of changes and enhancements to underscore the move to its new location.
Some of the biggest changes include….
- The Venue: MnCUN’s 2014 Annual Meeting will be held at the new Radisson Blu Hotel connected to the Mall of America!
- The Exhibit Hall: Friday’s conference lineup includes three opportunities to visit with the tradeshow vendors, exclusive of other scheduled events. Meet with exhibitors over coffee, lunch and late afternoon refreshments.
- The NEW General Session: The educational portion of the conference will kick off with a continuous general session, emceed by Minnesota’s own Kim Insley from Kare 11 News. This jam-packed morning session will feature remarks and Q&A with NCUA Chairman Debbie Matz, former CUNA President & CEO Dan Mica, and other local and national industry leaders.
- The Business Meeting: Moved to the afternoon, the annual Business Meeting provides an overview of the Minnesota Credit Union Network, its activities and accomplishments, and the results of the Board of Directors election.
- The Breakout Sessions: Scattered throughout the conference weekend, breakout sessions will feature industry experts Brett Christiansen, John Lass and Anthony Huey, as well as other timely topics including social media marketing, financial education, and operating expenses.
- The Awards Breakfast: New to the 2014 Annual Meeting, MnCUN has shifted its comprehensive recognition event to Saturday morning. Included in the conference pricing, come join your colleagues for more information about individuals and organizations making headlines. This The Awards Breakfast will be emceed by local media personality Don Shelby.
- The Roundtable Sessions: Saturday afternoon will feature three options three "open forum" roundtable sessions focused timely topics pertinent to credit union professionals and volunteers. Join your colleagues at these sessions, where you set the agenda and shape the conversation.
Registration is currently open for credit unions and exhibitors – visit the Annual Meeting & Convention section of the Network website. Additional details, lodging information and a conference agenda are also available. With questions, please contact MnCUN Director of Education Sue Groskreutz by email or phone at (651) 288-5521.
National Credit Union Administration confirms cancellation of TCCUSF assessment charges in 2014
The National Credit Union Administration (NCUA) has confirmed there will be no Temporary Corporate Credit Union Stabilization Fund (TCCUSF) assessment charged in 2014. And, credit unions are much less likely to be charged another TCCUSF assessment going forward.
The agency said the positive TCCUSF news is the result of a $1.4 billion settlement with JP Morgan and the continued improvement in the performance of the legacy assets underlying the NCUA Guaranteed Notes program.
The Credit Union National Association (CUNA) first called for this move last summer, arguing that continued assessments had been unnecessary for some time. A significant piece of this news is that rebates of past assessments paid are likely in the future for credit unions. Credit unions have paid $4.8 billion in corporate assessments since the fund was established. The projected net remaining assessments over the life of the corporate stabilization fund, based on estimates from the second quarter of 2013, now range from -$1.9 billion to -$0.4 billion. That means some combination of capital restoration or rebates is now very likely, but not until the stabilization fund ends, which won't be for several years, according to CUNA President & CEO, Bill Cheney.
$7,500 in financial education grants available from the Minnesota CU Foundation
The Minnesota Credit Union Foundation (MnCUF) – with the mission of providing resources for credit unions and communities to prosper and thrive – has a strong commitment to financial education. The Foundation is offering $7,500 in grants to assist Minnesota credit unions in implementing financial education projects.
Non-credit union organizations may also apply for grant funding, but must partner with a Minnesota credit union and demonstrate how the project will impact credit unions and their members.
Applications are currently being accepted, through Tuesday, April 1. Grants will be evaluated by the Minnesota Credit Union Foundation Board of Directors, and recipients will be announced by mid-April.
The Foundation Board of Directors evaluates applications based on a variety of factors, including credit union value, community impact, collaboration, creativity, and past involvement in and support of Foundation activities. Projects/initiatives must have measurable outcomes and a written follow-up report must be submitted within 30 days of the project completion.
"As community-focused organizations, credit unions continually work to improve their members’ personal financial knowledge and well-being,” said MnCUF Chairman Pat Brekken. "The Minnesota Credit Union Foundation is happy to come alongside our state’s credit unions to support these efforts.”For full details and application forms, visit the Financial Education Grants page of the Foundation website.
Credit Unions in the News
Follow the links on the stories below to read more about the outstanding programs, new initiatives and well-deserved recognition received by your peers recently. Got news of your own? Send stories, pitches, press releases and published articles to MnCUN Director of Communications Connie Kuhn.
Woman of Achievement award returns to OwatonnaCUs' community work is star of new NCUA video
(Owatonna People's Press © 02/16/2014)
(CUNA News Now © 02/14/2014)
Affinity Plus Hires Urick Back as COO
(Credit Union Times © 02/13/2014)
Loan demand 'encouraging' for Minn. CUs
(CUNA News Now © 02/12/2014)
Update on Mandatory Mediation bill
Networkadvocacy focuses on Government Sponsored Enterprise Reform in coming weeks
Treasury Department issues final employer regulations on Affordable Care Act
CFPB takes steps to improve HMDA reporting, seeks comments
NCUA Issues Letters to Credit Unions
Alert No. 14-RA-07: Appraisals for Higher Priced Mortgage Loans – supersedes prev. Reg. Alert 13-RA-08