The Pulse (07-16-14)
July 16, 2014 ● Volume 03, Issue 27
The Pulse Archive
Credit Union News
MnCUN, Minnesota CUs add voice to RBC conversation at NCUA listening session in Chicago
In the Network’s continuing efforts to provide representation and strong regulatory advocacy for Minnesota credit unions, Mark Cummins, John Wendland and Lyndsay Miller attended NCUA’s Listening Session last week in Chicago. The session was open to all topics related to NCUA, however, the majority of the discussion was related to NCUA’s proposed risk-based capital rule.
There were over 160 credit union participants at the session. In addition to the Network, four member credit unions were in attendance: Affinity Plus Federal Credit Union, Wings Financial Credit Union, US Federal Credit Union and Royal Credit Union. During the session, Chairman Matz stated that all parts of the proposed risk-based capital rule are on the table for possible revision. The Chairman acknowledged that the risk weights needed review and that some would be changed, including risk-weights specific to investments, CUSOs, mortgages, member business loans.
Chairman Matz specifically mentioned her discussions with Minnesota credit unions regarding agricultural lending while attending MnCUN’s Annual Meeting in April, and she stated that the member business loan risk-weighting specific to agricultural loans would be reviewed. NCUA agreed that the implementation of the rule needs to be extended and that individual examiners were never intended to have the ability to impose additional capital requirements.
In addition to the proposed risk-based capital rule, participants commented on or raised concerns on a few other topics. Specifically, interest rate risk was discussed, and Chairman Matz stated that credit unions should not expect that an interest rate risk component will be added to the current CAMEL rating. Chairman Matz also addressed the penalties related to late call reports, emphasized that NCUA frequently discusses how to have better-trained examiners, and stated they are open to suggestions and criticisms concerning examinations.
For additional information on last week’s NCUA Listening Session, see the detailed summary on the
NCUA Risk Based Capital page of the Network website.
Calling all young professionals: You’re invited to “Crash” the Fall Leadership Conference!
For the first time, the Minnesota Credit Union Network is offering an opportunity for members of the Crew to “crash” the Fall Leadership Conference. This event is set for Sept. 5-7 in Brainerd.
The Fall Leadership Conference features industry experts providing insight and relevant information on top credit union issues. Held at Madden's Resort in Brainerd, this event also offers attendees a variety of networking opportunities and recreation activities.
Young professionals who crash the Fall Leadership Conference will have a unique opportunity to network, increase understanding of vendors and industry partners, participate in education sessions, and grow in their dedication to the credit union movement.
MnCUN is offering an exclusive discount Fall Leadership Conference package to Crew members, which includes off-site lodging in Brainerd, meals, recreation, and the ability to participate fully in the conference – at a fraction of the cost. As part of the discount package, the Network is waiving the conference registration fee for a limited number of Crashers.
Meaning…for less than $500, young professionals can be part of the Crash! This price – approx. 60% off what regular conference attendees pay – is inclusive of all expenses (mileage not included in cost, and policies vary by credit union and location).
- Follow this link for general information about the Fall Leadership Conference
- To register as a “Crasher,” visit the Crew page of the Network website
With questions, contact Crew Ambassador Amanda Kissner or MnCUN Crew Liaison Laura Whittet.
Industry experts discuss balancing strategy, risk management & examiner pressure at September’s Fall Leadership Conference
Examiner pressure with respect to interest rate risk is heating up. As this pressure increases, it becomes more important for decision-makers to link strategy, risk management and financial performance – and to be able to clearly articulate this link to state and federal regulators.
Nearly two years ago – Sept. 30, 2012 – NCUA’s interest rate rule took effect. Join the Minnesota Credit Union Network at its Sept. 5-7 Fall Leadership Conference to discuss risk management from a strategic and business model perspective. This session will be led by c. myers, a nationally-renowned company that provides asset/liability management, interest rate risk analysis and other financial solutions to credit unions. Senior Vice President/Principal Pete Crusius will be joined by Pam Finch, new to the c. meyers team after spending 25 years as a Minnesota credit union executive, including 16 years as CFO. This session will be conducted in English – not financial jargon – and is geared toward board members. Attendees will gain insight into risk management decisions and be better prepared to address questions from examiners.
“In recent years, regulators have been focusing on credit unions’ attention to risk management – including interest rate risk,” said MnCUN General Counsel John Wendland. “It’s important for credit unions and their board members to understand how to manage and analyze risks, especially in today’s complex regulatory environment.”
Registration for Fall Leadership Conference is currently open. Additional education sessions include:
- innovations in lending
- an economic outlook
- the future of payments
- developing tomorrow's credit union leaders
For details, online registration and lodging information, visit the Fall Leadership Conference section of the Network website. With questions, contact MnCUN Director of Education Sue Groskreutz at (651) 288-5521.
Minnesota Credit Union Foundation hosts inaugural Financial Literacy 5K
Nearly 300 financial education supporters took part in the inaugural Minnesota Credit Union Foundation Financial Literacy 5K on July 12. The event was held at Lake Normandale in Bloomington and featured a walk/run for adults, as well as a half-mile fun run for kids.
Powered by soleMOTION Race Management, the event included awards for first place male and female finishers overall, and the top three male and female finishers in six age categories. First place overall male and female winners were Alex Lieber and Megan Stuart.
“Hosting this 5K event raises awareness of the need for consumers to have greater knowledge and understanding of money management,” said Foundation Chairman Pat Brekken. “The strong turnout today highlights the key role that credit unions play in improving the lives of the members and communities that they serve.”
Credit unions, schools and organizations that registered five or more Financial Literacy 5K participants were eligible for the team award. Participants’ times are being aggregated and averaged to determine the best team time. (Team award winner to be announced later in July.)
“We are pleased with the turnout and the success of this first-year event, thanks to the support we received from credit unions and financial education organizations and supporters,” said Kristina Wright, Minnesota Credit Union Foundation Executive
Director. “Our efforts as a Foundation are small compared to the time and energy that our state’s credit unions dedicate on an ongoing basis to providing personal finance education to members, students, and members of the community.”
MnCUN’s “cycle of news” helps to put national spotlight on Minn. CUs efforts to “Unite for Good”
| MnCUN President & CEO|
Mark Cummins poses with
the Unite for Good wall at
Last month, Minnesota credit union good news stories were featured at the 2014 Credit Union National Association (CUNA) America’s Credit Union Conference. Unite for Good, a program developed by CUNA aimed at unifying the message and voice of credit unions, displayed approximately 50 stories of credit unions engaging their communities. Of these 50 stories, 4 were from Minnesota credit unions.
Stories are submitted to MnCUN – either via press release or through a brief synopsis provided in an online form – they become part of the Network’s "cycle of news”. MnCUN posts stories to the CU Social Good and Unite for Good social media sites, which aggregate positive credit union stories.
“We at the Network are pleased to see recognition of community outreach by Minnesota credit unions at the national level,” said MnCUN President & CEO Mark Cummins. “I encourage credit unions to continue to share their efforts.”
To submit stories to MnCUN through the share your story button on the Network website. Contact Network Communications Director Connie Kuhn with any questions.
NCUF calls for Herb Wegner nominations
July 31 is the deadline to nominate individuals and organizations for the Herb Wegner Memorial Awards presented by the National Credit Union Foundation (NCUF).
Winners will be honored at NCUF's annual awards dinner on March 9 in conjunction with the Credit Union National Association's Governmental Affairs Conference in Washington, D.C.
The nominations are being accepted for:
- The Individual Achievement Award honors an unsung hero for their innovative concepts and/or accomplishments that are ongoing and current contributions to the credit union community for their work within the past three to five years. Accomplishments must have had a significant impact or a potential impact on the local or national or international credit union movement with measured results. Nominations must cite a specific subject of achievement such as financial literacy, service to the underserved, alternatives to predatory lending, and/or new products.
- The Outstanding Organization/Program Award honors an organization, program or business for their innovative concepts or product and services that have had a significant impact on the local or national or international credit union movement with measured results.
- The Lifetime Achievement Award honors an individual who has dedicated their life to promoting the credit union philosophy, created innovative concepts and provided leadership that has had a significant and lasting impact on the local or national or international credit union movement.
Nominations can come from individuals or organizations. To make a nomination:
- Complete the Wegner Awards nomination form on the NCUF website.
- Gather at least five letters of recommendation citing examples of the nominee's achievements relevant to the award criteria
- Send the nomination form and recommendation letters electronically to NCUF by July 31.
With questions, please contact Danielle Brown or call (608)556-2406.
One week left: Send in your Dora, Louise, Desjardins award entries!
Don’t miss out on the chance to promote the unique projects, products and services offered by your credit union. Submit your entries for the statewide Dora Maxwell, Louise Herring and Desjardins awards competition and show off the ways your credit union benefits its staff, members and communities.
The deadline for entries is next Friday, July 25. To submit an entry, visit the National Awards Programs page of the Network website. This webpage also provides descriptions of each awards program and eligible activities, as well as checklists on what to provide with each entry.
Credit unions are encouraged to enter in one or all of the national awards programs. Winning submissions in the state competition will advance to the national competition for judging this fall. With questions, contact MnCUN Director of Communications Connie Kuhn by email or call 651-288-5527.
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.
TopLine FCU helps answer: When saving for retirement, how much is enough?
US Federal CU to hold community blood drive
Lake State CU retail services manager shares insights about “new normal” in auto lending
Royal CU helps fill national credit union membership milestone website
Advocates seek stronger 'patent troll' defense measures
Submit Project Zip Code results in Q3
CFPB issues interpretive rule, clarifies ATR rules regarding successors in interest
CFPB releases memo regarding same-sex married couples and its regulatory enforcement
IRS issues notice, unused ITINS to expire after 5 years
CFPB launches eRegulations, an online resource for Regulations E and Z
CUNA releases audio of NCUA’s LA Listening Session
Invest in America credit union rewards program to unveil new name, offer new tools
Beginning Aug. 1, Invest in America will become Love My Credit Union Rewards. As the program is growing with new partners, enhanced technology and additional marketing options, the time is right for a new name.
Love My Credit Union Rewards will introduce:
- A new consumer website;
- Bundled shopping categories including: Auto, Home, Technology and Entertainment, Finance, Shopping and Invest in America;
- Love to Shop (which replaces Shop America) that will provide exclusive daily offers to bring members back more often; and
- New marketing materials to promote the overall rewards program, individual discounts and materials that support the bundled discount categories.
To continue to show credit union support for U.S. based companies, Invest in America will still be displayed as a category on the website homepage, and the logo will appear on discounts that are from U.S. based companies. For additional information, visit Love My Credit Union Rewards online.