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|The Pulse (11-20-13)|
The Pulse (11-20-13)
Nov. 20, 2013 ● Volume 02, Issue 46
Credit Union News
The Minnesota Credit Union Network welcomed its newest staff member on Oct. 28. Lyndsay Miller is the Network’s Associate General Counsel. In this role, Miller will provide daily legal compliance support to credit unions, as well as draft a variety of legal compliance publications. She will also be helping to conduct research on various legal issues, including banking laws, on behalf of credit unions.
Before joining the Network staff, Miller worked with the assistant attorney general of Wisconsin, monitoring compliance with the National Mortgage Settlement. Miller grew up in southern Indiana and resided in Madison, Wis., until relocating to the Twin Cities area recently.
Miller joins General Counsel John Wendland in MnCUN’s legal/compliance department, and she replaces Chris Loftus, who left the Network in late September.
In a federal win for credit unions last week, the U.S. House Financial Services Committee approved legislation that would extend share insurance coverage to all of the underlying owners of funds held by lawyers in trust accounts and Realtors in escrow accounts. The bill, known as the Credit Union Share Insurance Fund Parity Act (H.R. 3468), was approved by voice vote.
"We hope that H.R. 3468 is the first of many regulatory relief bills to move through this committee," Credit Union National Association Senior Vice President of Legislative Affairs Ryan Donovan said.
The legislation will provide National Credit Union Share Insurance Fund coverage for accounts such as Interest on Lawyers Trust Accounts (IOLTAs) so they are treated for deposit insurance purposes on the same basis as similar accounts insured by the Federal Deposit Insurance Corporation.
CUNA and the Minnesota Credit Union Network support the bill, which corrects a National Credit Union Administration interpretation of the Federal Credit Union Act that puts credit unions at a disadvantage. It fixes the problem with the inability of federally insured credit unions to extend share insurance coverage to IOLTAs, which meant that despite the wishes of members to hold these accounts at credit unions, they needed to use a bank or thrift to receive the maximum deposit insurance coverage for all owners of the funds held in such accounts. The NCUA had said that for full insurance coverage, all the clients needed to be members, rather than just the attorney establishing the account.
This year, MnCUN’s communications and governmental affairs departments have been working hard to advance the Network’s public affairs and media outreach initiatives. One major component of this is collecting good news stories from our member credit unions and redistributing them through various channels.
To spread the word about the great things happening at your credit union, the Minnesota Credit Union Network encourages you to share your news stories with us. How can you share your credit union news? Pick one of these three ways:
When your stories are submitted to the communications department – either via press release or through the online form – they become part of the Network’s "cycle of news.”
MnCUN is also working to streamline and further refine news sharing capabilities to allow for easier cross-referencing and distribution. With questions about submitting or sharing your credit union news, please contact MnCUN Director of Communications Connie Kuhn at (651) 288-5527.
With year-end quickly approaching, many organizations are putting the finishing touches on their budgets for 2014. As credit unions make tough decisions on where to apportion funds, you may wonder, "What do I get for my dues to the Minnesota Credit Union Network?”
That's a good question!
The list below provides an 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 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 Network Board of Directors recently approved a change to the name of the committee formerly known to credit unions as the Minnesota Network Advertising Program (MNAP). Going forward, this group is the Awareness Advisory Committee.
This change was made to better reflect the work of the committee and to encompass its broader strategic focus on consumer awareness and helping to grow credit union market share, in alignment with MnCUN’s strategic plan. Similar to past years, the committee will solicit voluntary contributions from credit unions in conjunction with the 2014 MnCUN dues solicitation.
Future contributions will be made to the Credit Union Awareness Fund and will be used to build upon past efforts and further initiatives previously funded by MNAP. Examples of Awareness Fund expenditures could include:
The Awareness Advisory Committee is a subcommittee of the MnCUN Board of Directors and is made up of credit union professionals representing various Minnesota regions. The committee remains a voluntarily-funded program for Minnesota credit unions, focusing on consumer awareness and media outreach. The committee’s work promotes credit unions’ benefits and value through various initiatives and by spreading the word that credit unions are consumers’ best financial choice. For more information about and links to Awareness Advisory Committee resources, visit the Awareness Committee page of the Network website.
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.
CFPB releases fact sheet on Qualified Mortgages
NCUA Issues Letters to Credit Unions