The Pulse (03-20-13)

The Pulse (03-20-13)

March 20, 2013    ●    Volume 02, Issue 11


The Pulse Archive

Credit Union News

Credit unions deliver win in Congress by passing privacy notice act

Credit unions delivered a huge legislative victory last week with the passage of the Eliminate Privacy Notice Confusion Act (H.R. 749) in Congress on a voice vote. H.R. 749 eliminates the requirement that credit unions send out privacy policy notifications to members annually and instead allows them to only send notifications when there are changes to the policy.

CUNA's research shows that few people open the annual notices, but they would pay more attention if notifications were sent only when changes were made. U.S. Rep. Erik Paulsen (R-3rd Dist.) was an original co-sponsor of the bill, which also passed the House in 2012 but the Senate failed to act in time. CUNA anticipates that the 2013 Senate companion bill will be introduced within the next week or two. MnCUN staff has worked diligently with CUNA for two years to get this legislation passed and will encourage Sens. Amy Klobuchar (D-Minn.) and Al Franken (D-Minn.) to vote in favor of the bill.

Make it a Crew Night – dinner, bocce ball and networking

Don't miss the Minnesota Credit Union Network's Crew networking event on Thursday, April 25 at Pinstripes in Edina. The Crew is a group of credit union professionals age 35 and younger who are looking to grow in their career, and this event presents a unique opportunity for Crew members to network and have fun.

Below are five reasons you should go to the Crew page of the Network website now and find out how to register for Crew Night!

  1. Get to know your credit union peers over dinner and drinks
  2. Enjoy networking and good times while playing indoor bocce ball. See which credit union can bocce the best!
  3. It's a great way to unwind after a day of Lending Conference learning.
  4. Or, consider it a break from the weekday routine of wake up, work, sleep, repeat.
  5. Make new friends and discuss when you'll be attending the next Crew event!

Crew Night includes dinner and indoor bocce ball at Pinstripes. This event is also attached to MnCUN's 2013 Lending Conference and is free to attend for conference participants of all ages. The cost to attend is $39 for those not registered for the Lending Conference. But register by Thursday, April 4 and receive a $10 discount. All other registrations will be accepted until Thursday, April 18. For more Crew events throughout the year, check out the 2013 Crew Events Calendar.

CU investment option supports financial literacy, Minnesota Credit Union Foundation

Credit unions can support local financial literacy efforts and contribute to the Minnesota Credit Union Foundation (MnCUF) by investing in the National Credit Union Foundation's (NCUF's) Community Investment Fund (CIF). CIF is celebrating its 14-year anniversary this year, and credit unions that invest in CIF receive 50 percent of the return. The remaining 50 percent is split evenly between the MnCUF and the NCUF.

For more information on how the CIF works, please visit the MnCUF website or watch the 4-minute video.

Investment options and features are described below.

  • National Cooperative Bank (NCB)
    • NCB's variety of products and terms are fully insured up to $250,000.
    • Ability to donate 50 percent to 100 percent of interest earned on the CIF account.
    • Easy online participation.
    • Automatic renewal (unless the credit union selects otherwise).
    • No stock purchase requirements.
    • Open to all credit unions.

Visit theNCB's Community Investment Fund website for details, rates and to participate.

  • Alloya Corporate Federal Credit Union
    • Only capitalized members can participate in the CIF program through Alloya.
    • Account agreement designates:
      • Investment amount & type (term certificate or 90-day notice account)
      • Interest distribution percentage & CIF Fund option
    • Minimum investment amount is $1,000.

Contact Member Services at (800) 342-4328 for current rates or to place your CIF investment

  • MEMBERS Trust
    • Three options for large investments:
      • NCUF Charitable Lead Trust (CLT) – NCUF receives annual payments calculated as a percentage of the market value of the assets held in the trust for a three- or five-year period. Designated as a Charitable Asset, the CLT allows for a conservatively managed portfolio of high-quality fixed income and equity securities. The recommended minimum deposit is $500,000.
      • NCUF Charitable Investment Trust – MEMBERS Trust Company, as trustee, manages the assets in a trust, according to the Federal Credit Union Act Part 703 of NCUA Rules & Regulations and other applicable laws. The recommended minimum deposit is $500,000.
      • NCUF Federally Insured Account – An account using the Certificate of Deposit Account Registry Service Program (CDARS) allows credit unions to invest in federally insured CDs up to $50 million. The recommended minimum deposit is $250,000.

With questions about the Community Investment Fund, contact MnCUF Staff Liaison Kristina Wright or NCUF Director of Resource Development & Donor Relations Josie Collins at (800) 356-9655, ext. 4397.

Free NCUA webinar explains exam issues for 2013

The National Credit Union Administration's Office of Small Credit Union Initiatives (OSCUI) is hosting a free webinar on Wednesday, March 27 that will focus on managing interest rate and concentration risk, as well as fraud prevention and measuring technology risks. Speaker Timothy Segerson, Deputy Director in the NCUA's Office of Examination and Insurance, will discuss how NCUA's examiners evaluate a credit union's ability to manage operational and balance sheet risk, and will cover whether your credit union's supervisory committee and audit functions are adequate for its size. This webinar begins at 1 p.m. and is open to credit unions of all asset sizes.

Registration for this free webinar is now open. To sign up, visit the Event Calendar section of the Network website. Participants will use this link on March 27 to log in to the webinar. Participants may also submit questions in advance at The subject line of the email should read "Examination Issues for 2013.” For technical questions about accessing the webinar, call (703) 518-6440.

NCUA's OSCUI fosters credit union development and the effective delivery of financial services for small credit unions, new credit unions and credit unions with a low-income designation.

International leadership program seeks candidates for Costa Rica internship

The World Council of Credit Unions (WOCCU) has an international leadership opportunity available for credit union professionals. This summer, WOCCU – in conjunction with the U.S. Department of State Professional Fellows program – is offering an intensive, two-week credit union internship June 9-22 in Costa Rica.

Through its International Credit Union Leadership Program, 12 candidates from across the country will be selected to participate in this program, which covers all expenses except airfare. The application deadline is Friday, April 12.

"The International Credit Union Leadership Program offers excellent opportunities for emerging credit union leaders to better understand how another country's credit unions reach underserved populations and support their communities through member education and other special projects," said Brian Branch, World Council president and CEO. "At the same time, interns gain deeper cultural appreciation and foreign language practice while living with host families."

The International Credit Union Leadership Program is designed to facilitate idea exchanges, promote foreign language skills, expose participants to cultural diversity and improve problem-solving skills as they relate to the credit union industry. Participating U.S. credit union leaders learn firsthand about methods to better serve an increasingly diverse membership, including youth, businesses and low-income and Hispanic members. In exchange, credit union professionals from Costa Rica have the opportunity to intern in the United States. Twelve Costa Rican credit union professionals will begin their U.S. internships on April 7.

The International Credit Union Leadership Program is part of the U.S. Department of State's Professional Fellows Program and is funded by a grant from the U.S. Department of State, Bureau of Educational and Cultural Affairs, Office of Citizen Exchanges. For more information about the program or how to apply, visit the International Leadership Program page of WOCCU's website or contact Michael Suing by email or call (608) 395-2075.


Tax exemption remains absent from state, federal budget proposals

REMINDER: New FinCEN reports go into effect April 1
CFPB releases preliminary list of "rural" and "underserved" counties
CDFI Fund releases presentation on CDFI Bond Program Fund
FTC issues staff report on mobile payments
FTC releases new guidance for mobile and online advertisers
CFPB blogs on student loans
CFPB blogs on elder abuse
OMB releases revised delineations of Metropolitan Statistical Areas
FED updates interchange FAQs
NCUA issues March edition of the NCUA Report
FED issues March edition of FedFocus
OFAC launches new tool to search SDN

New CUSO ready to help CUs with risk management and governance 



Minnesota Credit Union Network
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St. Paul, MN 55102

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