The Pulse (08-21-13)
Aug. 21, 2013 ● Volume 02, Issue 33
The Pulse Archive
Credit Union News
Get the update & next steps in "Don't Tax My Credit Union"
If you missed the chance to listen in on the "Don’t Tax My Credit Union” update from MnCUN’s Governmental Affairs team last week, a free archive of the "Next Steps: Don't Tax My Credit Union Update" is available. You’ll hear an update on the campaign, as well as some top tactics for getting involved. The archive can be viewed on the Tax Status Advocacy page of the Network website.
To augment the information contained in the webinar, below is a briefing on the tax reform status in Congress and the progress of "Don’t Tax My Credit Union.”
Tax Reform Update
Tax reform bills are now being drafted on both sides of Capitol Hill. On the House side, House Ways & Means Committee Chairman Dave Camp (R-Mich.) has told his colleagues that he is going to write a bill that places the maximum rate on individual and corporate taxes at 25 percent. This means a significant number of loopholes and tax expenditures would have to be eliminated.
On the Senate side, Finance Committee Chairman Max Baucus (D-Mont.) and Ranking Member Orrin Hatch (R-Utah) are proceeding with the "blank sheet” approach. Drafts of the tax reform bills are not expected to be made public until October.
Even though the House and the Senate remain far apart in terms of the goals of tax reform, there is bipartisan consensus to move forward with the tax reform process. This means that the most important time for retaining the credit union tax status is right now, as bills are being drafted.
"Don’t Tax My Credit Union” Update
It is critical that credit unions continue to increase grassroots engagement in the "Don’t Tax My Credit Union” campaign. A national total of 715,000 contacts have been made to Capitol Hill since May 22, with more than 10,000 of those contacts sent from Minnesota credit union supporters. This is tremendous work that should not be scaled back!
Success in this campaign relies on engaging credit union members. The Network asks that all credit unions please take the following actions:
- Email your members: A barrage of emails from credit union members to their representatives and senators through the Dont Tax My Credit Union website remains the most effective advocacy tool. The best way to generate response from your credit union members is direct email. If you have not already done so, please use the sample email on the Network’s Tax Status Advocacy webpage to reach out to your members.
- Activate them at the branches: Sample postcards and petitions are available to help credit unions reach out to members at the branches. These are two easy ways to engage consumers. You can download them by clicking here, or email Ryan Smith to order them.
- Social media: Continue to use the credit union’s website and/or social media channels to engage members and direct them to the www.donttaxmycreditunion.org webpage. On the Tax Status Advocacy webpage there are sample web banners and sample social media posts. The Governmental Affairs team is also filming Vine videos as another way to generate campaign buzz. Please contact Governmental Affairs Intern Paul Moore by email to schedule a time to shoot Vine videos at your office.
With questions about this campaign or what you can do to participate, contact MnCUN Political Advocacy Director Ryan Smith by email, or call (651) 288-5533, or MnCUN Vice President – Governmental Affairs Mara Humphrey by email or at (651) 288-5523.
Prepare to "Unite for Good" for this year's ICU Day
Mark your calendars to join credit unions around the world on Thursday, Oct. 17 for International Credit Union (ICU) Day. This year’s theme, "Credit Unions Unite for Good," speaks to the powerful credit union values, shared networks and advantages that result from the unique collaborative spirit embodied by credit unions to better serve members. Sharing and celebrating these differences raises awareness for and reinforces the message that credit unions are the best financial partners.
"This year's ICU Day initiative, 'Unite for Good,' is the perfect way to bring credit unions together around a common cause that will make a huge difference with both national and local impact," said Paul Gentile, CUNA executive vice president, strategic communications and engagement. "Now is the time to take that message and drive it across the nation.”
The "Unite for Good” message speaks to the powerful global network of credit unions and the advantages that result from sharing challenges, experiences and solutions to better serve members. It strikes at the heart of what ICU Day stands for. Established in 1927, ICU Day celebrates the common roots of 196 million credit union members in 100 countries and their community service achievements.
For more information on this year's ICU Day event and what you can do to promote it at your credit union, visit the International Credit Union Day page of the Network website. On this page, you'll find a several promotional items, including a sample newsletter article, letter to the editor, a poster, logo and numerous celebration ideas.
Remember, even when promotions for ICU Day are over, the "Unite for Good” message is evergreen! Credit unions are encouraged to continue spreading this ongoing initiative that aims to build support and unites credit unions worldwide around the shared vision of credit unions as the best choice for consumers. The objective of "Unite for Good” is to remove barriers, create awareness and foster service excellence. The main goals of this campaign are to reach 55 million members who have designated credit unions as their PFI, and a total financial value of $20 billion by 2023. To learn more, go to the Unite for Good page of the Network website.
Mark your calendars for MnCU4Kids' Bowl-O-Rama
It's almost time to get out your bowling shoes and join the Minnesota Credit Unions for Kids (MnCU4Kids) committee for its sixth annual Bowl-O-Rama on Thursday, Oct. 24. This event will provide credit union professionals and volunteers the opportunity to raise money for a great cause and have fun doing it.
Taking place at Stars & Strikes Entertainment Center in Wyoming, Minn., this midday event includes lunch, three games of bowling and prize drawings, as well as fabulous trophies to the top bowling teams. All proceeds from this fundraiser go to Gillette Children's Specialty Healthcare and its clinics around the state, which help kids with disabilities and chronic conditions.
More information and a printable registration form will be available soon on the Event Calendar section of the Network website.
Finance & Commerce wants your Top Women in Finance nominees
There’s one week left to nominate a deserving colleague for the Finance & Commerce Top Women in Finance Award. Celebrating its 13th year, this award recognizes women across the state for their outstanding achievements and leadership. Nominations are due on Monday, Aug. 26.
Honorees will be selected for outstanding work and notable contributions to their professions, communities and society as a whole. Nominees should have an impressive professional track record, leadership experience, and a history of community involvement. Past Top Women in Finance honorees may be nominated again. Once an honoree has been recognized three times, they are entered into the Finance & Commerce Top Women Hall of Fame.
Nomination forms can be submitted online on the Finance & Commerce website. You may also download a printable nomination form and email the completed form to firstname.lastname@example.org. Nominations are due Monday, Aug. 26.
Register now for CUNA Mutual's free Online Discovery Conference
Attend CUNA’s free Online Discovery Conference on Tuesday, Oct. 1 to gain the benefits of a face-to-face conference without leaving your desk. This year’s fourth-annual event offers 13 credit union-focused sessions that each includes video, audio and a Q&A with industry thought leaders.
Topics include deepening member relationships, driving profitability and much more. Attendees will have access to chat rooms, message boards, prizes and an exhibit hall in the online Discovery Expo Center. To get an idea of what you can expect, take a tourof last year’s conference! Registering for this conference also guarantees access to conference materials after the live event.
Register today! All credit union and league employees are welcome. Visit the Event Calendar section of the Network website for more information.
Credit Unions in the News ...
Minnesota credit unions are making headlines every day! Follow the links on 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.
- Hiway Federal Credit Union names a new Vice President of Technology to replace Dave Boden, who is the credit union's incoming President … more
- Postal Credit Union now offers members and potential members a 24/7 online account opening service with the uOpen tool ... more
Hike to Washington, D.C. with MnCUN
Matz, Obama meet to talk Dodd-Frank & the financial system
CFPB revises small-entity guide for ATR/QM rule
Remittance Transfer Rule guide for small entities revised
Out for Comment
FHFA seeks public input on multifamily housing cuts
NCUA Issues Letters to Credit Unions
Letter No. 13-CU-06: 2013 Corporate Stabilization Fund