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July 15, 2011 ● Volume 34, Issue 14 Archived Issues
Credit unions have until 4 p.m. today to submit their entries for the statewide Dora Maxwell, Louise Herring and Desjardins Award competitions. These social responsibility awards recognize credit unions that have gone above and beyond to live out the ideals of the credit union movement.
For in-depth awards information and printable applications, visit the National Credit Union Awards Program section of the Network website. With questions, contact MnCUN Director of Communications Rachel Anderson by email or at (651) 288-5527.
As the state shutdown continues, many consumers and members affected by the shutdown are seeking financial assistance. Therefore, it is imperative that your credit union communicates the programs and services it is offering to members affected by the shutdown. Even if these programs are part of what you normally offer to members, the public needs to hear about them.
Since it is unclear exactly when a budget agreement will be reached, credit unions should send this release today. When sending the release, be sure to include MnCUN Director of Communications Rachel Anderson on your distribution list. Also if you have any questions about how to write or send the release, contact Rachel by email or at (651) 288-5527
To download the sample press release and for more information about the budget impasse’s impact on credit unions, visit the Government Shutdown page of the Network website. In addition, the Network has created a Shutdown Assistance web page that provides consumers needing financial assistance resources on how to find a credit union they can join.
Following NCUA’s final version of the corporate prepayment assessment program, MnCUN sent a letter to the agency urging it to increase the funding level cap to an amount higher than $500 million. The Network sent the comment letter following the agency’s approval of a plan on June 29 that would allow credit unions to prepay a portion of their assessments to the Temporary Corporate Credit Union Stabilization Fund.
While the Network appreciates the majority of the changes NCUA made to the final prepayment plan, it is concerned that the $500 million cap is too low. In the letter, MnCUN President & CEO Mark D. Cummins stated that "NCUA’s self imposed $500 million liquidity cushion of its $6 billion line of credit from the Treasury department could be used to alleviate some of the agency’s cash flow concerns.” In addition, Cummins encouraged NCUA to reconsider its position regarding the borrowing authority from the Treasury.
To assist credit union in deciding whether or not to participate in the corporate prepayment program, CUNA has developed a white paper on the issue. This publication notes that the prepayment program's financial benefits may not be broadly felt but could prove vital for some credit unions.
For more information about the prepayment assessment program and to download the white paper, visit the NCUA Corporate Assessment Prepayment Program page of the Network website. Credit unions that wish to participate must submit a completed program agreement by Friday, July 29.
Does your credit union have less than $25 million in assets? If so, you are invited to attend Fall Conference at a discounted price by taking advantage of MnCUN’s Small Credit Union Discount and the Minnesota Credit Union Foundation Grant.
With MnCUN’s Small Credit Union Discount, credit unions with less than $25 million in assets can send one registrant at half price for every full price individual that registers for the conference. In addition, credit unions with less than $25 million in assets and less than $35,000 in net income in 2010 can receive a Foundation grant to cover the remaining conference expenses. Small credit unions are eligible to receive up to $500 in Foundation grants each year.
Take advantage of these discounts and join the Network for its Fall Conference. This year’s event will feature sessions on the economic outlook, credit union differentiation, board self evaluations, revenue strategies and more. In addition, attendees will have several opportunities for networking and recreation.
For more information, a printable brochure and online registration, visit the Fall Conference page of the Network website. When registering, be sure to check the small credit union discount boxes.
The purpose of the group’s nearly three-week visit to the United States was to learn about efforts to strengthen the global economy and to gain a better understanding of the relationship between U.S. and foreign financial systems. During the group’s meeting with MnCUN, participants learned the role credit unions play in the U.S. financial industry.
During the discussion, MnCUN staff members provided an overview of the Network’s purpose and explained the credit union difference. The IVLP participants questioned how the economic crisis affected financial institutions in the U.S. MnCUN President and CEO Mark Cummins explained that while a few credit unions were severely affected, the impact was much less overall than for banks.
The seven visitors also were quick to engage Network staff in a variety of questions about how credit unions are regulated and how they operate. Helping to answer specific operations questions, Hiway Federal Credit Union President Jeff Schwalen talked to the group about credit unions’ cooperative model, how profits are passed on to members and the benefits of shared branching.
"It was a very educational experience meeting with these professionals from all over the world,” Cummins said. "They came with intelligent questions and showed genuine interest in how our financial system – specifically relating to credit unions – operates in the United States. It was a privilege to participate in this exchange of information and to help in their understanding of the credit union movement in this country.”
Do you have ideas for future MnCUN education sessions? Is there a topic you’ve always wished we would cover? Now is your chance to send your ideas our way!
The Network’s education department is currently working on the 2012 Event Calendar and welcomes input from member credit unions. To submit topics for consideration, please contact MnCUN Director of Education Sue Groskreutz by email or at (651) 288-5521.
It’s not too early to start thinking about planning sessions. If you are interested in scheduling a planning session with the Network, now is the time to make your appointment as staff schedules are filling up quickly.
The Network provides fee-based training and consultation to enhance development opportunities and credit union growth. Some of the services offered include:
For more information on the Network’s consultant services, visit the Planning Sessions page of the Network website.
Has your credit union experienced positive lending results over the past year? If so, you are encouraged to submit an application for CUNA Mutual Group’s 2011 Credit Union Excellence in Lending Awards.
The Excellence in Lending Awards identify and share examples of lending excellence within the credit union movement and recognize credit unions for their ability to serve members while sustaining sound financial performance. Credit unions may submit an application for the following categories:
The deadline for submitting applications is Friday, Aug. 5. For more information and printable applications, visit the CUNA Mutual Group website.
Finance & Commerce is now accepting nominations for its Top Women in Finance Award. Celebrating its 11th anniversary, this award recognizes women across the state for outstanding achievements and leadership.
Honorees will be selected for their outstanding work and notable contributions to their professions, communities and the society at large. 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 obtained from the Finance & Commerce website. Nominations are due Monday, Aug. 1.
Credit union professionals and volunteers are invited to attend the Lakes & Pines 34th Annual Golf Tournament & Steak Fry at Hoyt Lakes Golf Course in Hoyt Lake. The event will begin with a nine hole golf scramble at 1 p.m., followed by a social hour and steak fry starting at 5 p.m.
The registration deadline for the tournament is Monday, July 25. For more information and to register, visit the Event Calendar section of the Network website.
Members spend significant amounts of time managing their money. With Intuit Financial Services, the creator of Turbo Tax, your credit union can provide members tools to save them time and money.
Intuit turns their insights into innovations that are so in tune with your members, that they can’t imagine going anywhere else. More than 1,800 banks and credit unions trust Intuit with the future of their online banking services. With easy-to-use online financial management tools that simplify everything from taxes to deposits to paying bills, Intuit leads the shift from information to intelligent advice. Consider these statistics about customers who use Intuit products:
For more information about how your credit union can reap the rewards offered by Intuit Financial Services, visit the MnCUN Strategic Alliances page of the Network website. With questions about Intuit, contact MnCUN Director of Business Development Vickie Ganrude by email or at (651) 288-5515.
Is your credit union looking for ways to increase youth involvement? With CU Succeed®’s turn-key youth marketing programs, your credit union can more effectively serve younger members today and in the future. The benefits of the program include maximized loyalty and minimized uncertainty.
For more information about CU Succeed, visit the MnCUN Strategic Alliances page of the Network website. With questions about CU Succeed, contact MnCUN Director of Business Development Vickie Ganrude by email or at (651) 288-5515.
Calendar of Events
The Minnesota Credit Union Network offers a wide variety of educational opportunities for credit union professionals and volunteers. Check out the roundtables, telecourses and webcasts available throughout the summer. Register online for MnCUN's annual Fall Conference, which offers credit unions professionals and volunteers a weekend of education, networking and fun. Visit the online Event Calendar today.