The Pulse (02-24-16)



The Pulse (02-24-2016)

February 24, 2016 ● Volume 5, Issue 8


The Pulse Archive

Credit Union News

CUNA Membership Vote: Ensure your voice is heard; voting deadline is March 18

The CUNA board of directors acted in December to begin the process of updating CUNA’s governance and practices to reflect the needs of a modern national trade association and its membership. In January, the CUNA board approved a new set of bylaws that were vetted by their Corporate Governance Committee. The goal is to make CUNA more welcoming, transparent, nimble and responsive to all credit unions, credit union state leagues, and system partners.

If approved, the restated bylaws would, among other things:

  • Allow credit unions to be a member of CUNA, a member of their state League, or a member of both.
  • Grant the board the ability to address the dues formula and board structure and governance.

The Minnesota Credit Union Network endorses CUNA’s restated bylaws and encourages our member credit unions to vote YES.

You should have received your ballot from CUNA, either electronically or in the mail. (The ballots were sent on February 8.) CUNA members can vote by mail or electronically, and the deadline is March 18. Results will be announced after the deadline. If approved, implementation of any new policies that result from the restated bylaws would be effective for the 2017 affiliation cycle.

Please direct any questions regarding CUNA’s bylaw changes to Mark Cummins, MnCUN President & CEO.


First Month of WINcentive™ a Success: Over 1,000 accounts opened with nearly $200,000 saved in January

Since launching in January, over one thousand Minnesotans have opened the prize-linked savings accounts that don’t risk any of the deposits for a chance to win prizes. 


Last Friday in Rochester, Spencer K. of First Alliance Credit Union won the $1,000 “Kick Off” prize, donated by the Minnesota Credit Union Foundation.  


Facts from the first month of WINcentive Savings:

  • Total amount saved: $197,721.40
  • Total number of open WINcentive accounts: 1,095
  • Average Account Balance: $180.57
  • Median Account Balance: $100

WINcentive Savings, a prize-linked savings account, is the first to launch in Minnesota since legislators passed a new law last year allowing financial institutions to incentivize consumers to save by offering risk-free rewards. Just launched in January, over 1,000 Minnesotans have opened WINcentive Savings accounts; saving almost $200,000 in the first month alone.


WINcentive prizes will be offered on a monthly, quarterly and annual basis - up to $5,000.  Account holders can qualify for up to 4 chances per month for each $25.00 increase in their balance. In addition to the $1,000 prize, 50 credit union members across the state won $100 cash prizes for their January savings efforts.


News outlets all over the state are reporting on the innovative program – available only at MnCUN affiliated Minnesota Credit Unions. Recent media, including print, radio and TV coverage, is highlighted on the WINcentive Press Page.


For more information about how your credit union can offer WINcentive Savings, visit our website or contact Ryan Smith at or by phone 651-288-5533 or 1-800-477-1034.


MnCUF distributes Gabrielson’s Financial & Audit Professionals Grant funds

For the first time, the Minnesota Credit Union Foundation (MnCUF) recently distributed grants under the Financial & Audit Professionals Grant Fund. In addition to the $2,000 in annual grant funding provided by the restricted fund, the MnCUF Board generously contributed additional funds in order that all four applicants would receive funding.


Funds were granted for:

  • Purchase of webinars regarding Director and Officer liability for a credit union’s board of directors;
  • Purchase of the quarterly supervisory committee webinar series for a credit union’s supervisory committee;
  • Various financial and accounting courses provided by CUNA benefiting a credit union’s CEO, management team, and board of directors;
  • Attendance at CUNA Financial Management School.

Unlike MnCUF’s other grants which are reimbursement grants, the Financial & Audit Professionals Grant pre-funds opportunities throughout the upcoming year. The next application period will be open from Nov. 1 – 30 for calendar year 2017.

The Financial & Audit Professionals Grant Fund was established in 2014 through a generous contribution from Rich Gabrielson, a CPA who worked with Minnesota credit union supervisory committees, boards of directors and management throughout his 36-year career. Gabrielson retired from CliftonLarsonAllen, LLP at the end of 2013.

For additional information regarding the grant fund, see the MnCUF website.



MN Co-OP Scholarships available

The Minnesota Cooperative Education Foundation is currently offering scholarships for high school, college, graduate and law school students interested in pursuing careers in cooperatives. The scholarship awards include $500 for high school students, $750 for students at a two or four-year undergraduate institution, and $1,000 for students in graduate, business, or law school.  

The awards are based on scholastic achievement, leadership, and an ability to contribute to cooperatives in the future.  Applicants must be Minnesota residents but need not attend a Minnesota institution of higher education. The application deadline is April 1, 2016. For more information, see the Minnesota Cooperative Education Foundation website.


Congratulations Julie Lunde

Last week, Julie Lunde celebrated her thirty fifth anniversary with the Minnesota Item Processing Corporation (MnIPC).

“On behalf of the Minnesota Credit Union Network and MnIPC, I would like to thank Julie for her dedication and support over the years,” said MnIPC Manager of Operations Ryan Fox. “Julie has seen many changes in technology and processes over the years and has kept pace with all of them.”

MnIPC has provided credit unions with a cost-effective processing facility for more than 30 years. Originally organized as a CUSO, MnIPC is now a wholly-owned subsidiary of the Minnesota Credit Union Network.


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 Communications Specialist Laura Whittet


Credit union members, advocates: be great, join GREAT


View all Governmental Affairs news stories


NCUA Report

NCUA releases video module for credit union boards on policy planning

OSCUI releases FOCUS newsletter, features cybersecurity resources

CFPB publishes HMDA file info for 2017, 2017

Regulatory Alert 16-RA-03: Submission of 2015 HMDA Data


View all Regulatory Compliance news stories



CUNA Mutual Group Contributes $1 Million to Fund Filene’s First Center of Excellence 

Filene Research Institute announced today CUNA Mutual Group is contributing $1 million to fund Filene’s Center of Excellence for Consumer Decision Making. It is the first of five Centers of Excellence being launched by Filene between now and 2017.

Led by Hope Schau, associate dean of Eller MBA Programs and marketing professor at the University of Arizona, the Center of Excellence for Consumer Decision Making will research consumer money behaviors and emerging societal trends associated with financial decisions.

“Credit unions are an indisputable force for good in the lives of millions of Americans,” said Robert N. Trunzo, president and CEO, CUNA Mutual Group. “This research will provide valuable insights to help build the credit union movement for the future.”

Led by world-class academic thinkers from across North America, Filene’s new Centers of Excellence will produce unique research and engagement opportunities for Filene members and the credit union movement. Designed to address the changing needs of credit unions and their members, the Centers of Excellence will explore critical and emerging topics regarding the future of consumer financial trends to encourage credit unions to think differently and do amazing things to change people’s lives.

“The rapidly changing market means the credit union system of the future will not look the same,” said Mark Meyer, CEO of Filene. “And those credit unions need the kind of research, analysis, and insights that come from Filene’s Centers of Excellence.”

The Center of Excellence for Consumer Decision Making will focus on three distinct areas:

1. Money Behaviors: Understand trends in money behaviors, such as borrowing, saving, and wealth management, to help credit unions better serve members and appeal to viable new target markets. 

2. Consumer Preferences and Behaviors: Examine consumer preferences and behaviors related to retail banking and the design and structure of new products to best align with consumer preferences. 

3. Emerging Societal Trends: Evaluate emerging trends with implications for retail banking, including the sharing economy, multi-generational living, increased longevity, and emerging models of home and asset ownership.

Other Centers of Excellence to be launched in the next two years will focus on organizational innovation and entrepreneurship; emerging technology; performance and operational excellence; and war for talent. 

For more information about Filene’s Research Centers, please visit:

If this describes you, then you are invited to join The Crew. This group 
If this describes you, then you are invited to join The Crew. This group 

 Joanna Drennen
 Nathan Dormody

Minnesota Credit Union Network
555 Wabasha Street N, Suite 200
St. Paul, MN 55102

(651) 288-5170
(800) 477-1034