The Pulse (01-13-16)



The Pulse (01-13-2016)

January 13, 2016 ● Volume 05, Issue 2


The Pulse Archive

Credit Union News

Target data breach settlement website for financial institutions established

On Dec. 2, 2015, a proposed class action settlement between financial institutions and Target received preliminary approval by the U.S. District Court of Minnesota as a result of Target’s massive 2013 data breach.

Subsequently, a website ( was established for providing information to financial institutions concerning the settlement, including an option to file a claim online.

Postmark deadlines for exclusion requests, objections and notice of intent to appear at the final approval hearing are March 1. To qualify for a portion of the settlement funds, credit unions must complete and submit either a paper or online claim form by March 22.

In order to be eligible to file a claim, you must have:

  •  issued one or more payment cards that were identified as having been at risk as a result of the Target Data Breach; and
  •  you have not previously released your claims against Target.

The total settlement proposed is approximately $39 million. A final approval hearing has been scheduled by the Court for May 10 to determine whether the settlement should be approved as fair, reasonable and adequate.

Credit unions are encouraged to carefully consider the information provided on the website, including the Notice, Settlement Agreement, and FAQs referenced. You should also anticipate receiving a similar communication, including a paper claim form, by U.S. Mail.


Maximizing Your Membership

It’s important to us that you make the most of your membership with the Minnesota Credit Union Network and CUNA. Here are some ideas to engage your credit union and maximize your membership - including professional development and training, strategic products, compliance, and news updates. Check to see if your credit union is taking advantage of the opportunities below, and if not, how about starting off 2016 with something new?


Support a favorable legislative environment

Ease your regulatory & compliance worries

Stay “in the know” about industry updates and MnCUN opportunities

Increase awareness in the market place about credit unions

Provide robust product & service offerings to your members through MnCUN strategic partnerships

Engage in professional development and networking opportunities

  • Major events:
  • CUNA’s Governmental Affairs Conference
  • CU Day at the Capitol & Annual Meeting
  • CEO Conference
  • America’s Credit Union Conference
  • Fall Leadership Conference
  • Hike the Hill

Additional opportunities:

Remember, an investment in the Network is an investment in your credit union – to create a positive legislative environment, to ease your regulatory burden, and to increase market awareness so your credit union can thrive. With questions about your membership or any of the opportunities noted above, please contact Mark Cummins or John Wendland.  

Network names 2016 Crew Ambassador, Crew Advisory Group members

In December, members of the MnCUN young professionals group, the Crew, were invited to apply for two leadership opportunities.

  • The Crew Ambassador serves as a leader for his peers in the Crew. This person helps represent The Crew and other young credit union professionals in Minnesota at MnCUN events and other opportunities. Hiway Federal Credit Union Business Development Representative Andrew Deans has been selected as the 2016 Crew Ambassador.

  • The Crew Advisory Group – this new group includes Crew members who meet quarterly to help plan and promote Crew events.

Crew advisory group members include: 

  • Carissa Rothstein, Affinity Plus Federal Credit Union
  • Derek Schmidt, City & County Credit Union
  • Laura Siirila, City & County Credit Union
  • Susan Loesch, Energy Services Federal Credit Union
  • Brittany Harrington, Heartland Credit Union
  • SouaYee Vang, Hiway Federal Credit Union
  • Nathan Dormody, Royal Credit Union
  • Brianne Meszaros, Royal Credit Union
  • Dustin Mathiowetz, SouthPoint Financial Credit Union
  • Abby Bushlack, United Educators Credit Union
  • Amanda Kissner, Wakota Federal Credit Union

The Network would like to congratulate these young professionals and thank them for their commitment to the credit union movement in Minnesota.

For additional information about The Crew, visit the webpage or contact MnCUN’s Crew Liaison Laura Whittet by email or at (651) 288-5503.



Darryll Palmer honored by Soo Line Credit Union through MnCUF’s “Credit Union Builder” award

Soo Line Credit Union, at a recent Board meeting, honored retiring employee, Darryll Palmer, as a Credit Union Builder through the Minnesota Credit Union Foundation (MnCUF).


Darryll Palmer retired from Soo Line Credit Union at the end of 2015 after 42 years with the credit union. Darryll began as a teller with Soo Line Credit Union in 1973. Since then, Darryll worked his way up to the position of CFO.


“Darryll has touched the lives of many members and staff over his tenure with the credit union,” said SLCU President and CEO, Chris Goebel. “On behalf of the board, staff and members of SLCU, we thank Darryll for his years of service with SLCU and the entire credit union movement, and wish him a happy retirement.”


Palmer joins 35 other individuals who have been honored since 2008 with MnCUF’s Credit Union Builder Award. 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 their accomplishments. The honorees receive a plaque from the Minnesota Credit Union Foundation, and donors are also listed online and in the MnCUF’s annual report.


To learn more about the Credit Union Builder Award and to view a list of those who have been honored with this recognition, visit the MnCUF website (




FIC Scholarship Deadline Approaching Feb. 1

There are only a few weeks left to apply for 2016 Family Involvement Council (FIC) scholarships.

The FIC is offering four $1,000 scholarships and 12 $500 scholarships to 16 credit union members throughout Minnesota. Anyone who is a credit union member pursuing post-secondary education in the fall 2016/spring 2017 is eligible to apply.

The application deadline is February 1, 2016. Application & eligibility details are available on the FIC website. With questions about the FIC scholarship program, please contact any member of the committee. 


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 Communications Specialist Laura Whittet



Minnesota credit unions meet Fair Share fundraising goals

View all Governmental Affairs news stories


Credit Union Report Deadlines Guide for 2016

FRSB releases Consumer Compliance Outlook – 2015 Year in Review, Special Flood Insurance Ed.

FinCEN Tip – include IP addresses in SAR filings

NCUA Issues Letters to Credit Unions

2016 Supervisory Priorities: 16-CU-01


View all Regulatory Compliance news stories

If this describes you, then you are invited to join The Crew. This group 
If this describes you, then you are invited to join The Crew. This group 

 Joanna Drennen
 Nathan Dormody

Minnesota Credit Union Network
555 Wabasha Street N, Suite 200
St. Paul, MN 55102

(651) 288-5170
(800) 477-1034