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|The Pulse (01-13-16)|
The Pulse (01-13-2016)
January 13, 2016 ● Volume 05, Issue 2
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 (www.targetbanksettlement.com) 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:
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
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.
In December, members of the MnCUN young professionals group, the Crew, were invited to apply for two leadership opportunities.
Crew advisory group members include:
The Network would like to congratulate these young professionals and thank them for their commitment to the credit union movement in Minnesota.
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.
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.
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.