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|The Pulse (08-13-14)|
The Pulse (08-13-2014)
August 13, 2014 ● Volume 03, Issue 31
Credit Union News
According to preliminary data released last week by the National Credit Union Administration (NCUA), Minnesota credit unions’ year-over-year asset, deposit and loan growth between the second quarters of 2013 to 2014 was strong – growing by $724 million, $498 million and $708 million, respectively.
“Credit unions are doing more lending, which shows that Minnesota consumers and businesses are feeling more confident and willing to make longer-term financial commitments,” said Minnesota Credit Union Network President & CEO Mark D. Cummins. “Minnesota credit union loans are helping families, businesses and communities grow.”
This summary and analysis was compiled by the Minnesota Credit Union Network.
Last week, the Credit Union National Association (CUNA) Interim President & CEO Bill Hampel contacted credit unions around the country asking for participation in the MnCUN/CUNA National Exam Survey. All credit unions that have had an exam in 2014 (or those unable to complete the survey last year) are asked to complete this questionnaire.
CUNA began this survey in 2012, and it has continued on an ongoing basis to provide credit unions with an anonymous way to provide feedback to NCUA and state supervisory agencies. Throughout the year, CUNA and the Minnesota Credit Union Network will examine collective data and use that information as the basis of conversation and discussion with state and federal regulators, in an effort to improve the exam process. Individual responses are completely confidential and will never be revealed to anyone outside of the research analysts at CUNA.
MnCUN to host speaker Daniel Bakken, bankruptcy attorney for credit unions, at Collector’s Roundtable
Have you recently received a chapter 7 or chapter 13 notice on one of your members? Have you tried to obtain a reaffirmation agreement on a loan? Do you understand the automatic stay and how not to violate it when a member files for bankruptcy?
Join the Minnesota Credit Union Network for the Collector’s Roundtable in St. Paul on Thursday, Aug. 21, from 10:30 a.m.-1 p.m. Attorney Daniel Bakken, representative of creditor financial institutions, including credit unions, in both Wis. and Minn. bankruptcy jurisdictions, will be giving an overview of both chapters 7 and 13 from the perspective of a creditor. The roundtable will include a question and answer segment as well as a networking lunch.
To register, visit Collector Roundtable page. A teleconference option is available for this roundtable.
Is your credit union seeking assistance with compliance? Do you need an audit completed? Or perhaps you’re not quite sure what kind of help your credit union needs? The Network can help.
MnCUN’s Compliance & Audit Consultant Marcia Armstrong Lewis is a CUNA-certified BSA Compliance Specialist, a certified compliance officer and a Certified Financial Services Auditor. She is able to assist credit unions with any number of compliance and/or audit services, such as:
For a complete list of services and to watch a short overview video of MnCUN’s compliance & audit consulting, visit the Compliance Services page of the Network website. With specific questions or to schedule an appointment, contact Marcia Lewis by email or at (651) 288-5509.
The National Credit Union Administration (NCUA)’s Office of Small Credit Union Initiatives (OSCUI) is offering free consulting services for a six-month semester starting in January 2015. Applications are currently being accepted through Nov. 30. During this time frame, economic development specialists will offer assistance in budgeting, marketing, policy development, strategic planning, operations and regulatory areas. The nomination form can be found on NCUA’s website.
"OSCUI's consulting program is a valuable part of our efforts to help credit unions succeed in a changing economic environment and provide needed services to their members," NCUA Board Chair Debbie Matz said. "Consultants help credit unions think strategically, develop plans and position themselves for future success."
Last week, National Credit Union Administration Board (NCUA) Chairman Debbie Matz designated Board Member Rick Metsger as Vice Chairman of NCUA, effective immediately.
“Rick has built on his experience and knowledge as a legislative leader and a credit union board member to become a strong, objective, and thoughtful regulator,” Matz said in making the designation. “Rick is faithfully committed to our shared goal of protecting the safety and soundness of America’s credit unions and the 97 million members who count on NCUA to insure their funds. During his time on the Board, Rick has stood firm on regulatory principles, asked insightful questions, and strived toward sound public policy in our Board decisions.”
“I am honored by this appointment and grateful to Chairman Matz for placing her confidence in me,” Metsger said. “I look forward to continuing our work safeguarding the more than $1 trillion held by America’s credit unions in trust for their members.”
President Barack Obama nominated Metsger on May 16, 2013, for an NCUA Board term that will expire on Aug. 2, 2017. After confirmation by the U.S. Senate, Metsger participated in his first NCUA Board meeting on Sept. 12, 2013.
On Jan. 1, 2014, Matz appointed Metsger as NCUA’s representative on the Board of NeighborWorks America, one of the nation’s preeminent affordable housing and community development organizations.
Before joining the NCUA Board, Metsger was most recently president of a strategic affairs consulting firm. He served in the Oregon State Senate from 1999-2011, and his committee assignments included chairing the Senate Business Committee as well as extensive work in the areas of financial services, transportation and economic development policy. He was elected Senate President Pro Tempore in 2009.
Metsger previously served on the board of the Portland Teachers Credit Union.
To emphasize the partnerships between credit unions and schools throughout the state and the opportunities for credit unions to help teachers comply with financial education standards, the Minnesota Credit Union Foundation spoke about school-based, student-run credit union branches at the Minnesota Council on Economic Education Conference on Aug. 5. This annual summertime learning event was focused on Teaching Economics & Personal Finance.
Kristina Wright, Executive Director of the Minnesota Credit Union Foundation, presented a breakout session on the “Educational Benefits of Student-Run Credit Unions.” The session provided an introductory overview to student-run credit unions and included a variety of resources and information on operational models, considerations and benefits of these partnerships.
“Credit unions across the state and across the country are dedicated to educating their members and making them smarter, wiser consumers,” said Wright, using in-school credit unions as an example of how credit unions can make an impact. “Typically, relationships start small – by making connections or through guest-speaking in the classroom – and from there doors naturally begin to open.”
Since 2011 five student-run credit union branches have opened in Minnesota schools. The efforts of HomeTown Credit Union, St. Paul Federal Credit Union, Ideal Credit Union, and Cook Area Credit Union are making a difference in the long-term financial capabilities of the young people in their communities.
“These credit unions have put forth tremendous effort in implementing their student-run branches, and it’s fascinating to see how no two models are exactly alike,” said Wright. “Their commitment and contributions to their communities will have lasting impact on students and their families.”
In May of 2013, the state of Minnesota release a revision to the K-12 Academic Standards in Social Studies, which included additional educational requirements in personal finance. Some of these requirements include:
The Minnesota Council on Economic Education conference provided a variety of resources and professional development opportunities for teachers at all grade levels to fulfill these new requirements. And the Foundation continually encourages credit unions to work with schools to provide outside expertise in the classroom to assist educators.
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.
Medical bills are the #1 cause of bankruptcy in the United States. Without the right health plan, members’ financial stability may be at risk.
Now members can count on their credit union to help them get trusted, reliable health insurance, through the TruStage® Health Insurance Program.
To learn more about the Affordable Care Act in general and how this new TruStage program benefits the credit unions and their members, sign-up for one of the August educational webinars.