Federal Update: There aren’t many must pass items left in this Congress since nobody expects a budget or an extension of the farm bill to get done in an election year.
State Issues Update: Last week’s update mentioned turmoil in the state Senate after the arrest of Senator Mitchell (DFL-Woodbury), and whether or not she would cast votes and how the Senate would proceed. Third Party Risk Management Practices Guide: On May 3, the Federal bank regulatory agencies Federal Reserve Board of Governors, Office of the Comptroller of Currency (OCC), and Federal Deposit Insurance Corporation (FDIC) released a guide to support community banks in managing risks presented by third-party relationships.
What Happens with a PII Security Breach: Whether data security incidents are internally caused at your credit union or by a third-party vendor having access to personally identifiable information (PII), preparation by having policies with procedures implementing applicable federal regulations and guidance before such an incident occurs are critical best practices. CFPB Action Against Student Loan Servicing Failures: On May 6, the Consumer Financial Protection Bureau (CFPB) took corrective action against the National Collegiate Student Loan Trusts (the Trusts) and Pennsylvania Higher Education Assistance Agency (PHEAA) for failures to respond to consumer requests seeking relief from student loan payments. The next Peer-to-Peer session will be an open format conversation with Glen Sarvady and peers on Open Banking.
Glen Sarvady is a 25-year veteran of the payments and FinTech industries. He is the Managing Principal at 154 Advisors who provides actionable insights, data driven analysis and strategy formulation to credit unions and fintechs. Open banking has existed in various forms for several years, but its data sharing provisions will be required of nearly all credit unions if/when the CFPB's proposed rules are finalized. In this session we'll discuss the history of open banking in the US and (mostly) abroad, operational, and strategic changes on the horizon, and how some CUs are addressing the new landscape proactively rather than treating open banking as something "being done to them." Date: May 22, 2024 Time: 1:00 - 3:00 p.m. Location: Webinar Cost: $49 for individual registration This event is meant to be an opportunity to meet and share with one another. The open session and forum will conclude with time to discuss questions with participants. This event will be made only via webinar/conference call. Webinar and call in instructions will be provided to registered attendees. For a list of all P2P sessions, visit our Peer-to-Peer (P2P) webpage. With questions, please contact Director of Engagement, Xiong Lee, by email. Envisant, an award-winning CUSO, and Curql Collective have formed a groundbreaking partnership delivering fintech solutions to credit unions. Through a joint investment, credit unions with assets between $100 million to $1 billion can access extensive product and service discounts in emerging technologies to enhance services for members and compete in a sector increasingly dominated by large banks and tech conglomerates. Join an upcoming informational session: Dates/Times CT: May 14, 2024 10:00 AM May 16, 2024 01:00 PM May 20, 2024 03:00 PM May 23, 2024 10:30 AM Ensuring compliance with federal, state, and local laws is of paramount importance, and we want to underscore the array of compliance resources available to participants in the Minnesota Credit Union Employee Benefits Plan. The Board of Trustees recognizes the complexities surrounding health care regulations and are committed to providing you with the necessary tools and support.
Lockton offers comprehensive compliance resources, including regular updates on legislative changes, detailed guides, and expert consultations to navigate the intricate landscape of health care regulations. By leveraging these resources, you can rest assured that your credit union remains in strict adherence to all applicable laws, fostering a secure and compliant environment for your organization. If your credit union is not participating in the Minnesota Credit Union Employee Benefits Plan, request a quote and learn more.
Thanks to the following credit unions for supporting this initiative in 2024:
Heartland Credit Union: $1,460 Members Cooperative Credit Union: $3,502 Centricity Credit Union: $2,003 Wakota Federal Credit Union: $1,032 North Star Credit Union: $108.00 Embarrass Vermillion Federal Credit Union: $951 Pipefitters Steamfitters Credit Union: $1,226 South Metro Federal Credit Union: $835 Minnco Credit Union: $36,374 Total: $47,491 For more information, visit the Minnesota Credit Unions for Kids page. The Minnesota Credit Union Network continued to receive high ratings from credit unions statewide in the 2023 Performance Survey. MnCUN conducts a yearly survey to measure its performance over the previous year as it strives to advocate, accelerate, and collaborate to ensure a thriving credit union system in Minnesota.
According to the 2023 Performance Survey:
"The Minnesota Credit Union Network staff and Board of Directors value the survey feedback as we evaluate our efforts to be the best champion for Minnesota Credit Unions,” said MnCUN President & CEO Mara Humphrey. “Thank you for your continued support and we value our members' continued trust." A message of Gratitude to Minnesota Credit Unions from ABEP and Arise Community Credit Union5/1/2024
by Debra Hurston, Executive Director, Association of Black Economic Power
I am truly honored to express our heartfelt gratitude to YOU, the Minnesota credit union community. Your unwavering support and commitment have been instrumental in making Arise Community Credit Union a HISTORIC reality. From the very beginning, you have believed in our vision and mission to serve our community with integrity, compassion, and dedication. Your guidance, encouragement, and collaboration have propelled us forward, turning our dreams into tangible achievements. As many of you know, the journey to establishing Arise has been filled with challenges, but your support has been our beacon of hope, guiding us through every hurdle. Together, we are building a new community-based financial institution that will stand as a testament to the power of community and cooperation. I sincerely want to thank Mara and the entire team at the Minnesota Credit Union Network for their invaluable support and insightful guidance. Literally, dozens of credit unions have stood together with us along this journey. Dozens of you have provided financial support. And so many of you have provided pro bono technical assistance. As we celebrate this significant milestone of receiving our charter approval, let us remember that our success is not just about numbers or services offered; it is about the lives we touch and the difference we make in our community. With your continued support, we are confident that Arise Community Credit Union will thrive, empowering more individuals and families to achieve their financial goals and dreams. Once again, thank you all from the bottom of our hearts for believing in us and for being an integral part of this incredible journey. NCUA Proposed Rule Record Retention: On April 24, the National Credit Union Administration (NCUA) published in the Federal Register an advanced notice of proposed rulemaking (ANPRM) seeking comments on its process to update Part 749 of the Federal Credit Union Act (FCUA) requiring all federally insured credit unions to maintain a records preservation program to identify, store, and reconstruct vital records in the event records are lost or destroyed.
NCUA 2024 CDLRF Grant Cycle: The NCUA will be hosting a webinar on May 2 at 2:00P.M. (EST) for low-income credit unions that want to apply for the 2024 Community Development Revolving Loan Fund. Credit unions are encouraged to review the Notice of Funding Opportunity which outlines the grant initiatives and grant application guidelines. |
The PulseThe Pulse is MnCUN's newsletter that keeps credit union professionals and board members updated on current news and information. Archives
May 2024
Categories
All
|