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|The Pulse (10-14-15)|
The Pulse (10-14-2015)
October 14, 2015 ● Volume 04, Issue 41
Credit Union News
Help Your Members Build Savings and have a chance to WIN!
WINcentive™ Savings is a new prize-linked savings account now available for MnCUN member credit unions headquartered in Minnesota. Sign up now to begin offering WINcentive after January 1, 2016.
When your credit union provides WINcentive Savings – members receive prize drawing entries each time they increase their savings balance by $25 (up to 4 entries per month). Prize drawings occur from a state-wide prize pool monthly, quarterly and annually - up to the grand prize of $5,000!
The WINcentive Savings account is designed to help your members improve money habits in a whole new way that actually makes saving FUN. Members feel rewarded by watching their savings grow, and experience the excitement of frequent prize drawings.
The Need is Real
According to a survey done by bankrate.com in June, 2015, nearly 78% of Americans do not have enough savings to cover six months’ worth of living expenses in the event of a job loss, while more than 29% have no savings at all. These percentages have actually increased since 2013, despite improvements in employment and wages. Now is the perfect opportunity for Minnesota credit unions to assist in turning these statistics around.
Benefits to Your Credit Union
Safe, Sound, and Secure
MnCUN’s product will take advantage of the file transfer and security framework already created for the Minnesota Item Processing Company’s (MnIPC) products and services. Once a credit union signs on with MnCUN to participate, they will be guided through the technology process.
RBC 2 final vote on NCUA Board’s Oct. 15 Agenda
Approximately twenty months after it was first proposed, a final vote on the National Credit Union Administration’s (NCUA) revised risk-based capital (RBC2) proposal is on the Board agenda for this Thursday’s open meeting. The meeting will begin at 9 a.m., and can be viewed via a live web link from NCUA’s home page.
CUNA Chief Advocacy Officer Ryan Donovan noted, “The changes we saw between RBC1 and RBC2 were meaningful and significant; we’re hopeful that when we see the final rule there will be additional positive changes.” Donovan also credited CUNA-league efforts as a whole, saying “CUNA, leagues and credit unions have been engaged in a very positive, coordinated advocacy effort that’s had a very meaningful impact on this rulemaking.”
According to reports, NCUA Chair Debbie Matz has indicated that the NCUA will provide an analysis of its revised risk-based capital proposal shortly after the final rule is considered by the Board at its upcoming meeting, although legislators previously requested Matz provide the analysis to Congress prior to the NCUA Board finalizing the rule.
Thank you for supporting the people helping people philosophy
Tomorrow, Thursday, October 15, credit unions around the world will unite behind the message of "People Helping People®" for International Credit Union (ICU) Day. Doing good is something credit unions take seriously, locally and globally. This cooperative spirit of people helping people has led to life-changing opportunities in the form of small business start-ups, homeownership and education.
"Credit unions are focused on supporting their communities," said MnCUN President and CEO Mark Cummins. "We at the Network are proud to advocate for these credit unions by showcasing the positive impact they have across Minnesota."
To report 2015 International Credit Union Day activities, please email MnCUN Communications Specialist Laura Whittet.
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.