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|The Pulse (08-26-15)|
The Pulse (08-26-2015)
August 26, 2015 ● Volume 04, Issue 34
Credit Union News
Target and Visa Reach Settlement
Target Corp. has reportedly reached a settlement agreement with Visa regarding the 2013 Target data breach. Under the terms of the settlement, Target will pay Visa and its card issuers up to $67 million.
Credit unions that issue Visa cards should have received documentation from Visa recently regarding the settlement. Credit unions that do not accept the settlement, and therefore do not agree to release their claims against Target, will still receive a partial recovery automatically under Visa’s Global Account Compromise Recovery program. Those credit unions that do accept the settlement, and sign a release of claims against Target, will recover under both the Global Account Compromise Recovery program and the Alternative Recovery Offer. According to reports, credit unions have until Sept. 4 to decide whether or not to accept part of a settlement offer.
Credit unions should carefully review any documents received from Visa regarding the settlement. For further information, plaintiff’s counsel representing financial institutions in the Target class action litigation will be holding an informational conference call on Thursday, August 27 at 11 a.m. The conference call number is (844) 286-3346; code 18281352.
MnCUN welcomes new Director of Communications
The Minnesota Credit Union Network welcomed its newest staff member on August 24. Andrea Molnau is the Network's Director of Communications. In this role, she will coordinate all external communications functions for MnCUN, specifically working in the areas of public relations, media relations, marketing and communications strategy.
Most recently, Molnau worked as the Vice President of Marketing for United Educators Credit Union. Additionally, she was actively involved in financial literacy efforts and served as Vice Chair of the Minnesota Family Involvement Council. She brings 20 years of credit union marketing and communications experience to the Network.
Molnau joins Laura Whittet in MnCUN's communications department.
Credit unions, do not forget about Foundation Fridays this fall! This unique fundraiser helps raise awareness for the Minnesota Credit Union Foundation and its committees – Minnesota Credit Unions for Kids (MnCU4Kids) and the Minnesota Family Involvement Council (FIC).
During October, credit unions can designate one Friday (or several) as a Foundation Friday. On this day, tellers and call center staff will conclude each member interaction by asking for a contribution to help support financial education, college scholarships and Gillette Children’s Specialty Healthcare. At the end of the series of events, credit unions can forward all donations to the Foundation, to be split evenly between the Foundation general fund, MnCU4Kids and the FIC.
Below is a brief explanation of the work of the Foundation and its committees.
Minnesota Credit Union Foundation - an organization that provides the resources for credit unions and communities to prosper and thrive. Foundation grants are chiefly focused on financial education, professional development and disaster relief efforts that aid the credit union movement in Minnesota.
Minnesota Family Involvement Council - works to provide credit unions with financial awareness solutions. The FIC conducts an annual scholarship program, awarding funds to Minnesota credit union members to help advance their college education. This endeavor is made possible through its annual Silent Auction.
Minnesota Credit Unions for Kids - a collaboration of credit unions, chapters, leagues and business partners engaged in fundraising activities to benefit Children’s Miracle Network-affiliate hospitals. All money raised through Minnesota’s Credit Unions for Kids program supports Gillette Children’s Specialty Healthcare, which helps kids with disabilities and chronic conditions. Gillette is based in St. Paul, with clinics located around the state.
Each participating credit union will receive a turnkey toolkit including how-to information, sample press releases, lobby posters and more! To sign up for Foundation Fridays now, send your name, credit union, phone number and email address to the Minnesota Credit Union Foundation.
Balance Sheet Solutions - Economic & Investment Conference
Connect with your credit union peers and gain from high-value insight and exchange at Balance Sheet Solutions’ annual Economic and Investment Conference. This year’s conference returns to Eagan on Wednesday, October 14. Join Steven Rick, Chief Economist for CUNA Mutual Group; and Tom Slefinger, Senior Vice President and Director of Institutional Fixed Income Sales for Balance Sheet Solutions at they lead discussions on the state of the U.S. economy.
Balance Sheet Solutions, LLC, is a Securities and Exchange Commission (SEC) registered advisor. Broker/Dealer transactions are facilitated through ISI, Member FINRA/SIPC. Balance Sheet Solutions (a CUSO wholly owned by Alloya Corporate FCU) provides a wide range of services to credit unions, including investment purchases, advisory services and risk management. Balance Sheet Solutions is headquartered in Warrenville, Illinois.
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 Communications Specialist Laura Whittet.
August NCUA Report
NCUA Chairman Matz’s Town Hall Webinar now available
FedFLASH highlights upcoming Sept. rule changes for Check/Check 21 and ACH
NCUA issues Legal Opinion Letters
Legal Opinion Letter 15-0818: Legal Analysis of Overhead Transfer Rate