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|The Pulse (05-20-15)|
The Pulse (05-20-2015)
May 20, 2015 ● Volume 04, Issue 20
Credit Union News
Last week, Gov. Mark Dayton signed into law H.F. 1127/S.F. 1043, a Minnesota Credit Union Network-sponsored bill that allows credit unions to offer prize-linked savings (PLS) accounts.
The bipartisan bill, authored by Rep. Jenifer Loon (R-Eden Prairie) and Sen. Vicki Jensen (DFL-Owatonna), encourages consumers to save by changing the savings experience and allowing them to feel the immediate rewards of prizes and incentives. PLS accounts essentially treat every deposit as a ticket in a drawing and offer savers the opportunity to win a larger prize with no risk of losing their savings.
Since 2009, credit unions in the United States offering PLS accounts have helped over 50,000 members save 94 million dollars, and the PLS bill was a key focus for the Minnesota Credit Union Network this legislative session. The House passed the bill on a 125-2 vote on April 30, and the Senate unanimously passed it on May 8.
“I want to express my appreciation and thank Gov. Dayton for signing this bill,” said Minnesota Credit Union Network President & CEO Mark Cummins. “It gives credit unions more options for helping their members save for the future, benefiting Minnesota families and communities alike.”
Minnesota Governor Mark Dayton and Department of Commerce Commissioner Mike Rothman commended students from the B.O.S.S. (Bunch of Students Saving) program sponsored by the Cook Area Credit Union – soon to be North Star Credit Union – as they received recognition for winning their national first place Desjardin Youth Financial Education Award.
The B.O.S.S. students were instrumental in working with Cook Area Credit Union to start the student-run branch at North Woods School in Cook. Dayton and Rothman presented awards to the students who manage the Money Cave student-run branch at North Woods, a K-12 school in Cook, and to students who manage the Jungle Cave student-run branch at K-12 South Ridge School in Culver. The North Woods Money Cave location opened in February 2014, and the South Ridge School location just celebrated its grand opening on April 29.
“This is a tremendous program for all of you – both the schools and the credit union,” said Dayton. “Thank you for making this happen, and I hope we have many more of these student branches statewide in the future.”
The Desjardins Awards are presented nationally by the Credit Union National Association (CUNA) each year and recognize the leadership of credit unions in providing financial education initiatives that raise awareness and marshal resources to improve financial literacy.
Cook Area Credit Union CEO Rich Crettol, Community Education Coordinator Jody Feist and Board Member Pete Niska accepted the Desjardins Award in Washington, D.C., at CUNA’s Government Affairs Conference in March.
“It’s a great honor to have both Governor Dayton and Commissioner Rothman here at the school to recognize these exceptional students for their achievements,” said Crettol. “Through their work with the student branch, these students will continue to help their peers learn more about how to make wise and informed financial decisions.”
In July, the Credit Union National Association (CUNA) will be showcasing positive credit unions stories from around the world at the America's Credit Union Conference and World Credit Union Conference, which they are co-hosting with the World Council of Credit Unions. There will be wall art in the lobby to highlight the difference credit unions are making.
Financial education supporters and running enthusiasts – mark your calendars to participate in the second annual Minnesota Credit Union Foundation Financial Literacy 5K! Set for Saturday, July 11, at Lake Normandale in Bloomington, this event is a walk/run and kids fun run, powered by soleMOTION Race Management.
Through the Financial Education Grant Program the Minnesota Credit Union Foundation awards grants to fund projects, programs and initiatives that help improve the personal finance skills of consumers and communities across Minnesota.
Spring 2015 Financial Education Grant recipients included:
Any credit union, school or organization that registers five or more Financial Literacy 5K participants will automatically be eligible to win the team award. Participants’ race times will be aggregated and averaged to determine the best team time.
Thank you to the 2015 Financial Literacy 5K sponsors: Co-Op Shared Branching, Eckberg Lammers, TC Running, TruStage, & Wipfli. For additional details and to register, visit the Minnesota Credit Union Foundation website.
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.