The Pulse (10-29-14)



The Pulse (10-29-2014)

October 29, 2014 ● Volume 03, Issue 43


The Pulse Archive

Credit Union News


MnCUN President & CEO commends credit union for recent growth, pledges excellence from trade association

In a recent communication to Minnesota credit union presidents, MnCUN President & CEO Mark D. Cummins outlined his commitment – and that of the Minnesota Credit Union Network – to the state’s financial cooperatives. Cummins congratulated credit unions for their commitment to members and communities, which he directly attributed to record growth in recent years.


“As the numbers illustrate, consumers are finding their financial ‘home’ with you – local, not-for-profit credit unions that are focused on members and communities,” Cummins said. 


Credit unions in the state of Minnesota have seen tremendous growth over the past two years – more than 110,000 members in 2012 and 2013 alone, and nearly 19,000 new members joined a Minnesota credit union by the mid-point of 2014. On the national level, U.S. credit union surpassed the remarkable milestone of 100 million memberships, which translates to roughly one in three Americans are members of a credit union.


The Minnesota Credit Union Network is committed to creating the environment for credit unions to grow, as it provides advocacy on the legislative, regulatory and public awareness fronts. MnCUN is continually strengthening its organizational structure and its offerings to members.


“As the credit union industry continues to thrive, the Minnesota Credit Union Network pledges to work tirelessly on your behalf,” Cummins said, thanking members for their continued dedication and commitment to the credit union movement.  


For additional information about the Network’s strategic initiatives, various accomplishments, and testimonials from MnCUN members, visit the Membership page of the Network website. With questions about membership with the Minnesota Credit Union Network, please contact MnCUN Vice President – Association Services Kristina Wright by email or phone at (651) 288-5507.



No NCUSIF 2014 premium, fund sees $26.4M 3Q net income

Last week, the National Credit Union Administration (NCUA) staff confirmed earlier indications that there will be no National Credit Union Share Insurance Fund premium for 2014. Credit Union National Association analysis earlier this year also concluded that given the health of the credit union system, a premium would not be required.

The fund ended the third quarter of 2014 with a net income of $24.6 million and an equity ratio of 1.3 percent, which reflects the capitalization deposit adjustment billed in September. Third quarter investment and other income was $54 million, operating expenses were $48.1 million and the provision for insurance losses was reduced by $18.7 million, according to the agency.

The fund's reserves are at approximately $167.3 million.


“With the Share Insurance Fund on a sound footing, NCUA will not charge federally insured credit unions a premium in 2014,” NCUA Board Chairman Debbie Matz said. “The number of troubled credit unions continues to decline, and insurance losses remain manageable. Prudent regulation and supervision of a credit union system that continues to be strong and stable have kept the Share Insurance Fund at the maximum equity ratio permitted by law.”

Shares in CAMEL 4 and 5 credit unions were 1.38 percent of federally insured credit union shares, an improvement over last quarter's 1.46 percent. The number of CAMEL 4 and 5 credit unions fell to 288 from the third quarter of last year, a 9.1 percent drop. Assets for those credit unions declined 10.3 percent in the past year.

The number of CAMEL 3 credit unions dropped to 1,450, a 2.2 percent decline, and with that decline, total assets in CAMEL 3 credit unions dropped 3.4 percent to $104.7 billion.

According to NCUA staff, there was been 12 credit union failures this year. There were 17 in 2013. Total year-to-date losses due to credit union failures is $30.4 million, $28.6 million of which was related to fraud.



MnCUN creates resource page on TILA/RESPA Integrated Mortgage Disclosures

The Consumer Financial Protection Bureau (CFPB) has been directed under the Dodd-Frank Act to publish rules and sample forms that integrate and combine disclosures required under both the Real Estate Settlement Procedures Act (RESPA, Reg X) and the Truth in Lending Act (TILA, Reg Z) for most closed-end consumer credit transactions secured by real property. In order to assist credit unions in understanding the new rules’ requirements, MnCUN has created a resource webpage, providing access to sample forms and instructions.

The TILA/RESPA Integrated Mortgage Disclosures resource page is the newest among several webpages pages focused regulatory compliance special topics available on the MnCUN website. MnCUN continues to work to provide the most up-to-date regulatory compliance information for Minnesota credit unions.

With questions, contact MnCUN General Counsel John Wendland by email or by phone at (651) 288-5519. Questions can also be submitted through the MnCUN compliance question submission from online.




Mary Hansen of Mayo Employees Federal Credit Union to be recognized as a 2014 top woman in finance


Mary Hansen, CEO of Mayo Employees Federal Credit Union has been selected as one of the 2014 Top Women in Finance by Finance & Commerce magazine.


Finance & Commerce recognizes accomplished women from across the state of Minnesota at an awards event each November. This year’s Top Women in Finance event commemorates the program’s 14th year of honoring these amazing women.


A dinner will be held to honor award winners Thursday, Nov. 20, at the Hyatt Regency Minneapolis. Last year, more than 500 people attended the event. Profiles of the honorees also will appear in a special magazine in November.


For more information, visit Finance & Commerce online.


Sign up today for professional development & leadership options with The Crew!

Calling all credit union young professionals! Sign up today to join the Minnesota Credit Union Network’s Crew group on Thursday, Nov. 5, for lunch, education and networking! This Crew Professional Development event, hosted at TopLine Federal Credit Union in Maple Grove, will feature Luke Riordan, CEO of social media marketing company DAYTA Marketing.

The second portion of the event will be dedicated to deepening involvement and engagement in the credit union industry. Learn more about the Minnesota Credit Union Network, what it does and how to use all of the Network’s offerings.

For more details and to register today, please visit the 
Event Calendar section of the Network website. With questions, contact Crew liaison Laura Whittet by email or at (651) 288-5503.



Industry research available from CUNA

Among the resources available to Minnesota Credit Union Network affiliated credit unions are research reports compiled by the Credit Union National Association (CUNA). CUNA realizes the importance of receiving up-to-date and relevant information regarding the credit union industry. Credit unions can rely on CUNA's trusted research expertise to assist in making smart business decisions.

Research available from CUNA includes, but is not limited to the following areas:

  • Credit union data & statistics  - A wide variety of credit union operational and financial statistics are posted here monthly, quarterly and annually. 
  • Market research - CUNA gives credit unions the power of quality, custom market research to help make strategic decisions with confidence. 
  • Strategic planning research - Rely on CUNA’s strategic planning resources to deliver the insights and confidence you need to make crucial decisions for your credit union.

To see the entire collection of research resources available to credit unions, visit the CUNA research and strategy webpage



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.  

Mid-Minnesota FCU’s “On-The-Spot” auto financing saves members time and money


United Educators CU Foundation announces 2015 Scholarship Program


 SharePoint CU saves members $10,000 on 1st Mortgage closing costs


Anoka Hennepin CU named “Service Business of the Year” by Anoka Area Chamber of Commerce



Credit unions recognized for significant political advocacy 


MnCUN Political Involvement Committee votes to join Minnesota Homeowners Alliance



NCUA releases October NCUA Report

NCUA releases Board Action Bulletin 

CFPB finalizes rule on providing annual privacy notices electronically

CFPB issues updated Compliance Bulletin on mortgage servicing transfers

CFPB issues mortgage rule amendment, addresses non-profits, refunds for points & fees

Federal Reserve hosts Fair Lending webinar, CFPB and NCUA highlight exam areas

White House issues Executive Order on Cybersecurity

Federal Regulators approve final QRM rule


Out for Comment


IRS proposes to remove 36 month non-payment option from 1099-C 

NCUA Board proposes joint agency flood insurance rule changes


If this describes you, then you are invited to join The Crew. This group 
If this describes you, then you are invited to join The Crew. This group 

Minnesota Credit Union Network
555 Wabasha Street N, Suite 200
St. Paul, MN 55102

(651) 288-5170
(800) 477-1034