July 16, 2010 ● Volume 33, Issue 14 Archived Issues
Dora, Louise and Desjardins Awards due today!
Credit unions have until 4 p.m. today to submit their entries for the statewide Dora Maxwell, Louise Herring and Desjardins Awards competitions. These social responsibility awards recognize credit unions that have gone above and beyond to live out the ideals of credit union movement.
For in-depth awards information and printable applications, visit the National Credit Union Awards Program section of the Network web site. With questions, contact MnCUN Director of Communications Rachel Kuenzel by e-mail or at (651) 288-5527.
MnCUN 2010 Session Summary now available
During Minnesota's 2010 Legislative Session, elected officials passed a number of bills aimed at addressing a variety of issues, including the budget deficit, public deposits and foreclosures. To assist credit unions in sorting through this session’s bills, the Network has published its 2010 Session Summary.
This publication provides a synopsis of legislation that did and did not become law during the 2010 session. A section on each bill contains information about the author(s), MnCUN’s position on the legislation, and the final outcome. In addition, links throughout the document direct credit unions to more detailed information on the Minnesota State Legislature web site.
"This was an important advocacy year for Minnesota credit unions,” said Mara Humphrey, MnCUN Vice President – Governmental Affairs. "Throughout session, credit unions were recognized as financial institutions dedicated to serving their members both in prosperous times and during times of difficulty. The advocacy efforts of Network staff combined with the political and grassroots involvement of credit union professionals and volunteers enable our movement to have a strong voice at the State Capitol.”
Throughout session, legislators focused on balancing the state’s budget, along with increasing the state’s use of local financial institutions. In response to several legislative issues, members of the GrassRoots Education and Action Team (GREAT) contacted their elected officials to express credit unions' viewpoints. In addition, MnCUN’s Governmental Affairs staff worked extensively to encourage the state to use credit unions for public deposits and discussed with them on a variety of other issues affecting credit unions.
To view the 2010 Session Summary, visit the Political Publications section of the Network web site. With specific questions about the bills mentioned in the publication, contact MnCUN Vice President – Governmental Affairs Mara Humphrey.
Registration now open for Parts III & IV of MnCUN’s Financial Management School
Credit union employees are invited to attend parts III & IV of MnCUN’s Financial Management School. Blending theory with practical application, this three-day conference will provide a thorough understanding of the fiscal aspects of the credit union.
To be held Sept. 20-22 at the Network office, the Financial Management School will build upon material covered in parts I & II, which were held in May. Attendees will investigate asset liability management, product pricing and matching strategies that will assist their credit unions in increasing earnings and strengthening capital positions. The last portion of the session will focus on providing strategic direction. Participants will discuss field of membership expansion opportunities, improved marketing concepts, human resources development, technology and delivery systems, and more.
For detailed information and online registration, visit the Financial Management School page of the Network web site. While this conference builds upon parts I & II of the school, individuals may register for parts III & IV even if they did not attend the first portion. With questions about Financial Management School, contact MnCUN Director of Education Sue Groskreutz by e-mail or at (651) 288-5521.
Fall Conference early bird deadline quickly approaches
Credit unions have until Tuesday, Aug. 3, to take advantage of the Fall Conference early bird discount, which offers credit unions savings of $85 per registration. In order to take advantage of this discount, registrations and payments must be received by the early bird deadline.
To be held Sept. 10-12 at Madden’s Resort in Brainerd, this year’s Fall Conference will provide credit union professionals and volunteers the opportunity to learn about effectively addressing members’ needs, employment law, credit union director liability and more. Attendees will also have the opportunity to attend a credit union tradeshow featuring vendors dedicated to the credit union movement. The conference’s educational, networking and recreational opportunities make this an event not to be missed.
For more detailed information and online registration, visit the Fall Conference section of the Network web site. With questions, contact Director of Education Sue Groskreutz by e-mail or at (651) 288-5521.
MnCUN VP appointed to Cooperative Network committee
MnCUN Vice President – Governmental Affairs Mara Humphrey was appointed to the Cooperative Network’s PAC Committee last month. With members representing different sectors of the cooperative industry, this committee meets biannually to review and approve contributions to the Co-op PAC, Minnesota’s political action committee for the Cooperative Network. Scott Jax of SPIRE Federal Credit Union is also serving on the PAC Committee in addition to sitting on the Network's Political Involvement Committee.
The Cooperative Network is the statewide association that serves Minnesota and Wisconsin’s cooperative businesses. Cooperative Network provides services to more than 600 member-cooperatives across both states.
Sign up early for MnCUN’s planning sessions
It’s not too early to start thinking about planning sessions. If you are interested in scheduling a planning session with the Network, now is the time to make your appointment as staff schedules are filling up quickly.
The Network provides fee-based training and consultation to enhance development opportunities and credit union growth. Some of the services offered include:
- Strategic planning seminars;
- Business plan development; and
- On-site, customized training for volunteers, staff or management teams.
For more information on the Network’s consultant services, visit the Planning Sessions page of the Network web site.
MnCUN seeks seminar recommendations
Do you have ideas for future MnCUN education sessions? Is there a topic you’ve always wished we would cover? Now is your chance to send it our way!
The Network’s education department is currently working on the 2011 Event Calendar and welcomes input from member credit unions. To submit topics for consideration, please e-mail MnCUN Director of Education Sue Groskreutz.
Clean up your Project Zip Code numbers!
Has your membership grown in the past year? If so, it's time to re-run Project Zip Code (PZC). PZC is an extremely useful political advocacy tool that identifies the number of credit union members in each legislative district across the state.
By participating in PZC and updating your credit union’s information regularly (the Network recommends at least yearly), the grassroots strength of credit unions will not be surpassed by other organizations. The program provides credit unions with information about the number of members that live in the legislative districts throughout the state.
This data is presented to elected officials to demonstrate to them how their decisions will directly impact their constituents. However, in order for this program to be successful and useful for all credit unions, all Minnesota credit unions must run PZC.
PZC is easy to install, and it maintains the security and privacy of member data. No personal information is transferred – just hard counts. All data will remain on the participant’s network. With questions about PZC, please contact MnCUN Political Advocacy Director Monica Weber by e-mail or at (651) 288-5533.
Save the Date! 2011 CU Day set for Feb. 3
The 2011 Credit Union Day at the Capitol is scheduled for Thursday, Feb. 3. CU Day provides credit unions the opportunity to meet and build relationships with the state’s elected officials. Mark your calendar, and be sure to attend this important event that helps educate legislators on the credit union difference. For more information, visit the Credit Union Day at the Capitol page of the Network web site. Registration materials will be available toward the end of the year.
CUNA Mutual issues $85M in surplus notes
CUNA Mutual Group has entered into an agreement with several institutional investors to issue $85 million in fixed-rate, 20-year surplus notes. This action is aimed at creating opportunities for future growth for CUNA Mutual Group.
A surplus note is a bond-like instrument issued primarily by mutual insurance companies. They are debt-like in that they pay an interest rate and have a finite maturity. During that period, CUNA Mutual pays an interest rate to its investors.
"Investors' willingness to purchase our surplus notes is a major achievement for CUNA Mutual," said Jeff Post, President/CEO of CUNA Mutual. "The ready acceptance of these notes by sophisticated investors is a major vote of confidence in CUNA Mutual's strategy, our relationship with our customers--and our future."
CUNA Mutual will use the infusion of capital to support its credit union market and diversification strategies that will drive future profitable growth. The initiatives could include acquisitions and/or investment in business-to-consumer initiatives in the credit union marketplace, the company said.
"Essentially this is a form of subordinated debt--analogous to alternative capital for a credit union--that is issued to sophisticated investors to raise capital," said Eric Richard, Executive Vice President & General Counsel for the Credit Union National Association. "The issue process is complicated, involving rating agencies, investment analysts, and other due diligence comparable to what happens in an initial public offering--except this is debt, not equity."
For more information about CUNA Mutual Group, contact MnCUN Director of Business Development Vickie Ganrude by e-mail or at (651) 288-5515.
CUMONEY – A new way to meet members’ needs
The convenience of today’s plastic cards can make it hard for some members to stay within their spending limits. By offering CUMONEY – a turnkey prepaid debit card program – credit unions can earn additional income while helping their members more effectively manage their money.
CUMONEY reloadable cards provide credit unions the opportunity to earn additional revenue. Credit unions receive a retail fee for each card issued, along with ongoing revenue for each active card. In addition, offering this product provides a competitive advantage and cross-selling opportunities for the credit union. This turnkey program makes activation and administration simple and convenient.
With CUMONEY prepaid debit cards, members enjoy the benefits of debit cards while avoiding overdrawn checking accounts, overdraft fees and other financial problems. The debit cards are accepted at the 20 million Visa locations worldwide and can be used at ATMs around the country.
For more information about CUMONEY and the benefits it has to offer for members and the credit union, contact MnCUN Director of Business Development Vickie Ganrude by e-mail or at (651) 288-5515.
Intuit Financial Services offers innovative solutions
Credit unions strive to redefine how members manage their financial lives by placing themselves at the center of their money management decisions. Through its consumer insight, Intuit Financial Services spurs innovations that make this goal a reality.
One of the member-focused programs Intuit Financial Services offers is FinanceWork™. This program helps credit unions grow deposits and improve profitability by transforming the web site into a financial management hub for consumers. By allowing members to manage all their financial accounts in one place, credit unions not only gain cross- and up-selling opportunities, but they keep members satisfied.
Another program offered by Intuit Financial Services is Mobile Banking Solutions. This program uses Text Messaging Banking and Consumer Mobile Web Banking to attract younger members and increase deposits. Enable members to access balances, history, transfers, bill pay, and more from any mobile device with a browser. This service is fast, secure and user-friendly, providing the ultimate mobile user experiences.
For more information about Intuit Financial Services and the innovative solutions it has to offer your credit union, contact MnCUN Director of Business Development Vickie Ganrude by e-mail or at (651) 288-5515.
Calendar of Events
The Minnesota Credit Union Network offers a wide variety of educational opportunities for credit union professionals and volunteers. Check out the roundtables, telecourses and webcasts available throughout the summer. Register online for MnCUN's annual Fall Conference, which offers credit union professionals and volunteers a weekend of education, networking and fun. Visit the online Event Calendar today.
- July 21 (10 a.m.): TeleCourse - Safe Deposit Security
- July 21 (2 p.m.): WebCast - Signs of Problem Loans
- July 22 (10:30 a.m.): Compliance/Fraud Roundtable
- July 22 (2 p.m.): WebCast - Successful Credit Union Business Models
- July 23 (8:30 a.m.): MnCUN Board Meeting
- July 23 (9:30 a.m.): Commercial Lending Roundtable
- July 26: NYIB Annual Conference
- July 27 (10 a.m.): TeleCourse - Effective Gen Y Marketing
- July 28 (2 p.m.): WebCast - Vendor & Third-Party Due Diligence
- Aug. 4 (2 p.m.): WebCast - Check Fraud Responsibility & Liabilities
- Aug. 5 (10 a.m.): TeleCourse - Growth Strategies
- Aug. 6 (1 p.m.): Lakes & Pines Chapter Golf Tournament & Steak Fry