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|The Pulse (01-21-15)|
The Pulse (01-21-2015)
January 21, 2015 ● Volume 04, Issue 3
Credit Union News
The National Credit Union Administration Board (NCUA) released the revised risk-based capital (RBC2) proposal at its meeting on Jan. 15.
A few of the significant revisions to the proposal include:
In addition, the proposed implementation date is Jan. 1, 2019. The revised risk-based capital proposed rule can be found on NCUA's website.
The following summary documents were provided by NCUA at the meeting and are available on the Network's Risk-Based Capital proposed rule resource webpage.
The comment period is anticipated to be 90 days from the date of publication in The Federal Register; although approved at the January meeting, there will be an additional period of time between the NCUA board meeting and the publication date.
These changes were not possible without the efforts of CUNA, the leagues and the Minnesota credit unions that submitted thirty-six comment letters on the original proposal. The Network thanks all of you who took time to comment on the proposed rule. The Regulatory Review Committee will be meeting on this proposal in the near future to formulate the Network’s comment letter. The Network will provide a template of our comment letter to our member credit unions to use for their own comments.
We will also continue to monitor developments on the RBC2 rule and will be updating the Network’s Risk-Based Capital Resource page, in addition to providing periodic updates in The Pulse.
With more than 1.6 million members, credit unions are an important cog in the financial services marketplace and are recognized as local, trusted financial institutions that provide tremendous benefits to the communities they serve. Help us share with legislators from both parties in the State House and Senate that Credit Unions are Minnesota Minded!
Credit Union Day at the Capitol attendees will begin the day hearing critical legislative updates and receiving first-hand knowledge from key legislators about the 2015 Legislative Session. The event will include visits to the State Capitol to meet with representatives and senators to discuss issues important to credit unions. Lastly, attendees will conclude the day with a late-afternoon reception that will provide the opportunity to network with other credit union professionals and volunteers.
The Credit Union Legislative Action Council (CULAC) ended the 2013-2014 election cycle with a record setting $4.43 million in receipts. CULAC finished 2013-2014 13 percent ahead of the 2011-2012 total of $3.9 million.
CULAC is the Political Action Committee (PAC) for the Credit Union National Association (CUNA), charged with supporting credit union-friendly candidates running for federal office. CULAC deployed direct mail and television, radio and online advertisements for candidates on a bipartisan basis. In stark contrast to several other PACs, all of CULAC’s campaign communications were positive and focused solely on the candidate being supported.
“The work CULAC does to support credit union-friendly candidates is critical to the credit union system,” said CULAC chairman and President & CEO of the Minnesota Credit Union Network (MnCUN) Mark Cummins. “I am proud of the 2013-2014 election cycle we had and thank each of the state credit union trade associations for their contributions to the success CULAC has on federal elections.”
Gross receipts of $2.28 million in 2014 means CULAC is starting the 2015-2016 election cycle with more than $464,000 available. Nearly $6 million was spent on the midterm elections by CUNA and CULAC, including more than $3 million in direct contributions in 396 races, with a record 96 percent success rate.
“We’re proud the credit union system was able to create a credit-union friendly majority in both the House and Senate,” said Jim Nussle, President and CEO of CUNA. “We are removing barriers by electing members on both sides of the aisle who are friends of credit unions, and the bipartisan makeup of our support demonstrates the strengths of the credit union movement.”
With questions about the Network's political advocacy efforts, contact MnCUN Political Advocacy Director Ryan Smith by email or call (651) 288- 5533.
The Minnesota Credit Union Network is now accepting nominations for the Outstanding Professional and Volunteer of the Year Awards. These awards, presented each year during the MnCUN Annual Meeting & Convention, recognize notable people who have distinguished themselves in their efforts to better their credit unions and promote awareness of the credit union movement. To be eligible to receive these top honors, individuals must be nominated by colleagues.
Do you know a credit union employee or volunteer who is passionate about what they do and goes above and beyond in their support of credit unions? Check out five reasons why you should nominate this outstanding co-worker or volunteer.
For more information about these awards and to download nomination forms, visit the 2015 Professional & Volunteer of Year Awards page of the Network website. Nominations are due Friday, Feb. 6.
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.
The TurboTax program is in full swing. Marketing the program early to your members will allow them to take full advantage of the great savings on TurboTax federal products. 70 percent of online tax filers file their returns between Jan. 15 and Feb. 5, don’t let your members miss out on the great TurboTax discounts, start marketing now.
The Love My Credit Union Rewards program provides free marketing materials to all credit unions to assist you in communicating the TurboTax discounts to your members. The marketing materials are available in the Partner Center at LoveMyCreditUnion.org.
Below are some helpful tips on the most effective ways to market the TurboTax program to your members and fulfil your marketing requirements:
Additional marketing materials available for the TurboTax program include:
Not enrolled in the TurboTax program? It’s not too late! Click here to enroll online today and find out more about the benefits of the program.
With questions about Love my Credit Union Rewards, contact MnCUN Director of Business Development Vickie Ganrude by email or at (651) 288-5515.