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|The Pulse (03-11-15)|
The Pulse (03-11-2015)
March 11, 2015 ● Volume 04, Issue 10
Credit Union News
Last December, President Obama signed the Credit Union Share Insurance Fund Parity Act into law. This new law, supported by the Minnesota Credit Union Network (MnCUN) and the Credit Union National Association (CUNA), provides that interest on lawyer trust accounts (IOLTAs) held at federally insured credit unions are insured up to $250,000 for each owner of funds held within these accounts. The Minnesota Credit Union Network has been working with the Minnesota Lawyers Professional Responsibility Board – the organization that oversees the opening and maintaining of IOLTA accounts in Minnesota – to ensure that credit unions are a financial institution option to attorneys and law firms for holding IOLTA accounts.
Financial institutions in Minnesota that offer IOLTA accounts must follow certain requirements pertaining to the payment/remittance of interest/dividends, and the reporting of any overdrafts. This week, affiliated credit unions should receive a packet in the mail from the Lawyers Professional Responsibility Board which will outline these requirements and include its standard agreement regarding IOLTA accounts, should a credit union decide to offer these accounts and be on the list of approved financial institutions.
Minnesotans are passionate credit union supporters. In fact, when asked which financial institution they love, Minnesotans say they love their credit union nearly two-and-a-half times more often than they say they love their bank.
“Credit union growth in Minnesota has been non-stop over the past several years,” said Minnesota Credit Union Network (MnCUN) President & CEO Mark Cummins. “Consumers are more drawn to credit unions because they believe they are honest and locally invested financial institutions.”
The 2015 Minnesota Credit Union State, conducted by Fluence Media and American Strategies, found that:
In addition, nearly one-quarter of all Minnesotans identify credit unions as their primary financial institution, and credit unions are viewed as more consumer friendly, locally rooted and invested in the local community than banks.
“We expect that the significance of credit unions as a major player in family finances, as well as business growth, will continue for the foreseeable future,” Cummins said. “The data we are releasing today confirms what members tell us in their local credit unions every day.”
In recent years, Minnesota credit unions have been significantly impacted by legislation and financial institution regulations enacted after the Great Recession and are leading efforts to protect members from data breaches and related costs. While both banks and credit unions are impacted by these issues, Minnesotans responding to the survey said that they support credit unions on policy positions more than banks. Other credit union priorities include helping Minnesotans increase their financial literacy and savings rate and enacting patent reform.
Mid-Minnesota Federal Credit Union has announced it will honor Ray Burnett as a Credit Union Builder through the Minnesota Credit Union Foundation (MnCUF) at its Annual Meeting on April 22. The meeting will take place at Central Lakes College Brainerd campus at 501 West College Drive in the Cafeteria/Rotunda area at 6 p.m.
Burnett was President/CEO of Mid-Minnesota Federal Credit Union from 1980 until retiring in 2003. He led Mid-Minnesota Federal Credit Union through tremendous growth and held many leadership positions in state and national credit union associations. Burnett was also founder and first Board President of the National Association of Community Credit Unions and was recognized with many awards for outstanding service and social responsibility.
An active member of the community and a credit union champion both locally and nationally, Burnett was also a veteran of the United States Marine Corps. He passed away on February 15 at the age of 77, with his family by his side.
“Ray was an inspiration to many,” said Mid-Minnesota Federal Credit Union President/CEO Chuck Albrecht. “Not only did he dedicate time and talent to the credit union movement, but to his community as well.”
Burnett was a leader of the credit union community in Minnesota, serving as Chairman of the Minnesota Credit Union League from 1991 to 1993. He also advocated for credit unions nationally, serving on the following Boards of Directors:
“The Minnesota Credit Union Foundation is pleased to honor Ray’s commitment to the credit union movement,” said MnCUF Chair Dave Larson. “We are thankful for the work he did not just for credit unions here in Minnesota, but also for credit unions nationwide.”
Burnett joins 31 other individuals who have been honored over the past six years with the Foundation’s Credit Union Builder Award. The names of the recipients and the contributing credit unions are permanently displayed in MnCUN’s lobby as a tribute to their accomplishments. The honorees receive acknowledgment from the Minnesota Credit Union Foundation, and donors are also listed online and in the Foundation’s annual report.
To learn more about the Foundation’s Credit Union Builder Award and to view a list of those who have been honored with this recognition, visit the Foundation website
During this Crew young professionals networking group exclusive session, a panel of credit union Presidents & CEOs will discuss their career paths, experiences in the credit union industry, and advice for young professionals. Following the discussion, attendees will have the chance to tour the historic Union Depot near the Minnesota Credit Union Network office in St. Paul.
Speakers will include:
Join your peers on Thursday, March 26 for this forum for peer groups to network, share experiences, and learn from each other.
The group will be joined by Mr. Barry Bouchie and Mr. Troy Sabby with the United States Postal Inspection Service (USPI) out of the Twin Cities field office, whose territory covers Minnesota and Western Wisconsin. Barry Bouchie has been a Postal Inspector for 19 years, and currently works fraud cases for the USPI and is the Twin Cities Field office JOLT Inspector - Jamaica Operations Linked to Telemarketing (JOLT). Troy Sabby has been a Postal Inspector for 21 years, and currently works financial crimes cases including mail and identity theft, including reshipping schemes, check cases, and credit card fraud.
The Minneapolis/St. Paul Business Journal is accepting nominations online for their 2015 annual Diversity in Business publication, out in July 2015. The awards recognize 20 local business owners and executives who represent the ethnic minority, GLBT, disabled and veteran communities. The honorees were selected through a highly competitive nomination process based on the contributions they've made to their companies, industries and communities.
We will honor business owners, executives and other leaders with high levels of responsibility.
The top candidates are those who also play a strong leadership role outside their jobs and serve in industry associations or community organizations. Nominees must be based in the Twin Cities 13-county metro area.
Nominations can be made through the online form. Honorees will be highlighted in the publication and honored at a July 23 reception.
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.
Out for Comment
As a partner in the credit union system, CUNA Mutual Group continues to be a strong and vocal advocate for credit unions and their members. We have a long and accomplished history in this area from H.R. 1151, to the IRS battles regarding the Unrelated Business Income Taxes, to the more recent "Don't Tax My Credit Union" campaign. As the 114th Congress begins its work, we will continue to play an active role with credit union trade associations in advancing the public policy agenda of credit unions.
By working with other cooperative sectors, we are able to share intelligence on tax legislation, strategize on how we can work together, and identify common interests in defense of tax policy impacting the cooperative model. As a result, our own Larry Blanchard, who led the charge during H.R. 1151, and the National Cooperative Bank, have brought together a diverse group of cooperative sectors, including credit union trade associations, to discuss and coordinate on tax reform.
CHRISTOPHER P. ROE is senior vice president, Corporate and Legislative Affairs, at CUNA Mutual Group. Contact him at email@example.com.