The Pulse (07-30-14)

July 30, 2014 ● Volume 03, Issue 29

Credit Union News

MnCUN welcomes new Administrative Assistant

The Minnesota Credit Union Network welcomed its newest staff member on July 14. Katie Newham is the Network’s Administrative Assistant. In this role, Newham provides support to MnCUN staff, assists in education events and preparation, coordinates correspondence for the Minnesota Credit Union Foundation, and manages chapter meeting invitations and schedules.

Newham joins the Network with nearly 15 years of experience in the retail and sales environments, honing her customer service, problem-solving and relationship management skills. Newham replaces Lindsey Evans, who left the Network in June.

Fall Leadership Conference - early bird pricing ends Tuesday, Aug. 5

Fall Leadership Conference is scheduled for Sept. 5-7 at Madden's Resort in Brainerd. Join your credit union colleagues for a weekend of networking and education.

A few of the sessions to be included in the Fall Leadership Conference are highlighted below:

Lending & innovation: Hosted by Tim Lerew of Timothy Lerew Consulting, this session shares examples of emerging innovations in lending, from live looks at person-to-person sites like Prosper, to the latest in online origination and approvals. Current and future volume trends for both new and traditional lending products will be tracked, along with the channel mix that will deliver them.
Economic Outlook for Minnesota's Credit Unions: Dwight Johnston of Dwight Johnston Economics will debate the sustainability of the economy and job market, and their effect on interest rates. Discussion will focus on big picture economic issues as well as regional economy, and the positioning of the credit union industry.
Panel discussion: Panel discussion will focus on the future of payments, the impact of technology on payment forms, and the effect these technologies will have on credit unions.
Election face off: Individuals elected to the State Legislature and to Congress have a tremendous impact on the day-to-day operations of your credit union. Political experts from both sides of the aisle will give their predictions and perspectives on the November elections.

Fall Leadership Conference sessions are strategically designed to provide credit union professionals and volunteers with opportunities for education, networking and legislative advocacy. Early bird registration for the conference will end on Tuesday, Aug. 5. The deadline for regular priced registrations is Tuesday, Aug. 19.

Additional opportunities are available for young professionals to Crash the Fall Leadership Conference at a deeply discounted price. View more details on the Crew page of the Network website.

Online registration and lodging information, can be found on the Fall Leadership Conference section of the Network website. With questions, contact MnCUN Director of Education Sue Groskreutz at (651) 288-5521

Minnesota credit unions, agencies and senior advocates share tips for fighting elder financial abuse

Over 50 representatives from credit unions throughout Minnesota participated in the Elder Financial Abuse Forum hosted by the Minnesota Credit Union Network on July 24. The forum was held to provide front-line credit union staff – who are often among the first to spot instances of fraud – with tools for identifying and reporting instances of elder financial abuse.

"Prevention is key for credit unions, due to the relationships you have [with your members]," forum moderator Hubert H. "Skip" Humphrey III said. "I personally feel more comfortable dealing with a credit union. You're a friend. You have that knowledge of what [your members] do, and that gives you the opportunity to spot unusual behavior and provide protection."

Too often, seniors and vulnerable adults are taken advantage of financially by con artists and family members alike. The forum included a discussion by a panel of experts who battle elder financial fraud, covering how to communicate with those being scammed, how credit unions can report elder financial abuse and what happens when an elder financial abuse report is filed. Many of those attending the forum are trainers at their credit unions and teach employees how to identify and report suspicions of elder financial abuse.

“Elder financial abuse prevention has been a top priority at the Department of Commerce since I became commissioner over three years ago,” said Commissioner Mike Rothman. “It’s important that all individuals on the front line – like credit union staff – who detect the warning signs are able to act fast because most scams and crimes go unreported.”

In April of this year, Minnesota became the first state in the nation to issue guidance to all state-charted credit unions and banks urging diligence in protecting senior citizens and in reporting irregularities to local police departments.

Credit union staff participating in the forum also learned additional fraud prevention tips from the following experts:

Shane Deal – Minnesota Department of Commerce Deputy Commissioner of Financial Institutions, responsible for state regulatory oversight of state-chartered financial institutions.
Jay Haapala – Associate State Director, AARP Minnesota and leaders of the state’s Fraud Watch Network, which educates consumers about scams and fraud.
Sean Burke – Steering Committee Member, Minnesota Elder Justice Center at William Mitchell College of Law, a new organization dedicated to addressing elder and vulnerable adult financial exploitation
Mary McGurran – Agency Policy Specialist, Minnesota Department of Human Service-Adult Protective Services and licensed social worker who specializes in working with vulnerable adults, their family members and caregivers

“Minnesota credit unions are proud to partner with these organizations to help prevent elder financial fraud,” said MnCUN VP-Governmental Affairs Mara Humphrey. “Looking out for the best interests of our members is a large part of the credit union mission, and we will continue to help protect them from fraudulent activities.”

MnCUN Performance Survey yields highest satisfaction ratings from members

Credit unions statewide showed they think highly of the Minnesota Credit Union Network, according to results of the 2013 Performance Survey. In an effort to provide quality, valuable service to member credit unions, MnCUN conducts an annual survey in late March to gauge its performance over the previous calendar year. The Network Board reviewed these results at its July 18 Board meeting.

Minnesota credit unions gave MnCUN an overall satisfaction score of 6.4 on a scale from 1‐7.

Of the respondents, 95 percent said that MnCUN has improved or maintained its service to credit unions. MnCUN got high percentages of “agrees” – rankings of 6 or 7 on a scale of 1‐7 – in all the following categories: responds in a timely manner to my CU’s needs, keeps me informed, understanding credit union needs, is progressive, is democratically run, and is financially sound. MnCUN was labeled accessible, professional, informed, experienced, well‐managed and an excellent leader. The majority of respondents gave all six attributes a rating of 6.6 or 6.7 on a scale of 1‐7.

Of MnCUN’s core competency areas, respondents ranked Regulatory/Compliance Support and Legislative Advocacy as the top two most important services (tied score of 6.6 out of possible 7); followed by Communications, Training/ Education, Operational Support/Member Service and Products & Services.

MnCUN's Performance Survey, introduced in 2001, helps the Network staff and its Board of Directors evaluate offerings and monitor trends in credit union satisfaction, based on whether the Network has improved, maintained or declined in its service to member credit unions.

5 reasons to attend the 2014 Annual Cooperatives Conference

The National Cooperative Business Association (NCBA) will hold its 2014 Annual Cooperatives Conference on Sept. 9-11, at the Depot Renaissance Minneapolis Hotel.

The conference theme this year is "Building a Cooperative Future." Conference attendees will gain up-to-date information that will them with new tools and knowledge to address the challenges faced within cooperatives, at the same time enhancing business efficiency and acumen.

Five reasons to attend:

Learn to fuel powerful change within your organization
Network with thought-provoking cooperative trendsetters
Learn how an engaged board can play a key role in advocacy
Learn how cooperatives support civil rights
Learn why cooperatives are the best model to bolster global food security

The NCBA aims to foster a sense of community among members, who gather at this event each year to explore, debate, challenge and share — in essence, to learn from one another.

For more information, and to register, visit the 2014 Annual Cooperatives Conference webpage.

New global credit union statistical report now available

The World Council of Credit Unions has released its latest Statistical Report, which provides membership and financial data from credit unions and financial cooperatives worldwide. This year's report includes information from 56,904 credit unions serving nearly 208 million members in 103 countries.

The most notable global change since 2012 was in membership growth, which grew by over 7 million new members. Asia, Latin America and Europe were the fastest growing world regions in terms of credit union membership. Also in 2013, worldwide assets were reported at $1.7 trillion; savings at $1.4 trillion; loans at $1.1 trillion and reserves at $171 billion. New countries reporting 2013 data included Rwanda and Zambia.

World Council reports data based on country responses to its annual survey and does not make estimates for non-reporting countries. The Statistical Report provides the most comprehensive data on the global credit union movement available and is cited widely by governments, international institutions and analysts as an expert resource.

Interested parties can download a free copy of the 2013 Statistical Report or view historical data since 2005.

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.

St. Cloud FCU holds “More Than Pink” savings education program for girls in Sartell-St. Stephen Public Schools

Mid-Minnesota FCU supports Brainerd Lakes Area Junior Achievement

Dan Anderson of Royal CU Investment & Insurance team honored as an Invest Top Leader

Royal CU named Platinum Million Dollar Lender by USDA