The Pulse (07-03-13)


The Pulse (07-03-13)

July 3, 2013    ●    Volume 02, Issue 26


The Pulse Archive

Credit Union News

Submit entries for the 2013 Dora, Louise, Desjardins awards

Minnesota's not-for-profit credit unions across the state continue to uphold the "people helping people” philosophy in the work they do every day for their members and their communities. Setting similarities aside, no credit union is alike. Each offers its own unique projects, products and services. To honor these distinctions, the Minnesota Credit Union Network and CUNA are proud to sponsor this year's annual Dora Maxwell, Louise Herring and Desjardins awards programs to recognize credit unions that are improving lives and communities. 

Below is a brief overview of each awards program: 

Dora Maxwell Social Responsibility Community Service Award
The Dora Maxwell Award recognizes model credit unions that are improving the
lives of community members through external projects and activities.

Louise Herring Award for Philosophy-in-Action Member Service Award
The Louise Herring Award recognizes model credit unions that are exhibiting their credit union philosophies and improving members' lives through internal programs.

Desjardins Youth Financial Education Award 
The Desjardins Youth Award recognizes model credit unions that are teaching
personal finance concepts and skills to credit union members and nonmembers age 18 and younger.

Desjardins Adult Financial Education Award
The Desjardins Adult Award recognizes model credit unions that are teaching personal finance concepts and skills to credit union members and nonmembers age 18 and older.

 To submit an entry, visit the National Awards Programs page of the Network website. There, you will find links to individual awards program pages that include helpful information such as eligible activities, entry forms and more

Statewide entries must be submitted to the Network office by Friday, July 26. Credit unions are encouraged to enter in one or all of the national awards programs. Winning submissions will advance to the national competition for judging this fall. With questions, contact MnCUN Communications Intern Jane Lee by email or call (651) 288-5513.

MnIPC staffers certified for check payment expertise


Two staffers from the Minnesota Item Processing Corporation (MnIPC) received certification as National Check Professionals last week in the National Check Professional Certification (NCPC) program, enabling them to demonstrate expertise in the various aspects of check payments.

Michelle Carlson and Ryan Fox received this certification from Electronic Check Clearing House Organization (ECCHO), a not-for-profit corporation that provides and maintains national rules regarding both paper and electronic check payments.

Carlson, MnIPC Vice President, and Fox, Accounting & System Administrator, spent six months preparing for the 120-question exam, which demonstrates "a working knowledge of every significant aspect of the new check payment system including products and operations, relevant rules and laws that govern checks, industry standards and fraud and risk mitigation considerations,” according to ECCHO.

"The National Check Professional certification is the ‘gold standard' in check payment industry, and the information on trends and regulations helps to sharpen our knowledge in many areas,” Carlson said. "Having two staff who are NCP-certified gives MnIPC a credible competitive advantage over other professionals in the check payment industry today.”

MnIPC is part of the Network Service Corporation, a wholly-owned subsidiary of the Minnesota Credit Union Network. MnIPC was originally formed in 1994 and provides credit unions with a cost-effective check processing alternative, as well as remote deposit capture, return item processing, online image access, and adjustment processing.


NCUA to host online town hall July 18 

The National Credit Union Administration's regulatory modernization efforts, credit union industry performance and emerging credit union system risks will be among the topics discussed when agency Chairman Debbie Matz hosts a free town hall webinar on Thursday, July 18.

"Effective regulation requires an ongoing, two-way dialogue and the sharing of important information. There will be a lot to discuss, and I'm looking forward to a lively, interesting dialogue," Matz said.

The webinar is scheduled to begin at 2 p.m. Other webinar topics include:

  • NCUA's proposed rule on derivatives;
  • Low-income credit unions;
  • Emergency liquidity and the Central Liquidity Facility; and
  • Guidance on credit ratings and risk management.

Webinar questions can be emailed in advance to the NCUA. The subject line of the email should read, "NCUA Town Hall." To register for this webinar, click here.


CIF investment supports financial education, Minnesota Credit Union Foundation

Credit unions can contribute to the Minnesota Credit Union Foundation (MnCUF) by investing in the National Credit Union Foundation's (NCUF's) Community Investment Fund (CIF). Established in 1999, the CIF allows investing credit unions to receive 50 percent of the return, and the remaining 50 percent is split evenly between the MnCUF and the NCUF.

The CIF provides a unique vehicle to support financial education, professional development, community outreach and emergency assistance, not only in Minnesota, but across the country as well.

For more information on how the CIF works, please visit the NCUF website or watch the video below!

With questions about the Community Investment Fund, please use the contact information included below or call NCUF Director of Resource Development & Donor Relations Josie Collins at (800) 356-9655, ext. 4397.


National Cooperative Bank (NCB)
NCB is the bank to the cooperative community. NCB has a variety of products and terms which are fully insured up to $250,000, including CDs with terms of six-months, 12-months, 18-months, two years, three years, and a liquid money market deposit account – all at competitive rates of interest. Credit unions can choose the amount of earned interest to donate, anywhere from 50 to 100 percent. A minimum investment of $10,000 is required for this CIF option, and there is no requirement to purchase stock. The renewal for these products is automatic unless credit unions select otherwise. Click here for more information and/or to invest in CIF with NCB.

Alloya Corporate Federal Credit Union
Capitalized members of Alloya Corporate Federal Credit Union can use this channel to invest in the CIF. Alloya investments earn market rates, and options include term certificates or 90-day notice accounts. Additionally, Alloya offers a low minimum investment amount at $1,000. Click here for more information and/or to invest in CIF with Alloya. With questions, contact Alloy's member services at (800) 342-4328.

MEMBERS Trust Company
NCUF and MEMBERS Trust Company offer two options for large investments.

  • NCUF Charitable Investment Trust. MEMBERS Trust Company, as trustee, shall manage the assets in a trust according to the Federal Credit Union Act, Part 703 of NCUA Rules and Regulations and other applicable laws. The recommended minimum deposit is $500,000.
  •  NCUF Federally Insured Account.This account is using the Certificate of Deposit Account Registry Service Program (CDARS) that allows credit unions to invest in federally insured CDs up to $50 million. The recommended minimum deposit is $250,000.

Click here for more information and/or to invest in CIF with MEMBERS Trust Company. With questions, contact Jason Ritzenthaler at (813) 631-9191, ext. 705.

Corporate One Federal Credit Union
CIF investments through Corporate One are open to all credit unions (no membership requirements). Investment options include federally insured CDs or government-issued securities and can range from $50,000 to $10 million. After an investment is selected, the credit union chooses to have a percentage of the investment's earnings go to the CIF as a contribution. To invest through Corporate One, contact (800) 366-2677. For more information on the offering, contact Paul Hixon, Vice President of Marketing.

Catalyst Corporate Credit Union
Two options are available when investing in the CIF through Catalyst Corporate. Capitalized members of Catalyst can invest in six-, 12-, and 18-month CIF share certificates and 90-day notice accounts. All credit unions can open brokerage and safekeeping accounts with Catalyst (no membership requirements) – options include fixed coupon agency securities. Additional information is available at Catalyst online or through a Catalyst investment officer at (800) 405-7067.

Volunteer Corporate Credit Union (VolCorp)
Credit unions interested in investing in the CIF through VolCorp must own Perpetual Contributed Capital. The minimum investment amount is $1,000, and credit unions can chose either 50 percent or 100 percent of interest to donate to the CIF. Investment options include six-, 12- and 18-month CIF share certificates and Notice 90 accounts. Agency securities options are available through VolCorp brokerage services. Contact Investment Sales at (800) 470-3444, ext. 2.

Don't miss out! NYIB to host annual education conference

Gain new insights and tools on youth financial literacy by attending the 2013 National Youth Involvement Board (NYIB) conference. Attendees will have the chance to rub elbows with fellow peers and gain knowledge from nationally recognized speakers, while engaging in breakout sessions to optimize learning opportunities. The conference will be held July 29-Aug. 1 in San Diego, Calif. It's a one-of-a-kind educational event you won't want to miss.

NYIB has put together an exciting agenda! Sessions will cover various topics, including:

  • Bridging the Generation Gap
  • Growth through Design Thinking & Experiential Learning
  • Digital Marketing: Use It or Lose Them
  • Emerging Technology in the

Thousands of credit union professionals attend this conference to create enthusiasm for financial literacy while furthering their success in reaching out to youth. This year's conference is supported by the Credit Union National Association, the National Endowment for Financial Education and BizKid$, a PBS television series featuring kids teaching kids about money.

To learn more about the conference and to register, visit the National Youth Involvement Board website. Be sure to arrange accommodations before 5 p.m. Monday, July 8, 2013.



Letter from senators makes Don't Tax My CU message critical

CFPB publishes bulletin on responsible conduct
FinCEN issues guidance on submitting electronic reports
Upcoming effective dates


NCUA Letters to Credit Unions

Letter No. 13-CU-05: Investing in Securities without Reliance on Credit Ratings


Out for Comment

CFPB issues proposed modifications to mortgage rules

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

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