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4/30/2014 » 7/31/2014
2014 Webinar Series - Frontline

The Pulse (11-20-13)










The Pulse (11-20-13)

Nov. 20, 2013 ● Volume 02, Issue 46

 

The Pulse Archive

Credit Union News


Network welcomes new Associate General Counsel

The Minnesota Credit Union Network welcomed its newest staff member on Oct. 28. Lyndsay Miller is the Network’s Associate General Counsel. In this role, Miller will provide daily legal compliance support to credit unions, as well as draft a variety of legal compliance publications. She will also be helping to conduct research on various legal issues, including banking laws, on behalf of credit unions.

Before joining the Network staff, Miller worked with the assistant attorney general of Wisconsin, monitoring compliance with the National Mortgage Settlement. Miller grew up in southern Indiana and resided in Madison, Wis., until relocating to the Twin Cities area recently.

Miller joins General Counsel John Wendland in MnCUN’s legal/compliance department, and she replaces Chris Loftus, who left the Network in late September.


Extension of share insurance coverage a win for credit unions

In a federal win for credit unions last week, the U.S. House Financial Services Committee approved legislation that would extend share insurance coverage to all of the underlying owners of funds held by lawyers in trust accounts and Realtors in escrow accounts. The bill, known as the Credit Union Share Insurance Fund Parity Act (H.R. 3468), was approved by voice vote.

"We hope that H.R. 3468 is the first of many regulatory relief bills to move through this committee," Credit Union National Association Senior Vice President of Legislative Affairs Ryan Donovan said.

The legislation will provide National Credit Union Share Insurance Fund coverage for accounts such as Interest on Lawyers Trust Accounts (IOLTAs) so they are treated for deposit insurance purposes on the same basis as similar accounts insured by the Federal Deposit Insurance Corporation.

CUNA and the Minnesota Credit Union Network support the bill, which corrects a National Credit Union Administration interpretation of the Federal Credit Union Act that puts credit unions at a disadvantage. It fixes the problem with the inability of federally insured credit unions to extend share insurance coverage to IOLTAs, which meant that despite the wishes of members to hold these accounts at credit unions, they needed to use a bank or thrift to receive the maximum deposit insurance coverage for all owners of the funds held in such accounts. The NCUA had said that for full insurance coverage, all the clients needed to be members, rather than just the attorney establishing the account.


MnCUN collects your credit union stories to create "cycle of news"

This year, MnCUN’s communications and governmental affairs departments have been working hard to advance the Network’s public affairs and media outreach initiatives. One major component of this is collecting good news stories from our member credit unions and redistributing them through various channels. 

To spread the word about the great things happening at your credit union, the Minnesota Credit Union Network encourages you to share your news stories with us. How can you share your credit union news? Pick one of these three ways:

  1. Include MnCUN in your regular press release distribution by including MnCUN Administrative Assistant Lindsey Evans (levans@mncun.org) in your email list.
  2. Email news coverage or published articles about your credit union to MnCUN Director of Communications Connie Kuhn.
  3. Use the online News Story Submission form to provide MnCUN with information about your news.

When your stories are submitted to the communications department – either via press release or through the online form – they become part of the Network’s "cycle of news.”

  • On a weekly basis, stories are aggregated and highlighted in MnCUN Pulse newsletter.
  • MnCUN posts stories to the CU Social Good and Unite for Good websites, which aggregate positive credit union stories on a national level.
  • MnCUN publishes the "good news” stories in its regular Connected to Community newsletter, which is delivered to legislators, public opinion leaders, members of the media, and more.
  • Stories are also regularly pitched to Fluence Media, which publishes Morning Take and Business Take newsletters for business executives, opinion leaders, legislators, public affairs contacts, and influential people around the state.
  • Stories are also regularly pitched to the credit union trade press and beyond, generating additional coverage.

MnCUN is also working to streamline and further refine news sharing capabilities to allow for easier cross-referencing and distribution. With questions about submitting or sharing your credit union news, please contact MnCUN Director of Communications Connie Kuhn at (651) 288-5527.


MnCUN membership dues: What's in it for my credit union?

With year-end quickly approaching, many organizations are putting the finishing touches on their budgets for 2014. As credit unions make tough decisions on where to apportion funds, you may wonder, "What do I get for my dues to the Minnesota Credit Union Network?”

That's a good question!

The list below provides an outline of MnCUN's services and resources that are supported, in whole or in part, by your dues dollars. Each item also includes a link that you can follow for additional information.

  • Full-time lobbying activities at the state and federal levels (more)
  • Strong advocacy for all Minnesota credit unions and state coordination for the Don't Tax My Credit Union campaign (more)
  • GREAT grassroots advocacy program, spearheaded by Grassroots Coordinators – new in 2013 (more)
  • Efforts to increase marketplace awareness of credit unions, specifically through the Bankziety campaign (more)
  • Periodic consumer research to measure consumers’ awareness of credit unions, along with a 2013 recommendations report for members (more)
  • Annual compliance publications and online library (more)
  • Employment listings and resume summaries (more)
  • Weekly Pulse newsletter to keep members abreast of general credit union news, legislative developments, action alerts, educational opportunities, compliance information and deadlines (more)
  • Aggregation and dissemination of credit union news through a variety of channels, thus increasing the reach and penetration of the credit union message (more)
  • Networking opportunities through events and department-specific roundtable meetings (more)
  • An informative, interactive website (more)
  • Inclusion in the national credit union finder – ASmarterChoice.org – used by consumers seeking a credit union (more)
  • Product & service discounts and group pricing through strategic alliances (more)
  • Established relationships with MnIPC, LSS Financial Counseling, CO-OP Financial Services, CUNA Mutual Group, and AmeriCU Mortgage, among others (more)
  • Onsite assistance in a variety of operational and technical areas, along with fee-based offerings at reasonable prices (more)
  • Webinars On Demand (more)
  • Compliance call center (more)
  • Young professionals networking group, The Crew (more)
  • Online CU directory (more)
  • Chapter involvement, support and communications (more)
  • And…the collective strength and unity of the entire CU movement! (more)

Through our consistent presence and valuable service offerings, MnCUN has maintained an affiliation rating of above 90 percent for more than a decade. We do not take lightly our obligation to you, our members, and we value your continued trust in us.

Affiliation is key to our success and to the success of the industry. We appreciate the opportunity to serve credit unions across the state, working together to meet present and future challenges. With questions about membership with the Minnesota Credit Union Network, visit the MnCUN Membership page of the Network website or contact MnCUN Vice President – Association Services Kristina Wright by email or at (651) 288-5507.


Group becomes Awareness Advisory Committee to better reflect focus

The Network Board of Directors recently approved a change to the name of the committee formerly known to credit unions as the Minnesota Network Advertising Program (MNAP). Going forward, this group is the Awareness Advisory Committee.

This change was made to better reflect the work of the committee and to encompass its broader strategic focus on consumer awareness and helping to grow credit union market share, in alignment with MnCUN’s strategic plan. Similar to past years, the committee will solicit voluntary contributions from credit unions in conjunction with the 2014 MnCUN dues solicitation.

Future contributions will be made to the Credit Union Awareness Fund and will be used to build upon past efforts and further initiatives previously funded by MNAP. Examples of Awareness Fund expenditures could include:

  • Consumer research to provide information and recommendations to credit unions around the state
  • Enhancements to MnCUN’s social media presence and awareness campaign efforts
  • Media outreach and media relations activities to enhance consumers’ knowledge and awareness of credit unions
  • Educating public opinion leaders on the value and benefits of credit unions as a part of MnCUN’s public affairs strategy
  • Promoting the attributes of credit unions through various initiatives and spreading the word that credit unions are the best financial choice for consumers

The Awareness Advisory Committee is a subcommittee of the MnCUN Board of Directors and is made up of credit union professionals representing various Minnesota regions. The committee remains a voluntarily-funded program for Minnesota credit unions, focusing on consumer awareness and media outreach. The committee’s work promotes credit unions’ benefits and value through various initiatives and by spreading the word that credit unions are consumers’ best financial choice. For more information about and links to Awareness Advisory Committee resources, visit the Awareness Committee page of the Network 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.

  • Mid-Minnesota Federal Credit Union recently hosted its 8th annual Al Nornberg Memorial Youth Pheasant Hunt near Little Falls … more
  • Heartland Credit Union hosts a Career Discovery Class for high school students in Inver Grove Heights …more
  • Catholic United Financial Credit Union is featured in a CUNA News Now article about credit unions working to combat elder financial abuse … more
  • HomeTown Credit Union’s student branch at Owatonna High School gets a visit from the Minnesota Department of Commerce Commissioner … more
  • Royal Credit Union announces new hires for Vice President-Senior Lender of Business and Home Lean Representative … more
  • United Educators Credit Union and Commerce Commissioner Mike Rothman team up to teach 4th-graders and their parents about starting off on the right financial footmore
  • Postal Credit Union brings back its $1,000 Debit Card Giveaway promotion for the holidays … more

 


First draft of federal tax reform discussions unveiled
Banker calls credit unions' tax status "apple pie" of the tax code

CFPB releases fact sheet on Qualified Mortgages
Interactive tools to generate housing counseling agency lists available
CFPB issues "Mortgage Rules at a Glance" table
Plan to review debt collection rules announced
FinCEN releases fact sheet on information sharing

NCUA Issues Letters to Credit Unions

Supervisory Letter No. 13-13: Enterprise Risk Management