CU News (12-14-12)

The Pulse (12-14-12)

Dec. 14, 2012    ●    Volume 01, Issue 49

The Pulse Archive

Credit Union News

TAG legislation halted in the Senate

On Dec. 13, the U.S. Senate defeated a motion to consider S. 3637, a bankers’ bill to extend the Transaction Account Guarantee (TAG) Program, by a vote of 50-42. This measure did not receive the 60 votes it needed to move forward and, as a result, the bill was withdrawn and it is no longer under consideration by the Senate.

The advocacy efforts of GREAT members played a vital role in the defeat of S. 3637. Thank you to everyone who responded to the Action Alerts and emailed or called Sens. Al Franken (D-Minn.) and Amy Klobuchar (D-Minn.) to express their strong opposition to the TAG bill. This marks a tremendous victory for credit unions across the country and a major setback for the banks and their legislative agenda. The Network, along with CUNA, has been actively working to defeat this bill, but this outcome would not have been possible without the efforts of our credit unions.

More information about the TAG legislation, along with an overview of other legislative victories that occurred this week, is available in the CUs help defeat TAG legislation, see other legislative victories article in this issue of The Pulse.

Dues invoices to be mailed today

MnCUN dues packets will be mailed to all Minnesota credit unions today. The packets include dues invoices, CUNA and MnCUN's Power of Association brochures, and MnCUN's 2012 Compliance Reference Guide. The compliance guide includes the following publications:

  • Power of Attorney Guide;
  • Overview of Conservatorship/Guardianship Accounts;
  • Regulatory Summary 2012; and
  • Credit Union Report Deadlines 2013.

Minnesota Credit Union Network dues should be remitted by Thursday, Jan. 31. With questions, please contact MnCUN Vice President – Association Services Kristina Wright by email or phone at (651) 288-5507.

Make an impact: Register today for CU Day at the Capitol

Credit unions are trusted financial partners with an investment in and commitment to the people and communities they serve. This will be the message credit union professionals and volunteers will deliver to state elected officials during MnCUN's Credit Union Day at the Capitol on Tuesday, Jan. 29. Credit union supporters from around the state are invited to be part of this important advocacy event.

CU Day at the Capitol brings credit union professionals and volunteers together to communicate the credit union message to elected officials. The event's activities include breakout sessions on political and credit union issues, a legislative update and issues briefing, and keynote presentations from notable political speakers. In addition, MnCUN is hosting a Crew event that will provide young professionals the opportunity to receive insight into the credit union examination process from state and federal regulators.

The event will culminate with visits to the state Capitol that will allow attendees to meet with their representatives and senators to discuss issues important to credit unions. New this year, MnCUN will schedule attendees' legislative visits based on information provided during the registration process. Individuals do not need to schedule visits prior to CU Day. Simply complete the CU Day registration, and the Network will handle the rest!

Mark your calendar for Jan. 29 and be part of this initiative to bring the credit union message to the state Capitol. For more information and to register, visit the Credit Union Day at the Capitol page of the Network website.

Dormant accounts, inactivity charges and more covered in
Unclaimed Property webinar archive

Credit unions seeking insight into the Minnesota Department of Commerce's unclaimed property regulation are invited to view the archive of the Unclaimed Property Forum held on Dec. 5. This session discusses the Department of Commerce's efforts to revitalize its unclaimed property program in Minnesota.

The Minnesota Uniform Disposition of Unclaimed Property Act requires holders of abandoned property to turn that property over to the Minnesota Department of Commerce Unclaimed Property Division after a certain period of time, depending on the property being held. The webinar archive discusses the department's efforts to improve compliance with unclaimed property reporting through the use of field audits, self-audits, and a newly-developed voluntary disclosure program. Specifically, the session highlights:

  • Dormant accounts;
  • Matured time deposits;
  • Service charges related to inactivity;
  • Retirement accounts;
  • Cashier's checks;
  • Money orders;
  • Safe deposit boxes; and
  • Due diligence requirements.

To access the recording of this webinar, visit the Unclaimed Property page of the Network website.

Three benefits of attending the Western States Volunteers Conference

In January, credit union volunteers have the opportunity to receive insight into practices, strategies and expertise that will help them enhance their role as an effective leader at the credit union. Set for Jan. 27-29 in Las Vegas, the Western States Volunteers Conference will provide attendees tools and knowledge to lead the credit union through today's challenges and opportunities.

Check out three main benefits of attending this conference:

  1. Be educated. This two-day conference is packed with sessions that will help volunteers sharpen their skills in the areas of governance, strategy, technology, financial management, regulatory requirements and leadership. Learn about IT governance risks and trends, non-financial skills for the board room, ways to improve the effectiveness of the supervisory committee and more.
  2. Be inspired. Conference attendees will learn from experienced credit union experts who will provide their knowledge and insight. Speakers include certified public accountant and public speaker Tim Harrington, economic expert Dave Colby, and leadership expert Jeff Rendel.
  3. Be connected. Throughout the conference, attendees will have the opportunity to connect and network with professionals from around the country. Discuss today's credit union issues, share ideas and develop valuable relationships with others in the credit union movement.

Check out this valuable conference today. For more information and to register, visit the Western States Volunteers Conference page of the Network website. Be sure to register by Friday, Dec. 28 to take advantage of the early bird discount!

Looking to grow? Check out MnCUN's consultant services

Dedicated to helping Minnesota credit unions grow and thrive, the Minnesota Credit Union Network has a number of consultant services available for credit unions. Through one-on-one assistance, MnCUN helps credit unions tackle today's challenges and tomorrow's opportunities.

The Network's business development program provides credit union consultation in the following areas:

  • Board Education & Training: This service helps credit unions increase their board's level and quality of engagement. By increasing awareness of duties and responsibilities, providing additional knowledge and tools, or providing a refresher on best practices, the Network helps boards become more productive.
  • Strategic Planning: The Network's Strategic Planning Facilitation Consulting Services help credit unions develop a three- or five-year strategic plan. The facilitator focuses on the credit union's key success factors and uses industry expertise and market intelligence to help the credit union develop a plan for success.
  • Business Planning: MnCUN's Business Planning Consulting Services help credit unions convert their strategic plan into a definitive plan of action. Network staff will assist the credit union in creating an effective plan to increase loan and deposit growth, reduce expenses, expand membership, improve capital or increase compliance.
  • DOR/Audit Report Resolution: The Network's Audit Report Resolution Consulting Services can help credit unions convert an overwhelming list of auditor recommendations into a manageable plan of attack. MnCUN staff is experienced in helping resolve and complete audit findings and recommendations from NCUA and state agencies.

Take advantage of these consultant resources available through the Network. To learn more about each program, visit the Strategic Planning & Consulting Resources page of the Network website. 

Credit union notes…

  • HealthEast Employees Credit Union recently announced that it will merge into Associated Healthcare Credit Union on Jan. 1. The merged credit unions will have more than $100 million assets and serve more than 16,000 members.

Governmental Affairs News


Advocacy Corner

CUs help defeat TAG legislation, see other legislative victories

Minnesota CUs find an ally in newly-elected Congressman

Political Updates

Bankers announce "assault” on CUs in Minneapolis/St. Paul Business Journal
  • Regulatory Compliance News

    REMINDER: Unlimited share insurance and Corporate Credit Union Share Guarantee programs end on Dec. 31, 2012

    NCUA approves final rule increasing fidelity bond deductibles

    CPFB and DOJ agree to fight credit discrimination

    FHFA leaves maximum conforming loan limits unchanged for 2013




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