The Pulse (01-14-15)



The Pulse (01-14-2015)

January 14, 2015 ● Volume 04, Issue 2


The Pulse Archive

Credit Union News

NCUA Board Meeting Thurs – RBC2 reveal

The National Credit Union Administration (NCUA) has released its agenda for the Board’s Jan. 15 meeting, including the revised risk-based capital proposal (RBC2). It is anticipated that the revised proposal will address common concerns raised in the Network’s comment letter, including the 10.5 percent requirement to be well-capitalized, risk weights, and also a reasonable implementation time frame.


NCUA, through its Office of Examination and Insurance, will be hosting a webinar on Jan. 21 at 3 p.m. that will cover the changes from the original RBC proposal to the revised version, as well as providing some explanation and justification for the changes made. Registration for this event has not yet been provided, and we will continue to monitor its release and follow up with additional information in a future article.


CUNA will also be hosting a free webinar, titled “Update on NCUA’s Risk Based Capital Proposal” on Jan. 26 at 2 p.m. Registration is limited so interested participants should register as soon as possible. To register, see CUNA’s registration page. The presentation will be archived and made available at a later date.


Quick clicks to explore MnCUN's member services

As a dues-paying member of the Minnesota Credit Union Network, we thank you for your involvement and support. To ensure that you are aware of all that MnCUN has to offer and to make the most of your membership, credit unions are encouraged to take a deeper look at the Network's core areas of focus as listed below. Follow the headline links for additional information!

  • Governmental Affairs 
    The Network's governmental affairs department works to pass policy provisions to strengthen credit unions' charters, defend credit unions against adverse legislation, and positively position credit unions in the political arena through grassroots activities. Credit union staff, volunteers and members are sought to participate in grassroots activism through GREAT, as well as through political fundraising and a variety of programs and events. Governmental affairs news is shared with member credit unions each week through The Pulse e-newsletter. Members can access MnCUN's issues & talking points briefs, track credit union-related bills as they progress through the state legislature, and download the Political Fundraising Guide.

  • Regulatory Compliance
    MnCUN's compliance department is the primary source for information on compliance-related issues that affect the credit union movement. Staff works on an ongoing basis with the Minnesota Department of Commerce, NCUA and CUNA, and continuously tracks the most up to date information and changes on federal and state laws and regulations that affect credit unions. Through our compliance department contact form, this department is available to assist our member credit unions with compliance questions, providing general compliance information and resources on topics including CFPB Mortgage Rules, BSA/AML guidance, bankruptcy, collections, unclaimed property and more. Additionally, compliance staff publish guides and periodic updates throughout the year that are available on the Publications page, post FAQs and submit comment letters.

  • Publications & Communications
    The responsibility of the Network's communications department is to keep all member credit unions informed of the latest news and events affecting the credit union movement. Through newsletters, email alerts, press releases and its website, the Network places information at your fingertips. This department also maintains relationships with media sources around the state and country to ensure that the credit union voice is heard on a variety of issues. Communications staff collects published stories, press releases and summaries of news from credit unions to create a cycle of news that amplifies the message of credit unions and shares the credit union difference in a variety of ways – with your peers through our dedicated MN Credit Unions News site and weekly issues of the Pulse newsletter, on social media, with legislators and public opinion leaders, and public media.

  • Education
    MnCUN is dedicated to providing credit unions the training and resources they need to grow and thrive in today's financial and regulatory climate. Understanding the value of ongoing learning and training, the Network's full slate of offerings encompasses a wide variety of topics applicable to staff throughout the credit union. The education department coordinates multi-day conferences, half-day workshops and seminars, and focused departmental roundtables, along with virtual training through webinars, both live and on-demand, all of which are available on our Event Calendar. The education department also organizes major events for our members, such as Credit Union Day at the Capitol, the Governmental Affairs Conference in Washington, D.C., and the Network’s Annual Meeting & Convention. MnCUN also has a networking group for young credit union professionals, known as The Crew. In addition, there is a dedicated area regarding Small Credit Union Development, providing small credit unions with a variety of resources based on the unique challenges and opportunities that face this group of credit unions.

  • Products & Services
    Through the Network Service Corporation (NSC), credit unions have access to a variety of products and services provided by a number of strategically-selected organizations. The Network offers a full slate of fee-based consulting services to credit unions, including:

In addition, the products & services section of the Network website provides information about Shared Branching opportunities, CUNA Strategic Services, and the Minnesota Item Processing Corporation (MnIPC).


With questions about the Network, please visit the contact us page of the Network website.


Financial & Audit Professionals Grants

The Financial & Audit Professionals Grant Fund was established in 2014 through a generous contribution from Rich Gabrielson, a CPA who worked with Minnesota credit union supervisory committees, boards of directors and management throughout his 36-year career. Gabrielson retired from CliftonLarsonAllen, LLP at the end of 2013.

This contribution provides up to $2,000 in annual grant funding for Minnesota credit union staff and volunteers who have financial and audit-related responsibilities to attend various educational events, conference and seminars. Eligible credit unions must be headquartered in the state of Minnesota, and individuals are only eligible to receive Financial & Audit Professionals Grant Fund dollars (maximum of $1,000) every four years. Grants will be available on an annual basis until the fund is exhausted.

Funding from the Financial & Audit Professionals Grant program is intended to cover or defray the costs for credit union professionals and/or volunteers to attend timely and accurate educational events, conferences and seminars on financial and audit-related topics. Reputable course providers include, but are not limited to, the following:

  • the American Institute of Certified Public Accountants (AICPA) Credit Union Conference,
  • the Association of Credit Union Internal Auditors (ACUIA),
  • National Association of Credit Union Supervisory & Audit Committees (NACUSAC),
  • Credit Union National Association,
  • the Minnesota Credit Union Network (MnCUN)
  • the Credit Union Executive Society (CUES)

The Financial & Audit Professionals Grant application period will be open from Nov. 1-30 each year, and grant recipients will be selected by the Foundation Board in December. Recipients will be notified within two weeks of the Foundation Board’s selection. Grant funds must be used by Dec. 31 of the following year, and recipients must submit proof of registration and the grant follow up form.


Help consumers find you by adding and updating your CU's information in aSmarterChoice

Consumers across the country continue to discover credit unions – the smarter choice in the financial industry! uses news stories and member testimonials to educate consumers about credit unions. The national credit union locator on the site enables users to quickly and successfully find a credit union in their area. In addition, this website offers marketing materials that credit unions can use to promote this valuable tool. The free marketing resources available to credit unions include:

  • Credit Union Difference Banner: Through a rotating banner, you can educate members and potential members about the difference between credit unions and banks. Each image of the banner completes the sentence "credit unions are better than banks because…” and shares powerful facts about how credit unions stack up against banks.
  • Credit Union Locator Tool:Post this tool on your website as a way to help members share the credit union difference with those they know. Encourage members to share this locator with friends and family.

In 2013 consumers who used aSmarterChoice clicked on search result links to individual Minnesota credit unions nearly 3,000 times. To maintain that momentum, credit unions need to update their own information within the locator to ensure that it’s accurate and comprehensive. Take the time to review information posted for your credit union on the website. To edit your profile, visit's update your records page or contact Scott Shoberg at the Network office for login credentials.


Nominate an outstanding colleague for MnCUN’s Professional & Volunteer awards

MnCUN is now accepting nominations for two of its most prestigious awards! Now is your chance to nominate a colleague for the Outstanding Professional of the Year or Outstanding Volunteer of the Year.

  • Outstanding Professional of the Year recognizes the notable service of one outstanding credit union professional who has selflessly given time, effort and talent to the support and promotion of the credit union mission and who has gone above and beyond to improve the credit union culture in Minnesota.
  • Outstanding Volunteer of the Year is given to one extraordinary credit union volunteer who best exemplifies the credit union spirit through dedication to, and belief in, the credit union movement. Grounds for nomination include involvement in the credit union movement at local and state levels and participation in other activities that support the credit union mission.

Presented on an annual basis, the Professional and Volunteer Awards showcase dedicated service and professionalism of credit union staff and board members for their work over the previous calendar year. The winners of these awards will be recognized during the Minnesota Credit Union Network Annual Meeting & Convention, which takes place April 10-11, 2015, at Radisson Blu Mall of America, Bloomington. Honor what makes your coworkers special! Consider nominating a supervisor, CEO, colleague or volunteer for these awards.

Nominations for both awards must be received by the Network no later than Friday, Feb. 6. Complete information and online nomination forms can be found on the 2015 Professional & Volunteer of Year Awards page of the Network website. Please note that only nominations completed using the online forms will be accepted.

With questions about these awards programs, contact MnCUN Director of Communications Connie Kuhn by email or at (651) 288-5527.


The FIC Scholarship Application Deadline is Rapidly Approaching!

There are only a few short weeks left to apply for the Family Involvement Council scholarship program! 

This year, the FIC is awarding more $1,000 scholarships with $10,000 in scholarships available to credit union members in Minnesota.  A total of 4 applicants will be awarded $1,000 each.  The remaining scholarships will be awarded $500 each.

The deadline for applications is Feb. 1.  Details and the online application are available on the FIC 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.  


Minn. State Senate praises HomeTown CU’s student-run branch at Owatonna High School


Mid-Minnesota FCU collecting funds for shooting victim’s family


TopLine FCU’s 16th Annual Holiday Toy Drive Benefits Local Communities




Bipartisan commitment tested during first week of 2015-16 legislative session

View all Governmental Affairs news stories


ACH Direct Deposit of IRS Tax Refunds

NCUA releases 2-part video assisting consumers in combatting cyber fraud 

IRS issues updated forms, instructions for non-resident alien accounts 

NCUA issues Letters to Federally Insured Credit Unions

15-CU-01: Supervisory Priorities for 2015

Compliance Q&A

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 

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

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