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|The Pulse 06-09-16|
Volume 5, Issue 22.5
MnCUN President & CEO highlights regulatory burden in StarTribune op-ed
On Monday, the Minneapolis Star Tribune featured an opinion piece submitted by Minnesota Credit Union Network President & CEO Mark Cummins discussing the impact of increased regulation on credit unions.“While Minnesotans have joined credit unions at a record pace over the past decade, the regulations that Congress imposed during the financial crisis have had an unintended impact on the financial cooperatives that don't raise capital from Wall Street, but rather are locally managed and owned by their members,” Cummins wrote in the Minneapolis StarTribune op-ed.
Cummins cited a recent study by the Credit Union National Association (CUNA) that found Minnesota credit unions have incurred $102 million in costs directly related to the increased regulations, and $18 million in lost benefits to credit union members.
“These impacts are considerable in terms of the scale of a credit union's operation, and include costs of staffing, third-party expenses, capital expenses and reduced revenue opportunities,” Cummins wrote.
Since the financial crisis, credit unions have been subjected to more than 200 regulatory changes. The CUNA study found that the regulatory costs for credit unions were 15 basis points higher than they would have been without the changes. One in every 4 employees' time is now spent on "regulatory compliance," the study noted.
Credit unions have disproportionately paid the price for actions by big banks that caused the financial crisis, Cummins noted. “Big banks had to be bailed out by taxpayers, while financially sound credit unions were there to help members weather the storm,” Cummins wrote. “Despite not causing the problem, credit unions face the same expensive regulatory burdens and this hurts consumers and small businesses.”
The full op-ed can be read on the Star Tribune online.
Nominate a CU Rock Star
Each year, Credit Union Magazine recognizes the credit union movement’s Rock Stars: Those unique, innovative people who excel in their areas of expertise—and by doing so make our movement a better, more interesting place.
New Credit Union Builder display honors dedication, excellence
Credit Union Builder Award is a recognition program through the Minnesota Credit Union Foundation that allows organizations to make contributions in honor of (or in memory of) a significant individual who has been instrumental in their success. The name of the recipient and the donating organization are permanently displayed in the Minnesota Credit Union Network's lobby as a tribute to those who have dedicated time and energy to building the credit union movement. Recently, a redesigned display was installed to highlight the individuals that have, and will, receive the award.
Donors are also listed in the Foundation's annual report and on the donors page online. The honorees (or their families, in the case of a memoriam contribution) receive recognition from the Minnesota Credit Union Foundation.
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.
2016 ONAPPROACH AXFI CONFERENCE: June 26-29
The Analytics and Financial Innovation (AXFI) Conference is the premier educational event for credit union and community bank professionals serious about analytics and financial innovation. This annual event brings together hundreds of professionals, industry experts and leading researchers in the field.
AXFI’s purpose is to provide the inspiration, education, and connections you need to transform your credit union into an analytics competitor. This June, OnApproach will host hundreds of financial professionals from all around the country interested in analytics and innovation in Bloomington.
The conference will be held Sunday June 26 through Wednesday, June 29 at the Hyatt Regency Bloomington. More information and registration can be found online. Additional questions about the conference or the Network’s OnApproach partnership can be directed to Kris Jacobsen.
Financial Literacy 5K – Register, Volunteer, and Promote at Your Credit Union
The event will be held on July 9 at Lake Normandale Bandshell in Bloomington.
Discounted early bird registration is open until June 25.
The Minnesota Credit Union Foundation is seeking volunteers for the 5K. Volunteers can work a shift from 6:30 - 8:30 a.m. (and still participate in the 5K) or 8:30 – 10:30 a.m. (during race time).
Volunteer duties include:
We hope you can join us! If you have any questions or are interested in volunteering again this year, please contact Ashley Gustafson.
If you are interested in receiving posters or post cards at your credit union and/or branch locations, please email your request to Amanda Kissner.
Reporting classroom presentations to NYIB
As part of the nationwide effort to promote and quantify financial education efforts, credit unions are encouraged to report to the
Reporting financial education presentations is beneficial to the Minnesota Credit Union Foundation, the Minnesota Credit Union Network, Credit Union National Association, and NYIB in providing information to state and federal elected officials. This reporting of information is invaluable for our legislative advocacy and consumer awareness efforts, and demonstrating the credit union difference.
In addition, the NYIB is a fantastic resource for credit union financial education professionals. In addition to their reporting tracking, they also offer a host of free resources in additional to a valuable annual conference coming up in late July 2016. If you are new to NYIB, please visit their website and check out the video message from Chairman Juli Lewis about what is in store for 2016.
The National Youth Involvement Board (NYIB) is the only credit union organization that maintains standardized reporting of financial education presentations to youth in the United States. If you have not yet reported with NYIB, please consider checking out their new website, and register to report.