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|The Pulse (10-09-13)|
The Pulse (10-09-13)
Oct. 9, 2013 ● Volume 02, Issue 40
Credit Union News
Twelve Minnesota credit union advocates, including volunteers and board members, were in Washington, D.C., Oct. 1-3, during the Minnesota Credit Union Network’s annual Hike the Hill event. Attendees discussed several issues impacting credit unions with Minnesota’s federal legislators and other officials, including tax reform, small business lending and the regulatory burden credit unions are facing.
During meetings with the state’s Congressional Delegation, the group focused on tax reform and the credit union corporate income tax exemption. They urged legislators to protect the tax exemption in any potential rewrite of the federal tax code. Minnesota credit unions provide nearly $110 million in direct financial benefits to the state’s 1.5 million credit union members, translating into saving the average member $71 a year and the average member household $135 a year.
In the tax reform discussions, the state's federal legislators also addressed the government shutdown and stressed the importance of knowing how it is affecting Minnesota's credit unions. Any information about how the shutdown is impacting your credit union may be emailed to MnCUN Political Advocacy Director Ryan Smith.
Another topic focused on how raising the member business lending (MBL) cap would enable credit unions to help more small businesses obtain loans. The Credit Union Small Business Jobs Creation Bill (H.R. 688, S. 968), which would raise the MBL cap to 27.5 percent of assets, would allow Minnesota credit unions to lend up to $193 million in its first year of enactment, creating more than 2,000 new jobs in the state.
Attendees also met with NCUA Chairman Deborah Matz and Elizabeth Ellis, CFPB Deputy Assistant Director for the Office of Financial Institutions and Business Liaison. Those discussions focused on the challenges credit unions are facing with conducting operations in today’s stringent regulatory environment. The group specifically addressed privacy notification requirements and credit union examinations.
"Hike the Hill is a great opportunity to meet with federal legislators and regulatory officials to advocate for our credit unions and discuss the issues they face,” said Mara Humphrey, MnCUN Vice President – Governmental Affairs. "The trip is always an important way of advocating with federal officials on behalf of credit unions.
The three-day Washington, D.C., trip included a legislative and regulatory briefing with the Credit Union National Association and visits at the offices of all Minnesota’s federal elected officials.
International Credit Union (ICU) Day on Thursday, Oct. 17 will be here before you know it. So, don’t miss out! On this day, Minnesota credit unions can join the more than 196 million credit union members in 100 countries to "unite for good" and celebrate with a variety of activities to highlight the value and benefits of belonging to a credit union.
Some credit unions, like Star Choice CU and Royal CU, have been spreading excitement about this worldwide event via Twitter.
This year's ICU Day theme, "Credit Unions Unite for Good," builds on the Credit Union National Association's Unite for Good campaign, which aims to unite credit unions to work to remove barriers, create awareness of the good credit unions do for members and their communities, and foster service excellence to encourage Americans to choose credit unions as their best financial partner.
For more information on this year's ICU Day event and what you can do to promote it at your credit union, visit the International Credit Union Day page of the Network website. On this page, you'll find a several promotional items, including a sample newsletter article, letter to the editor, a poster, logo and numerous celebration ideas.
The Minnesota Credit Union Network and Credit Union National Association (CUNA) are committed to improving the regulatory environment for credit unions, and keeping you informed about regulatory changes and challenges. That’s why MnCUN disseminates CUNA’s "Regulatory Advocacy Report.”
This weekly summary from CUNA President/CEO Bill Cheney highlights significant developments from the National Credit Union Administration, Treasury, the Consumer Financial Protection Bureau, and other federal regulatory agencies and departments. These entities are at the forefront of the rules and regulations that affect the operations of your credit unions. This report aims to keep credit unions on top of the most important changes in Washington -- and what CUNA is doing to monitor, analyze and influence government agencies and federal law.
The Network distributes a weekly email each Monday giving the highlights of this report, directing readers to MnCUN’s website that features the full current report, as well as an archive of past Regulatory Advocacy Reports. If you’d like to begin receiving these important regulatory updates, you just need to follow three simple steps.
With questions about receiving the Regulatory Advocacy Report, contact MnCUN Communications Specialist Kelli Sandhurst by email or call (651) 288-5503.
Have you thought about becoming a Credit Union Development Educator? Credit union professionals of all levels can earn the CUDE designation through a unique training program from the National Credit Union Foundation (NCUF).
Credit Union Development Education training incorporates emerging credit union issues with critical lessons in cooperative principles, credit union philosophy, and the member-centric business model that has enabled credit unions to weather the economic storm better than most for-profit institutions. During these week-long workshops, participants are involved in group exercises, field trips and issue discussions with speakers from across the credit union system.
DE training is open to everyone from new employees who need a credit union orientation to seasoned executives who need to recharge. Below are just a few reasons to attend this insightful training.
Consider signing up to become a CUDE! In 2014, there are three DE trainings available for credit union professionals to attend.
Registration recently opened for all three trainings and can be found on the NCUF website by clicking the "Register for DE Training” button on the right side of the homepage. For more information on CUDE training, contact Lois Kitsch by email or call (407) 616-2409.
General Mills Federal Credit Union (GMFCU) has designated the late Merlin J. Magnusson as a Credit Union Builder through the Minnesota Credit Union Foundation. Magnusson, the credit union’s first general manager, was honored following his passing on July 1.
Magnusson began his career at GMFCU on March 1, 1966. He worked for GMFCU for 25 years before retiring in 1991.
"Merlin was a strong leader in the early years of the credit union and remained a member of GMFCU until his passing,” said GMFCU President/CEO Kent Greff. "He dedicated much of his career to building GMFCU into the credit union it is today, and his many contributions to the organization and the industry will not be soon forgotten.”
GMFCU said Magnusson was a frequent visitor to the credit union and familiar face to both employees and members.
"The ability to pay tribute to credit union forefathers like Merlin Magnusson was the exact reason why the Foundation established the Credit Union Builder program,” said Pat Brekken, Chair of the Minnesota Credit Union Foundation. "I am privileged to be a small part of honoring his memory and the legacy that he has left behind him at General Mills Federal Credit Union.”
Magnusson joins 22 other individuals who have been honored over the past six years with the MnCUF's Credit Union Builder Award. The names of the recipients and the contributing credit unions are permanently displayed in the Minnesota Credit Union Network's lobby as a tribute to their accomplishments. To learn more about MnCUF’s Credit Union Builder Award and to view a list of those who have been honored with this recognition, visit the Foundation 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.
NCUA Issues Regulatory Alerts
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