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|The Pulse (11-19-14)|
The Pulse (11-19-2014)
November 19, 2014 ● Volume 03, Issue 46
Credit Union News
Credit unions annually make tough decisions on where to apportion funds. You may wonder, "What do I get for my dues to the Minnesota Credit Union Network?”
A valid question!
We at the Network can quickly summarize our value in a few words: Unity, Advocacy & Networking. Our main focus is to provide unity in two main ways.
1) We advocate for Minnesota credit unions:
2) We establish opportunities for CUs to network & foster collaboration
The list below provides a basic outline of MnCUN's services and resources that are supported, in whole or in part, by your dues dollars. Each item also includes a link that you can follow for additional information.
Through our consistent presence and valuable service offerings, MnCUN has maintained an affiliation rating of above 90 percent for more than a decade. We do not take lightly our obligation to you, our members, and we value your continued trust in us.
Affiliation is key to our success and to the success of the industry. We appreciate the opportunity to serve credit unions across the state, working together to meet present and future challenges. With questions about your membership with the Minnesota Credit Union Network, visit the MnCUN Membership page of the Network website or contact MnCUN Vice President – Association Services Kristina Wright by email or at (651) 288-5507.
The State Legislature will convene for its next session on Tuesday, Jan. 6, when legislators from across the state will assemble in St. Paul to begin the process of governing Minnesota. As they start to introduce bills and hold hearings, it is essential that our state's lawmakers hear from credit unions on the issues that would affect them.
With 1.6 million members, credit unions are an important cog in the financial services marketplace and are recognized as local, trusted financial institutions that provide tremendous benefits to the communities they serve. Help us share with legislators from both parties in the State House and Senate that Credit Unions are Minnesota Minded!
Credit Union Day at the Capitol attendees will begin the day hearing critical legislative updates and receiving first-hand knowledge from key legislators about the 2015 Legislative Session. The event will culminate with visits to the State Capitol to meet with representatives and senators to discuss issues important to credit unions. Lastly, attendees will conclude the day with a late-afternoon reception that will provide the opportunity to network with other credit union professionals and volunteers.
For additional information visit the Credit Union Day at the Capitol page of the Network website. With specific questions about this event, please contact Sue Groskreutz by email or at (651) 288-5521.
Last week, The Minnesota Credit Union Network partnered with the Credit Union National Association (CUNA) to offer the “8 Hour SAFE Comprehensive Mortgage Loan Originator Course” to member credit unions at two locations in Minnesota.
The new CFPB Mortgage rules that went into effect in early 2014 amended Regulation Z - Truth in Lending Act (TILA) to impose upon a mortgage loan originator (MLO) certain qualification duties. These duties include either being licensed and registered under the Secure & Fair Enforcement for Mortgage Licensing Act (SAFE Act), or for loan originators who are not required to be licensed and are not licensed, to also be trained on regulations that apply to their loan origination activities.
In addition, the amended TILA broadened the definition of “loan originator” to include those persons who perform loan origination activities, such as:
Credit unions who have loan originator employees who are not required to be licensed under the SAFE Act, these credit unions are generally still required under TILA to provide periodic training covering federal and state law requirements that apply to an individual’s loan origination activities.
The CFPB has said specifically that Nationwide Mortgage Licensing System (NMLS) approved licensed loan originator continuing education training can be used to satisfy the training requirement of the rule, which is being called a “safe harbor.”
In response to these new expansive requirements, the Minnesota Credit Union Network partnered with CUNA to present an NMLS-approved comprehensive mortgage loan originator course to member credit unions at great value. Credit unions can obtain the “safe harbor” training through CUNA’s NMLS-approved comprehensive mortgage loan originator course.
This course covered the following:
This course was designed to meet the continuing education requirements of the SAFE Act inclusive of (3) hours federal laws & regulations, (3) hours ethics, consumer protection & fair lending, and (2) hours lending standards for the non-traditional mortgage product marketplace.
"Participants in the SAFE Comprehensive Mortgage Loan Originator Course received exceptional training to fulfill the Loan Originator periodic training requirements" said MnCUN General Counsel John Wendland. "This training was especially valuable as credit unions are still deciphering the CFPB mortgage rules."
For additional information regarding the mortgage loan originator rules, see the Network’s CFPB Mortgage Rules – Mortgage Loan Originator compliance guide summary, and the CFPB’s Small Entity Compliance Guide on the 2013 Loan Originator Rule.
National Cyber Security Alliance to host event in St. Paul for credit unions, consumers, & businesses
On Tuesday, Dec. 9, the National Cyber Security Alliance (NCSA) is hosting an event to educate consumers and businesses about adding layers of security to their everyday online activities. Featured speakers will include the Honorable Chris Coleman, Mayor of the City of St. Paul; Michael Krause, Federal Bureau of Investigations Supervisory Special Agent; Michael Kaiser, NCSA Executive Director; and many others.
The NCSA's mission is to educate and empower a digital society to use the Internet safely and securely at home, work, and school. Acknowledging the important role credit unions play in Minnesota’s financial services industry – and the need for vigilance in cyber security – NCSA worked with the Minnesota Credit Union Network to ensure that credit unions were specifically invited to the event.
For more information, and to register, visit the calendar of events on the Network website.
Credit unions do great things for their members and communities every day. Help spread the word by sharing your news with the Network. Please send press releases directly to MnCUN Director of Communications Connie Kuhn, or use our online form to provide a brief synopsis of an event, sponsorship or happening at your credit union! This will add you to the Network’s "cycle of news.”
Here’s how the cycle of news works:
As part of the cycle of news, the Network shares credit union stories on social media. To help with the ever growing need for a strong social media presence, the Network also creates original content for credit unions to share. The MnCUN communications staff posts, tweets, and shares strategic content on social media for the use of our member credit unions.
Find MnCUN on the following social media sites:
“The Networks hopes to increase public awareness and political advocacy for credit unions through our social media efforts,” said MnCUN Director of Communications Connie Kuhn. “Credit unions are encouraged to use content from the Network social media channels.”
Much has been written and said about the great effort by the Credit Union National Association (CUNA), the Minnesota Credit Union Network and other credit union supporters regarding our work in this year's election. If you haven't seen it, check out this infographic that compares the league system's work to others.
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.
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