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|The Pulse (01-22-14)|
The Pulse (01-22-14)
Jan. 22, 2014 ● Volume 03, Issue 3
Credit Union News
MnCUN's Credit Union Day at the Capitol on Thursday, March 13, provides credit unions professionals and volunteers the unique opportunity to learn about legislative issues and meet with elected officials. This important advocacy event forms the foundation for a positive working relationship with legislators throughout the 2014 Legislative Session.
Credit union professionals and volunteers are encouraged to attend this annual advocacy event. Whether legislators are considering a statute rewrite or making changes to foreclosure laws, they need to know that credit unions are member-owned by more than 1.6 million Minnesotans. Credit unions are local, trusted financial institutions that provide tremendous benefits to the communities they serve. Please join us on March 13 to share your story with your elected officials. Register now!
MnCUN submits Comment Letter on NCUA’s Proposed Rule to Modify Home Based FCUs
Last week the Minnesota Credit Union Network, with input from the Regulatory Review Committee, responded to NCUA’s home-based federal credit union rule. MnCUN’s response is part of its ongoing effort to communicate credit unions’ ever-increasing regulatory burden and advocate for relief.
The proposal MnCUN commented on pertained to the requirement that all examinations and meetings between a federal credit union and NCUA be held in a federal credit union’s offices or an alternative public location; specifically excluding an office maintained in a home or on the premises of a residential address. Federal credit unions meeting at an alternative public location would be required to bring any records or materials requested by NCUA and would also be required to maintain either an email address or telephone number dedicated to credit union business.
In addition, two years after the effective date, the proposed rule would require federal credit unions to maintain at least one office in a building accessible to members during normal business hours. Office space maintained in a home or on the premises of a residential address does not meet this requirement.
MnCUN finds that much of the proposed rule hampers a federal credit union’s ability to operate independently, as well as the negative financial impact it could have upon such credit unions, and therefore does not support much of the rule as proposed.
To review this and other recent comment letters submitted by MnCUN, visit the Out for Comment page located in the compliance section of the Network website. For more information concerning the rule, see the Dec. 18, 2013 edition of The Pulse.
Minnesota Attorney General Lori Swanson spoke to Twin Cities credit union leaders, employees and volunteers at the Archer Doig Chapter meeting on Tuesday, Jan. 14.
Attorney General Swanson’s presentation addressed a number of current issues affecting both consumers and the financial industry, including the impact of fraud and regulations. She specifically mentioned problems related to senior fraud, and applauded credit unions for their work to help senior members and act in their best interest.
"Seniors are often targeted because they have some money, but not a lot of money.” Attorney General Swanson said. "Many credit union employees have acted as good stewards when assisting senior members with suspicious financial activities – such as wire transfers – and have helped report fraud to my office.”
Bringing into question a senior’s financial security – selling trusts to avoid probate or selling annuities and insurance products that are not appropriate for an elderly person – is another area that Attorney General Swanson is monitoring. Her office also continues to watch for instances of where a senior is induced to act because of concerns for their physical safety, such as when those looking to commit fraud attempt to sell seniors security systems that have service contracts with exorbitant fees.
Attorney General Swanson also talked about the upcoming legislative session. "There are a lot of things on the books that don’t make sense that I would like fixed,” Swanson said. "We have 21st century activity with 20th century laws trying to match the two. I would like to bring modern conduct into compliance.”
Mark Cummins expressed his appreciation for Attorney General Swanson and the important work her office does in advocating for and protecting consumers.
"Attorney General Swanson has a critical role in helping to protect Minnesota consumers – a mission that credit unions share, " Cummins said. "We look forward to continuing to work with her and her office on consumer protection and regulatory matters.”
The Minnesota Credit Union Network is now accepting nominations for the Outstanding Professional and Volunteer of the Year Awards. These awards, presented each year during the MnCUN Annual Meeting & Convention, recognize notable people who have distinguished themselves in their efforts to better their credit unions and promote awareness of the credit union movement. To be eligible to receive these top honors, individuals must be nominated by colleagues.
Do you know an employee or volunteer who is passionate about what they do and goes above and beyond in their support of credit unions? Check out five reasons why you should nominate this outstanding co-worker or volunteer.
For more information about these awards and to download nomination forms, visit the Recognition Awards page of the Network website. Nominations are due Friday, Feb. 21.
The Minnesota Family Involvement Council is awarding $10,000 in scholarships to Minnesota credit union members. Only a few weeks remain to apply for $500 and $1,000 scholarships -- deadline is Feb. 1, 2014. Submissions can be made by mail (printable packet online) or through the FIC's electronic application available on the FIC website: www.mnfic.org/scholar.htm.
Applications must be completed and submitted electronically by 11:59 p.m. Central Standard Time on Saturday, Feb. 1, 2014. All mailed application must be postmarked by Saturday, Feb. 1, 2014. Materials postmarked after this date will not be considered.
Each year the Minneapolis/St. Paul Business Journal recognizes 50 women for their professional achievements, leadership qualities, and contributions to the broader Twin Cities community. This award is a great opportunity to highlight the accomplishments of women in the credit union industry.
The Business Journal will honor the Twin Cities top women business leaders in their annual Women in Business publication, out in May 2014. Contact Business Journal Staff Writer Kathy Grayson at (612) 288-2106 for more information.
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.
NCUA Issues Regulatory Alerts
NCUA Issues Letters to Credit Unions
Out for Comment
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