January 14, 2011 ● Volume 34, Issue 01 Archived Issues
Credit Union Day kicks off CU advocacy in 2011
MnCUN’s Credit Union Day at the Capitol – set for Thursday, Feb. 3, at the Saint Paul RiverCentre – will serve as credit unions’ unofficial kickoff to local political involvement in 2011. This advocacy event will feature educational sessions, legislative speakers and visits to the State Capitol.
At the event, attendees will learn more about how to be an effective political advocate. The Grassroots Advocacy 101 session, which is geared toward credit union professionals and volunteers new to CU Day, will overview political involvement opportunities and walk attendees through a typical legislative visit. The Credit Where Credit is Due general session will guide credit unions on how to use the results from the Network’s 2010 consumer research in their interactions with legislators, regulators and consumers.
In addition to educational opportunities, CU Day will feature several legislative speakers. At this time, Speaker of the House Kurt Zellers (R-Maple Grove) and Sen. Theodore J. (Ted) Daley (R-Eagan) have tentatively agreed to speak at the event. These legislators and other elected officials will provide attendees an overview of the key issues of the session.
CU Day will culminate with visits with elected officials at the State Capitol followed by an afternoon reception. Be sure to attend this important advocacy event that will bring the credit union message to the State Capitol. For more detailed information and to register, visit the Credit Union Day at the Capitol page of the Network web site.
Nominations open for Network Board seats, Election Committee appointed
MnCUN will hold elections in March for five seats of its Board of Directors. The official Call for Candidates was sent Jan. 5, and nominations will be accepted through Feb. 7 for the seats listed below:
- Metro Seat* (currently held by Bill Raker, US FCU);
- Non-Metro Seat* (currently held by Richard Nesvold, SouthPoint FCU);
- Non-Metro Seat (currently held by Tammy Heikkinen, Members Cooperative CU);
- 2,000 or Fewer Members Seat (currently held by Karen Fleming, HBI ECU); and
- 10,000 or Greater Members Seat (currently held by Kyle Markland, Affinity Plus FCU).
*The current director has served three full terms consecutively and cannot run for re-election.
Additionally, the Network announced the members of the 2011 Election Committee:
- Mary Hansen, Chair, Mayo Employees Federal Credit Union
- Bill Raker, US Federal Credit Union
- Dick Nesvold, SouthPoint Federal Credit Union
The Election Committee is selected annually by the MnCUN Board Chair and is comprised of a minimum of three individuals who oversee and conduct the mail ballot election. With questions about the elections, please contact any member of the election committee.
Director financial literacy training offered through MnCUN
MnCUN is offering credit unions upcoming board education opportunities that provide tools for compliance with NCUA’s new financial literacy rule, which goes into effect in July. This rule requires directors to have a working familiarity with basic finance and accounting practices. Under the regulation, federal credit union volunteers must be able to read and understand the credit union’s financial statements and ask appropriate question of management and auditors.
The Network’s webinars will provide directors information that will establish a solid foundation of credit union fiscal knowledge. Each session will focus on a specific aspect of the financial literacy requirement.
- Feb. 15, 2 p.m. – What Directors Should Know
This webinar will overview the essential credit union information provided in balance sheets and income statements. Participants will investigate which ratios should be monitored throughout the year and will explore the relationship between profit and capital.
- March 3, 2 p.m. – Ratios, Concentrations & Investment Valuations
During this webinar, volunteers will gain an understanding of key financial numbers as they investigate ratio components and what they say about the overall health of the credit union. Learn why portfolio concentrations can be a concern, gain an understanding of Allowance for Loan Losses, and discover how to measure efficiency.
Participants of these webinars will receive a certificate of completion as proof of their training. Registrants will also have access to an on-demand web link of the session, enabling credit unions to easily incorporate this training into their board meetings and maintain compliance as new directors join the board.
In addition to the webinars, MnCUN will be holding an in-person session on this topic at the Network Annual Meeting set for April 8-9. More detailed information about this session will be highlighted in the conference promotional materials, which will be available to credit unions in early February.
Be sure to take advantage of these credit union director training opportunities. For more information about the content of each webinar and to register, click the links above. With questions, contact MnCUN Director of Education Sue Groskreutz by e-mail or at (651) 288-5521.
Network awards recognize extraordinary individuals
Do you know somebody who is actively involved in strengthening and improving your credit union and the movement as a whole? Every credit union has its heroes, and you are encouraged to nominate an extraordinary professional or volunteer for MnCUN’s most prestigious awards. Nominations are being accepted for the following:
- Outstanding Professional of the Year
- Outstanding Volunteer of the Year
Presented at the Network’s Annual Meeting in April, the Professional and Volunteer of the Year Awards showcase the dedicated service and professionalism of credit union staff and board members. Eligible nominees include those whose work has made a significant impact at their credit union and individuals who have been actively involved in the local, state, national and international credit union movement. Winners are recognized with a video tribute shown during the Awards Ceremony at the Network Annual Meeting.
Nominations for both awards must be received at the Network office by Friday, Feb. 18. Complete information and nomination forms can be found on the Professional and Volunteer Awards page of the Network web site. With questions about the awards, contact MnCUN Director of Communication Rachel Anderson by e-mail or at (651) 288-5527.
Run Project Zip Code in 2011
A New Year has begun which means it’s time once again for credit unions to run Project Zip Code (PZC). This political advocacy program counts the number of credit union members in each state and federal district, enabling credit unions to show elected officials how a particular issue will impact their constituents.
New in 2011, credit unions can run PZC on their own using an online, downloadable format. To access the new version, visit the Project Zip Codepage of the Network web site. This page contains a link to the downloadable version of the program, along with access to marketing materials and PZC frequently-asked questions.
In addition, MnCUN’s Project Zip Code 11.0 webinar is posted on the web page. This session overviews the features of the newest version of PZC and provides insight into the purpose of this political tool. Watch the video and learn how the new format works, investigate the benefits of running PZC, and discover how members’ private data is kept secure during the process.
Run PZC today and be part of the network of credit unions participating in this important advocacy program. For more information about this advocacy tool, visit the Project Zip Codepage of the Network web site. With questions about PZC, contact MnCUN Political Advocacy Director Monica Weberby e-mail or at (651) 288-5533.
MnCUN Compliance Reference Guide available online
Credit unions can access MnCUN’s December 2010 Compliance Reference Guide online. This resource provides information on the latest regulatory and compliance topics.
The reference guide is available for download in its entirety or as individual sections. The following resources are contained within the compliance publication:
- A Guide to Liens;
- Fundamentals of Business Account Compliance;
- Regulatory Summary 2010;
- Credit Union Report Deadlines 2011 (organized by category); and
- Credit Union Report Deadlines 2011 (organized by date).
These resources are available in the Regulatory Compliance Publicationspage of the Network web site. With questions about the content of this reference guide, contact MnCUN General Counsel John Wendlandby e-mail or at (651) 288-5519.
Sign up today for MnCUN’s planning sessions
A new year has begun, which means that many credit unions are starting to think about planning sessions. If you are interested in scheduling a planning sessionwith 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.
Credit union recognition…
- Thomas Coulter of City & County Credit Union recently received designation as a Certified Credit Union Executive (CCUE). CCUE, instituted in 1975, is the hallmark of professional credit union achievement. Designed for managers and those aspiring to credit union leadership, the program teaches advanced credit union management and operations techniques.
Credit union notes…
- Moorhead Teachers Federal Credit Union recently appointed Karla Brewster as its new Treasurer/Manager. She has been a member of the credit union for a number of years and has served as a teacher for a total of 29 years.
CUNA Mutual Group offers a streamlined signature process
Through its partnership with Integrated Media Management® (IMM), a document output management and automation technology provider, CUNA Mutual Grouphas developed a new electronic signature application. Users of LOANLINER, CUNA Mutual Group's online loan application system, can now sign documents electronically through this new technology.
This interface creates a new level of convenience and member service for credit unions, as members can now complete loan application documents at any time from home or any other location. Additionally, IMM’s technology provides comprehensive authentication of the member's identity prior to signing, ensuring a very secure signing event.
"When used along with CUNA Mutual's loanliner.com, this interface provides real-time delivery of compliant documents and an efficient and secure method of electronically signing the documents," said CUNA Mutual Vice President Dan Murray.
The interface will affect approximately 6,500 credit unions that utilize LOANLINER documents for member loan applications, including the more than 525 credit unions already using loanliner.com. More than 3 million loan applications have been filed through loanliner.com in the past five years.
CUNA Mutual’s loanliner.com allows members 24/7 access to online loan applications. It provides 50-state customized, compliant internet loan applications and gives credit unions the ability to provide members online loan decisions in seconds.
Investigate LOANLINER today and discover how it can help your credit union meet members’ needs. With questions about CUNA Mutual Group and its products and services, contact MnCUN Director of Business Development Vickie Ganrude by e-mail or at (651) 288-5515.
Minnesota credit unions earn $100,000+ in 2010 through the Sprint Program
In 2010, 14 Minnesota credit unions earned a total of $101,800 through the Sprint Nextel Credit Union Member Discount Program. This plan helps credit unions earn non-interest income by simultaneously offering marketing incentives to credit unions and savings to members.
Through the discount program, the state’s participating credit unions earned anywhere from $430 to $30,000 depending upon the size of the organization. To earn this money they had to fulfill four simple requirements:
- Send a statement stuffer to members;
- Display a lobby poster in each branch;
- Post a Sprint link on their web site; and
- Publish two newsletter articles per year.
Participating credit unions received their incentive income regardless of member participation. In addition, credit unions received free marketing materials, allowing credit unions to market the program without giving members' private information to a third-party.
Is your credit union willing to complete the four steps above to earn non-interest income? If so, contact MnCUN Director of Business Development Vickie Ganrudeby e-mail or at (651) 288-5515 for more information about the Sprint Nextel Credit Union Member Discount Program.
Discover financial solutions with FIS
Are you seeking innovative ways to reach Generation Y, small businesses, the underbanked, or any other niche group? FIS is one of the world's top-ranked technology providers to the financial services industry, and they offer the most comprehensive range of solutions to meet your credit union’s needs.
FIS’ number one goal is to help you succeed. Each of their solutions has the strength to help make you more profitable, and the power to help you manage whatever comes next. FIS’ proven solutions serve many markets, including:
- Automotive Finance – Integrated loan and lease automotive finance servicing system.
- Card Services – Comprehensive, customized and flexible solutions and services for credit, debit and merchant card processing
- Check Services – Complete check management programs and solutions for collecting outstanding check debt.
- Commercial Lending – An enterprise-wide, integrated technology solution that supports the entire commercial lending process.
- Community Banking – Core processing, eBanking, check imaging and business intelligence tools to optimize efficiencies, mitigate risks, maximize revenues and strengthen customer relationships.
- ePayments – Electronic banking solutions to generate additional revenue, increase/retain market share and decrease operating expenses.
- Loan Syndication and Trading – Integrated functional modules that support the lending process from deal building through servicing and trading.
- Technology Support – Technology solutions and services to meet all your business needs.
- Wealth Management – Tools and services to strengthen relationships with investors and grow business.
Check out FIS today and discover the various ways they can partner with you to provide solutions that will take your credit union to the next level. To learn more about FIS, 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. Professionals and volunteers are also invited to attend MnCUN's Lending Conferenceand Credit Union Day at the Capitol. To register for this and other events, visit the online Event Calendar.
- Jan. 18 (9 a.m.): Family Involvement Council Meeting
- Jan. 18 (2 p.m.): Webinar – New FinCEN Chapter X BSA Rules
- Jan. 19 (2 p.m.): Webinar – 12 Rules for Effective Social Media Policy
- Jan. 20 (10 a.m.): TeleCouse – Developing a Social Media Policy
- Jan. 20 (10:30 a.m.): Roundtable – Compliance/Fraud
- Jan. 20 (1 p.m.): Political Involvement Committee Meeting
- Jan. 25 (10 a.m.): TeleCourse – Trust Accounts
- Jan. 25 (2 p.m.): Webinar – Asset Liability Management
- Jan. 26 (2 p.m.): Webinar – Identity Theft Red Flags
- Jan. 27: MnCUN Lending Conference
- Jan. 30: Western States Volunteers' Conference
- Feb. 2 (10 a.m.): TeleCourse – Media Relations during a Crisis
- Feb. 2 (2 p.m.): Webinar – Denied Loan Requirements
- Feb. 3: Credit Union Day at the Capitol
- Feb. 3 (11 a.m.): TeleCourse – Regulation CC
- Feb. 3 (2 p.m.): Webinar – New Revenue Alternatives