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|The Pulse (04-01-15)|
The Pulse (04-01-2015)
April 1, 2015 ● Volume 04, Issue 13
Credit Union News
Tomorrow is the last day for credit union professionals & volunteers to register for MnCUN's 2015 Annual Meeting & Convention. The Minnesota Credit Union Network's Annual Meeting & Convention offers numerous education and networking opportunities, as well as the state's largest credit union exhibit hall.
Join us at the Radisson Blu Mall of America April 10-11 for two days of business meetings, engaging speakers, educational sessions and networking. Whether you are a credit union professional or volunteer, from a large or small credit union, you will find programs specifically geared toward your needs.
Register today to attend this important industry event. For more information and to register, visit the Annual Meeting & Convention page of the Network website.
With questions, please contact Sue Groskreutz by email or at (651) 288-5521.
In a March 28 letter to the editor in the St. Cloud Times, Minnesota Credit Union President & CEO Mark Cummins addressed statements made in a March 21 opinion piece by Joe Witt, President/CEO of the Minnesota Bankers Association. Full text of Cummins’s letter follows:
I read the March 21 opinion by Joe Witt, President/CEO Minnesota Bankers Association, with great interest. It was clear from his piece that Mr. Witt does not understand the benefits that Central Minnesota Credit Union – and all of Minnesota’s credit unions – provide to their members and their communities.
Since 1923, Minnesota credit unions have served as community-focused financial cooperatives that are able to offer products and services to consumers across the country with fewer fees and better rates. This is because credit unions focus on their member owners – not profits – while banks generate revenue for the benefit of a small handful of shareholders.
Credit unions are a vital part of today’s financial services industry, offering a not-for-profit business model that is vastly different in structure than the for-profit banks which Mr. Witt and his organization represent.
The truth is that credit unions are outstanding corporate citizens that do pay taxes. In fact, credit unions pay millions of dollars in property, sales and payroll taxes in communities throughout Minnesota each year. In addition, last year alone Minnesota credit unions provided $104 million in direct benefits to their more than 1.6 million members, which equates to about $64 dollars per member.
I believe consumers recognize that Minnesota credit unions continue to support their members and communities as they have for nearly 100 years. Credit unions are deeply rooted in their communities and have a level of trust that runs deeper (and extends farther) than arguments about the tax code.
Media and public relations are important components of the Network’s public affairs strategy, as consumer awareness is critical to credit union growth. Coverage in local media markets broadens consumer awareness of credit unions as not-for-profit financial institutions and helps to drive membership and growth. For more information on the media and public relations efforts of the Network contact MnCUN Director of Communications Connie Kuhn.
The Minnesota Credit Union Foundation is an organization dedicated to providing the resources for credit unions and communities to prosper and thrive. Two of the Foundation Committees, the Family Involvement Council and Minnesota Credit Unions for Kids, will be hosting events at the MnCUN 2015 Annual Meeting to support their respective missions.
CU4Kids Blackjack Tournament & Awards
The Minnesota Credit Union Foundation CU4Kids committee will be hosting a Blackjack tournament. The Blackjack tournament will be Friday, April 10 with a tentative start time of 7:30 p.m. The laid back atmosphere makes it inviting for all playing levels to participate! All vendors and annual meeting attendees are welcome to register and play. View the Blackjack tournament flyer.
Family Involvement Council silent auction
In 2014 the Family Involvement Council (FIC) raised $8,518 at its silent auction held during the Minnesota Credit Union Network’s Annual Meeting. This year the FIC is looking to raise even more! All funds raised go toward the FIC Scholarship to assist members pursuing post-secondary education.
One hundred percent of the funds raised during the silent auction go to Minnesota credit union members who are looking to further their education. Since 1997 FIC has raised and distributed $156,500. For more information on donating items to the silent auction visit the FIC website. Contact Bridget Petersen of SPIRE Credit Union with questions.
While both of these committees focus on different initiatives, they share the Minnesota Credit Union Foundation’s goal of helping credit unions and communities to flourish and grow. As you prepare for the 2015 Annual Meeting, remember to include these events on your schedule!
The National Credit Union Administration (NCUA) has announced it will be introducing a new Financial Literacy Resources page, releasing a video on understanding payday lending, and updating NCUA’s MyCreditUnion.gov and Pocket Cents with information about savings, borrowing, managing credit, and protection from fraud and scams.
The NCUA will also be hosting a webinar for credit unions, “Your Mission into Action: Developing Youth Financial Literacy and Savings Programs,” on Wednesday, April 22, beginning at 1 p.m. Registration information will be available soon.
For additional information on the NCUA’s Financial Literacy Month initiatives, see NCUA’s press release.
If you have a new hire or have promoted someone in your credit union, the Minneapolis-St. Paul Business Journal (MSPBJ) wants to know about it. MSPBJ’s “People on the Move” is a great way to recognize professional accomplishments and announce staffing and board changes.
To submit a People on the Move item, visit the MSPBJ website.
MSPBJ accepts submissions on an ongoing basis, and announcements with print-quality photos (300 dpi or higher resolution) may also appear in the weekly print edition. Submissions may take between two and four weeks to be published online.
Also, be sure to share your People on the Move news with the Network as well. When your news is submitted to MnCUN it becomes part of the Network’s "cycle of news” and receives additional coverage.
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.