The Pulse (11-19-14)



The Pulse (11-19-2014)

November 19, 2014 ● Volume 03, Issue 46


The Pulse Archive

Credit Union News


What do I get for my dues?

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:

  • through legislative advocacy
  • through regulatory advocacy
  • through public awareness and media advocacy

2) We establish opportunities for CUs to network & foster collaboration

  • through networking at various MnCUN events
  • through educational events & conferences
  • through The Crew young professionals networking group

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.

  • Full-time lobbying activities at the state and federal levels (more)
  • GREAT grassroots advocacy program (more)
  • Annual compliance publications and online library (more)
  • Employment listings and resume summaries (more)
  • Weekly e-newsletter to keep members abreast of general credit union news, legislative developments, action alerts, educational opportunities, compliance information and deadlines (more)
  • Networking opportunities through events and department-specific roundtable meetings (more)
  • Access to and inclusion on the MN Credit Union News channel (more)
  • An informative, interactive website (more)    
  • Inclusion in the national credit union finder – – used by consumers seeking a credit union (more)
  • Product & service discounts and group pricing through strategic alliances (more)
  • Onsite assistance in a variety of operational and technical areas, along with fee-based offerings at reasonable prices (more)
  • Webinars On Demand (more)
  • Compliance call center (more)
  • Young professionals networking group, The Crew (more)
  • Online CU directory (more)
  • Chapter involvement, support and communications (more)
  • Collective strength and unity of the entire CU movement (more)

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.


Let your legislators know - credit unions are Minnesota Minded

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.  


MnCUN hosts comprehensive MLO training

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:

  • taking an application,
  • arranging a credit transaction,
  • assisting a consumer in applying for credit,
  • offering or negotiating terms, and
  • other common activities.

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:

  • Regulation Z (Truth-in-Lending)
  • Regulation X (RESPA)
  • Regulation B (Equal Credit Opportunity Act)
  • Fair Housing Act
  • Regulation C (Home Mortgage Disclosure Act)
  • Adjustable Rate Mortgages
  • Federal Housing Administration (FHA) and Veterans Administration (VA) loan programs
  • Reading and Understanding Credit Reports & Scores / Fair Credit Reporting Act (FCRA) 

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.


MnCUN provides advocacy though "good news" stories

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:

  1. Stories are posted to the new MN Credit Union News page of the Network website.
  2. On a weekly basis, stories are aggregated and highlighted in The Pulse newsletter.
  3. MnCUN posts stories to the CU Social Good and Unite for Good social media sites, which aggregate positive credit union stories on a national level.
  4. MnCUN publishes the "good news” stories in its regular Connected to Community newsletter, which is delivered to legislators, public opinion leaders, members of the media, and more.
  5. Stories are also regularly pitched to Fluence Media, which publishes Morning Take and Business Take newsletters for business executives, opinion leaders, legislators, public affairs contacts, and influential people around the state.
  6. Stories are also regularly pitched to the credit union trade press and beyond, generating additional coverage.
  7. Each Thursday, stories are packaged and shared with the media in a weekly digest.The news digest includes 5-10 credit union news stories and is distributed to nearly 200 media contacts around the state. 

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.”

Interested in getting started in the cycle of news? Send your press releases to MnCUN Director of Communications Connie Kuhn or use the share your story button on the Network website. 


Proud of what CUNA accomplished: CU Times infographic tells a good story

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. 


For additional information on campaign activities visit thecampaigns and elections page of the network website. With questions, contact MnCUN Political Advocacy Director Ryan Smith at (651) 288-5533.    


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.  

Former SharePoint CEO John Braff passes away at age 87

Collegeville CU’s student-run branch adds access, experience


TopLine FCU brings financial food for thought to Maple Grove Farmers’ Market


Mill City Credit Union to award $10,000 in post-secondary scholarships


Royal CU names Vice President of Community Engagement



 Federal Legislative Update: Lame-duck session underway

Daudt is Republican choice for Speaker; Peppin Majority Leader



 CFPB shares TILA-RESPA Integrated Disclosures “Best Practices”

IRS issues clarification on IRA rollovers

REMINDER: NMLS annual renewal Nov. 1 to Dec. 31


Fed raises top of low-reserve tranche under Reg. D for 2015


Frequently Asked Questions  


Out for Comment

CFPB announces proposed rule regarding prepaid products under EFTA and TILA


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