The Pulse (07-31-13)
July 31, 2013 ● Volume 02, Issue 30
The Pulse Archive
Credit Union News
The push isn't over! Continue to spread "Don't Tax My Credit Union"
Credit unions around the country have delivered more than half a million contacts to Congress since May 22, and more than 8,000 contacts have been made to Minnesota’s federal legislators.
Then, last week in a special push to promote credit unions’ tax status – ahead of a Senate July 26 deadline for preliminary tax reform proposals – the Network, along with nearly 2,200 Twitter users, sent the "Don’t Tax My Credit Union” message to lawmakers via social media – and contributed to the more than 875,000 views of this message. Through direct tweets, retweets and Facebook posts, people across the nation joined the "Don’t Tax My CU Tuesday” effort and sparked a buzz in Washington.
But the discussion in Congress on tax reform continues! It’s critical we build on these successes and build our grassroots response, especially because Congress will soon be adjourning for their August recess. We have to be prepared to go to the mat for the credit union tax status, and we’ll need at least 36,000 contacts made to Minnesota’s federal lawmakers to do it.
Below are three ways you can engage:
Join us for a webinar on Tuesday, Aug. 13 at 10 a.m. that will provide updates on the campaign and ideas you can use to promote it. Registration and more details are available on the Network’s Event Calendar webpage.
One of the tactics the Network is employing to target legislators with the "Don’t Tax My Credit Union” message is Vine videos. So far, several six-second Vine videos have been recorded featuring credit union employees telling Congress: "Don't Tax My Credit Union!" These videos are distributed using Twitter, with tags for Minnesota’s senators and representatives (depending on the district in which the credit union is based). Vine is a mobile app where users record a video clip up to six seconds long on their smartphone and can share the video through a link. Governmental Affairs intern Paul Moore will be scheduling visits with credit unions to record more Vine videos soon!
Don’t Tax my Credit Union Toolkit
Make sure to use the tools on the Network’s Tax Status Advocacy webpage to promote this campaign. These tools include a sample email to members, newsletter articles, web logos and much more! One of the most effective ways to generate member interest is through a direct email to your members. Please use the sample email on this webpage and send a message to your members today!
For more information on this advocacy effort, please contact MnCUN Political Advocacy Director Ryan Smith by email or at (651) 288-5533.
Six days until lodging deadline, early bird pricing for Fall Conference
Credit unions have just days to make their reservations at Madden's Resort for MnCUN's 2013 Fall Conference. The deadline to reserve lodging is Tuesday, Aug. 6. Also, take advantage of early bird conference registration by Aug. 6. Attendees who register and pay by this date will receive $90 off the standard registration price.
Set for Sept. 6-8 at Madden's Resort in Brainerd, MnCUN's Fall Conference provides credit union professionals and volunteers a weekend of education, networking and fun. With sessions on topics including best practices for Minnesota credit unions, ethics, revenue generation and supervisory committee duties, this conference has something for everyone. Madden's also offers first-rate dining and excellent recreational opportunities, all in a scenic and relaxing atmosphere. For more information and registration, visit the Fall Conference page of MnCUN’s website.
Lodging reservations are separate from the conference registration and must be made online through the Madden's Resort website, or complete the Madden's Registration Form and submit it to the hotel. For more information on lodging, visit the Fall Conference Lodging section of the Network website.
MnCUN wants you to "Maximize Your Membership!"
As summer flies by and the calendar prepares to change to August tomorrow, the Minnesota Credit Union Network recently encouraged all member credit unions to get the most out of their dues dollars. As the association that works to ensure the success, growth and vitality of our member credit unions, MnCUN is keenly focused supporting credit unions and creating the environment that allows for growth.
To ensure that credit unions around the state are maximizing their MnCUN membership, the list below includes a few key ways that credit union professionals and volunteers can be engaged.
- GRASSROOTS ADVOCACY: Help protect the credit union tax exemption by telling Congress "Don’t Tax My Credit Union!” MnCUN is urging credit union staff and volunteers to respond to GREAT Action Alerts and to engage members in this campaign. Videos, logos, email messages and more can be found on the Tax Advocacy Resources page of our website.
- COMPLIANCE SUPPORT: The Network website has a wealth of resources and information for credit unions seeking compliance support – including publications, FAQs, and an August webinar on the CFPB. A members-only benefit, credit unions have easy access to our compliance experts who are available to take questions by email or by phone at (651) 288-5170.
- MEMBERS-ONLY WEB CONTENT: Several areas of the Minnesota Credit Union Network website are password-protected to allow members-only access. Staff at all levels of the credit union can visit the MnCUN website to register for a password and explore the online resources available.
- CONSULTING SERVICES: MnCUN offers a variety of consulting services for credit unions. Follow these links for additional information on compliance & audit consulting, strategic & succession planning, business planning, board education or planning sessions.
The strength of the credit union movement lies in our unity and our willingness to work cooperatively. The strength that comes from joining together to advocate for the credit union movement and 1.5 million credit union members around the state is immeasurable. Affiliation is key to our success and to the success of the industry. We appreciate the opportunity to serve you!
With questions or suggestions, please feel free to contact any member of the Network staff at any time.
Boring sheet? Learn why it's critical to understand basic CU financials
In an exclusive Aug. 7 webinar for young credit union professionals, members of MnCUN’s up-and-comers group The Crew can gain insight into critical credit union financials. This hour-long virtual education session titled "Balance Sheet or Boring Sheet? Understanding Basic Credit Union Financials" kicks off at 2 p.m.
This session, led by credit union expert Jim Aho (right), attendees will learn about the numbers that matter and why understanding basic credit union financials can be crucial to career growth. Topics covered will include balance sheets, income statements and overall ratios and their definitions.
Don’t miss out on this important training! Registration and more information can be found on the Event Calendar section of the Network website.
Credit unions will pay lowest Stabilization Fund fee since 2009
Late last week, the NCUA Board approved a 0.08 percent assessment to federally insured credit unions for the 2013 Temporary Corporate Credit Union Stabilization Fund. This represents the lowest corporate assessment on credit unions since they started paying into the fund in 2009.
Those eight basis points of federally insured shares represent the lowest end of the NCUA’s estimate of eight to 11 basis points announced in November 2012. The assessments will generate at least $700 million when the payments are collected in October, the agency said. Credit unions should record the expense in July, consistent with GAAP, and on their third quarter Call Reports.
"Based on CUNA’s previous analysis of the corporate securities, previous information released by NCUA, and recent and projected trends for the economy, in general, and the housing market, in particular, this year’s assessment amount of about $700 million could well be sufficient to cover the remaining losses on the legacy assets acquired from the five failed corporate credit unions,” CUNA’s Chief Economist Bill Hampel said in a statement.
After the upcoming payments are received, credit unions will have paid $4.8 billion in Stabilization Fund assessments since the fund was established. The projected net remaining assessments over the life of the Stabilization Fund now range from $0.9 billion to $3.2 billion. When the NCUA releases its semiannual update of the loss estimates in the next few months, the remaining assessment range will be revised.
The NCUA Board will announce an assessment range for 2014 in November. The Board reiterated there will not be a National Credit Union Share Insurance Fund (NCUSIF) premium for this year.
Credit Unions in the News ...
Minnesota credit unions are making headlines every day! Follow the links in the stories below to read more about the outstanding programs, new initiatives and well-deserved recognition received by your peers in recent weeks. Got news of your own? Send stories, pitches, press releases and published articles to MnCUN Director of Communications Connie Kuhn.
- Lake State Credit Union has entered the Duluth market, targeting Generation X and Generation Y. Its new downtown office is opening in mid-August in Duluth’s Tech Village, the center of a work hub of hundreds of young, tech-savvy professionals…more
- Mid-Minnesota Federal Credit Union is helping local students go back to school supplied for success this fall. Its Operation School Supplies campaign, running now through Sept. 30, is geared toward providing local children with necessary school supplies for the upcoming year … more
SAVE THE DATE! 2014 CU Day set for March 13
Cheney letter encourages Obama to include MBL in jobs package
NCUA issues FAQ on Call Report loan delinquencies
Treasury issues guidance on final garnishment rule
July edition of The NCUA Report issued
NCUA realigns its regions
CFPB announces financial education strategy
PolicyAid adds to CU policy list to reflect new, amended regulations
CUs help CUNA Mutual raise $10K for charity with Go Paperless campaign