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|The Pulse (01-07-15)|
The Pulse (01-07-2015)
January, 7, 2015 ● Volume 04, Issue 1
Credit Union News
With President Obama signing into law the Credit Union Share Insurance Fund Parity Act, National Credit Union Administration (NCUA) Chairman Debbie Matz has acknowledged that lawyers’ trust accounts at federally insured credit unions are now insured to the limit allowed by the Share Insurance Fund, currently up to $250,000 for each owner. The press release indicated that while NCUA will still need to make changes to its regulations to fully conform with the Act, accounts are now immediately fully insurable.
MnCUN is working with the Minnesota Lawyers Professional Responsibility Board to ensure credit unions are a financial institution option to attorneys and law firms for IOLTA accounts. We are continuing to explore what additional accounts may be included in this new law, including realtor’s trust or escrow accounts. We also anticipate that NCUA will be issuing additional guidance in this area sometime in the near future. We will keep you updated on an ongoing basis as these matters progress.
If you have any questions please feel free to contact Network General Counsel John Wendland.
The Minnesota Credit Union Network (MnCUN) has responded to the Federal Housing Finance Agency’s (FHFA) proposed rule amending and expanding the application and membership criteria to the Federal Home Loan Banks (FHLB). MnCUN’s response – which incorporates valuable input from the Regulatory Review Committee – is part of our ongoing effort to communicate credit unions’ ever-increasing regulatory burden and advocate for relief.
MnCUN opposes the proposed FHLB membership changes, and we have a number of over-arching concerns with the proposal, including:
For additional information, including a summary of the proposed rule, see the Sept. 10 and Oct. 15 issues of the Pulse. See also the FHFA’s Notice of Proposed Rulemaking published in the Federal Register. Credit unions are encouraged to submit their own comment letters and are welcome to use MnCUN's comment letter as a guide.
Comment letters regarding this proposal must be submitted by Monday, Jan. 12. Comments may be submitted in a number of ways; please see the FHFA Notice of Proposed Rulemaking for additional instructions and the full final summary of the proposed rule.
Thank you to the first 10 credit unions to renew their membership with the Minnesota Credit Union Network and CUNA for 2015! Dues packets were mailed to all credit unions in mid-December, with a deadline of Friday, Jan. 30.
MnCUN's "top 10” list for 2015 includes:
Many of the credit unions listed above also made voluntary contributions to the Advocacy Fund, Awareness Fund, and the Minnesota Credit Union Foundation. Additional information about annual membership with the Minnesota Credit Union Network can be found online:
With specific questions, please contact the Minnesota Credit Union Network at (651) 288-5170 or (800) 477-1034.
Royal Credit Union’s Nathan Dormody was recently appointed as the Minnesota Credit Union Network’s Crew Ambassador for 2015. In this role, Dormody will serve as a leader for his peers who are part of The Crew, MnCUN’s young professionals networking group. Designed to provide leadership and visibility opportunities, the Crew Ambassador also helps to guide Crew offerings throughout the year. Dormody will serve as the group’s spokesperson, representing the Crew at various MnCUN functions.
Nathan is an active participant in the Edina Chamber of Commerce, participating in Emerging Leaders Young Professionals, and serving as the Vice President and Treasurer of the Edina Chamber Network One networking group. Along with his Royal Credit Union teammates, Dormody volunteers at Gillette Children Specialty Healthcare’s Ronald McDonald House and organized donations to a local food shelf.
MnCUN's Credit Union Day at the Capitol will take place on Tuesday, Jan. 27. CU Day at the Capitol provides credit unions professionals and volunteers the unique opportunity to learn about legislative issues and meet with elected officials. This important advocacy event forms the foundation for a positive working relationship with legislators throughout the 2015 Legislative Session.
Register by Thursday, Jan. 8, to take advantage of these perks:
Through education sessions, legislative briefings, keynote speakers and legislative visits, Credit Union Day at the Capitol brings the credit union message to elected officials. For more information about this important event and to register, visit the Credit Union Day at the Capitol page of the Network website. Be sure to register by Thursday, Jan. 8, to take advantage of the early bird pricing!
8 individuals honored as Credit Union Builders in 2014 through the Minnesota Credit Union Foundation
Throughout the course of 2014, eight remarkable individuals were recognized as Credit Union Builders by the Minnesota Credit Union Foundation.
A program established by the Foundation in 2008, this prestigious honor is given to credit union professionals and volunteers to allow credit unions and organizations to make contributions in honor of or in memory of a significant individual who has been instrumental in their success. Contributions are typically made at a special time of significance to acknowledge their dedication and impact on the organization.
The 2014 Credit Union Builder honorees include:
"These individuals leave behind an amazing legacy within the credit union movement, and as part of the Foundation, I am honored to have this opportunity to recognize them,” said Foundation Chairman Dave Larson, President/CEO of Affinity Plus Federal Credit Union.
In total, 31 individuals have been designated as Credit Union Builders over the past seven years. The names of the recipients and the contributing credit unions are permanently displayed in the Minnesota Credit Union Network’s lobby as a tribute to those who have dedicated time and energy to building the credit union movement.
The honorees (or their families, in the case of a memoriam contribution) receive acknowledgement from the Minnesota Credit Union Foundation, and donors are also listed online and in the Foundation’s annual report. A minimum $1,000 contribution is required for the Credit Union Builder Award. The Minnesota Credit Union Foundation, Inc., St. Paul, Minn., is a tax-exempt 501(c)(3) organization. For tax purposes, contributions may be tax-deductible.
Additional information about MnCUF’s Credit Union Builder Award can be found on the Foundation website, along with a list of those who have been honored. With questions, please contact the Foundation at firstname.lastname@example.org.
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.
NCUA issues Regulatory Alerts
NCUA issues Letters to Federally Insured Credit Unions
Out for Comment
Love My Credit Union Rewards Overview Webinar – Registration Open
Wednesday, Jan. 14, Love my Credit Union Rewards will be hosting a one hour long webinar beginning at 1 p.m. Love my Credit Union Rewards’ Partner Directors will show participants how this program provides credit unions the opportunity to enhance member value, increase auto loans, increase debit and credit card usage, and earn non-interest income, all while saving members money on purchases. This interactive webinar will provide an overview of the program benefits and participation options.
Credit union professionals are invited to register online. With questions about Love my Credit Union Rewards, contact MnCUN Director of Business Development Vickie Ganrude by email or at (651) 288-5515