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|The Pulse (09-25-13)|
The Pulse (09-25-13)
Sept. 25, 2013 ● Volume 02, Issue 38
Credit Union News
So far the "Don’t Tax My Credit Union” campaign has surpassed more than 900,000 contacts nationwide to Capitol Hill – 16,000 of those from Minnesota credit union supporters. This is an achievement that would not have been possible without strong engagement and participation from Minnesota’s credit unions. In an effort to keep the momentum going with fresh ways to connect with Congress, the Network will be hosting a "Don’t Tax Phone Blitz” this Thursday, Sept. 26.
This one-day event will require massive participation from our member credit unions. To prepare, credit unions should either have a designated phone for employees and members to call out from, or encourage all employees to make calls from their desk extensions to members of Congress throughout the day. A massive phone effort is an incredibly effective, personal appeal – by constituents like credit union employees and members – that will reinforce all of our other advocacy efforts to protect the credit union tax status.
We encourage ALL CREDIT UNION STAFF and as many members as possible to call their legislators on Thursday. Instructions on participating in this phone blitz, as well as a sample email to credit union members about the event, can be found on the "Don’t Tax Phone Blitz” page of the Network website.
As another new way to participate in the "Don’t Tax My Credit Union” campaign, please save the date for Wednesday, Oct 2 for the "Don’t Tax My Credit Union” Virtual Rally. This event, sponsored by CUNA and MnCUN, is a national follow-up to the "Don’t Tax Tuesday” events (July 23 and Sept. 10), which generated thousands of direct messages via social media to lawmakers. Credit union supporters are encouraged to use the hashtag #DontTaxMyCU in any social media messages on this day, and there will also be a live stream of an in-person rally, which will take place at 1 p.m. Central time in Washington D.C.
Look for the live stream and more details about the virtual rally on the "Don’t Tax My Credit Union” website.
Don’t miss out on a valuable opportunity to boost your credit union’s financial education efforts! The Minnesota Credit Union Foundation (MnCUF) is offering $10,000 in grants to assist Minnesota credit unions in implementing their financial education projects. With its commitment to financial education, the Foundation is offering this grant program as part of its mission to provide essential resources for credit unions and communities.
Grant applications are being accepted through Tuesday, Oct. 1.
The Foundation Board of Directors will evaluate applications based on several 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.
The Minnesota Credit Union Network, along with the Credit Union National Association, is asking that your credit union take the time to complete a compliance survey on the Consumer Financial Protection Bureau's mortgage lending rules. Answering this survey will help to assess the impact of the new CFPB rules on our credit unions.
The deadline to complete this survey is this Friday, Sept. 27. Click the following link to take the "Survey on New Mortgage Rules Implementation."
CUNA notes that if a credit union is only able to complete part of the survey, it’s most important to answer a few key questions, which are listed below.
Providing as much information as possible in response to these questions could influence the compliance date of the CFPB’s new mortgage regulations, CUNA says, which could help ease the compliance burden on credit unions. The slate of new rules currently have an effective date of January 2014.
Though the CFPB may be unlikely to move the January 2014 "effective dates" of the new regulations, the Federal Reserve Board, which formerly regulated the consumer protection laws now under the CFPB's jurisdiction, often authorized a later "compliance date" in recognition of practical operational considerations. Responses to this survey could prompt the CFPB to declare a formal "compliance date” that takes into account the logistics of complying with each regulation.
The Minnesota Credit Union Network strives to provide high-quality educational sessions and networking opportunities each year through our slate of major events. The outline below contains a list of MnCUN's 2014 conference offerings. As you work to set next year's budgets and schedules, please include the following events.
MnCUN's full 2014 educational lineup will be available on the Network website’s Event Calendar in December. Specific details and registration for each event will be available approximately four to six weeks before the event date. With questions or suggestions, please contact MnCUN Director of Education Sue Groskreutz.
You can help raise money for financial education, scholarships and kids at Gillette Children’s hospital by designating a Friday in October as Foundation Friday! The Minnesota Credit Union Foundation is encouraging credit unions to designate one Friday (or several) for this special fundraiser.
On this day, tellers and call center staff will conclude each member interaction by asking for a contribution to help support Foundation financial education efforts, the Family Involvement Council’s scholarship program and the Minnesota Credit Unions for Kids committee’s charity, Gillette Children’s Specialty Healthcare. At the end of the month, credit unions can forward all donations to the Foundation, to be split evenly between the Foundation general fund, MnCU4Kids and the FIC. It’s that simple!
To make it even easier, a Foundation Fridays toolkit is available on the Foundation website. Here, you’ll find best practices on conducting this fundraiser, an info card for frontline staff, lobby poster, sample press release and more!
Learn more about the Foundation, the FIC and MnCU4Kids by visiting each of their pages on the Foundation website. To participate in Foundation Fridays at your credit union, please send your name, credit union, phone number and email address to firstname.lastname@example.org.
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.
NCUA Issues Letters to Credit Unions