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|The Pulse (01-27-16)|
The Pulse (01-27-2016)
January 27, 2016 ● Volume 05, Issue 4
Credit Union News
MnCUN files comment letter on FOM amendmentsThis week, the Minnesota Credit Union Network (MnCUN), with valuable input from the Regulatory Review Committee, responded to the NCUA’s request for comment on the proposed Field of Membership (FOM) amendments to the Chartering and Field of Membership Manual.
We are generally supportive of the proposed amendments, and commend the NCUA for its commitment to modernize and provide greater flexibility to the rules in this area. Such changes, if implemented, will undoubtedly provide federal credit unions with greater flexibility to serve those with whom they already share a common bond, and this more modern approach strengthens the dual chartering system.
While we applaud NCUA for its efforts, we made some additional recommendations for consideration. We encourage NCUA to remove all population caps contained in the proposal. We also recommend an expedited, streamlined process for adding a group to a FOM much greater than 5,000 that is unable to form its own single common bond credit union, so long as the other base criteria can reasonably be met and documented.
Credit unions are encouraged to submit their own comment letters and to use MnCUN's comment letter as a guide. Comment letters regarding this proposal must be submitted on or before Monday, February 8. According to the proposal’s instructions, comments may be submitted in a number of ways, including via email (include “[Your Name] Comments on Notice of Proposed Rulemaking Regarding Associational Common Bond” in the email subject line) or the Federal eRulemaking Portal, where you will also find a comprehensive summary of the proposed rule as well as instructions on alternative methods for submission.
Please contact Vice President & General Counsel, John Wendland, with any questions.
Tell us about your credit union’s new and compelling outreach efforts
How are you removing barriers, creating awareness and fostering service excellence in your community? Do you have a cool financial education initiative for members? Do you have an impactful consumer ad campaign? How are you supporting local credit union friendly political candidates?
Unite for Good, a program developed by CUNA aimed at unifying the message and voice of credit unions, amplifies the community work your organization is doing by sharing credit union stories online and at legislative events such as the upcoming CUNA Governmental Affairs Conference in Washington D.C.
Stories are submitted to MnCUN – either via press release or through a brief synopsis provided in an online form – they become part of the Network’s "cycle of news”. MnCUN submits stories to the CU Social Good and Unite for Good, which aggregate positive credit union stories.
Family Involvement Council welcomes new members
The Minnesota Family Involvement Council (FIC), a committee of the Minnesota Credit Union Foundation, strives to build credit union brand awareness and strengthen member relationships through their scholarship program - made possible by proceeds from the silent auction held during the MnCUN Annual Meeting & Convention.
Since 1997, the FIC has reviewed 13,532 applications and given away $156,500 in scholarships. For information on the committee how to donate to the silent auction, visit the FIC website. With questions, contact FIC Chair Bridget Petersen by email or by phone at (651) 641-2256.
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.
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. Seventy percent of online tax filers start their returns before February 5, so don’t let your members miss out on the great TurboTax discounts.
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:
Not enrolled in the TurboTax program? It’s not too late! Enroll online today and find out more about the benefits of the program.