The Pulse (01-07-15)



The Pulse (01-07-2015)

January, 7, 2015 ● Volume 04, Issue 1


The Pulse Archive

Credit Union News


NCUA acknowledges insurability of IOLTA accounts at credit unions

With President Obama signing into law the Credit Union Share Insurance Fund Parity Act, National Credit Union Administration (NCUA) Chairman Debbie Matz has acknowledged that lawyers’ trust accounts at federally insured credit unions are now insured to the limit allowed by the Share Insurance Fund, currently up to $250,000 for each owner. The press release indicated that while NCUA will still need to make changes to its regulations to fully conform with the Act, accounts are now immediately fully insurable.

MnCUN is working with the Minnesota Lawyers Professional Responsibility Board to ensure credit unions are a financial institution option to attorneys and law firms for IOLTA accounts. We are continuing to explore what additional accounts may be included in this new law, including realtor’s trust or escrow accounts. We also anticipate that NCUA will be issuing additional guidance in this area sometime in the near future. We will keep you updated on an ongoing basis as these matters progress.

If you have any questions please feel free to contact Network General Counsel John Wendland.


MnCUN files comment letter with FHFA on proposed changes to FHLB membership

The Minnesota Credit Union Network (MnCUN) has responded to the Federal Housing Finance Agency’s (FHFA) proposed rule amending and expanding the application and membership criteria to the Federal Home Loan Banks (FHLB). MnCUN’s response – which incorporates valuable input from the Regulatory Review Committee – is part of our ongoing effort to communicate credit unions’ ever-increasing regulatory burden and advocate for relief.

MnCUN opposes the proposed FHLB membership changes, and we have a number of over-arching concerns with the proposal, including:

  • The proposed rule appears contradictory to the primary mission of the FHLB;
  • Lack of overall parity between credit unions and banks, specifically Community Financial Institutions (“CFIs”);
  • Potential for encouraging distortion of a financial institution’s balance sheet;
  • Concern with the potential increase of the 1 percent limit by the FHFA without an opportunity for input from the financial industry or Congress prior to any increase.

For additional information, including a summary of the proposed rule, see the Sept. 10 and Oct. 15 issues of the Pulse. See also the FHFA’s Notice of Proposed Rulemaking published in the Federal Register. Credit unions are encouraged to submit their own comment letters and are welcome to use MnCUN's comment letter as a guide.

Comment letters regarding this proposal must be submitted by Monday, Jan. 12. Comments may be submitted in a number of ways; please see the FHFA Notice of Proposed Rulemaking for additional instructions and the full final summary of the proposed rule.



Top 10 of 2015: Credit unions renew MnCUN & CUNA memberships

Thank you to the first 10 credit unions to renew their membership with the Minnesota Credit Union Network and CUNA for 2015! Dues packets were mailed to all credit unions in mid-December, with a deadline of Friday, Jan. 30.

MnCUN's "top 10” list for 2015 includes:

  1. Pipefitters Steamfitters Credit Union
  2. Employees First Credit Union
  3. CITIES Credit Union
  4. AE Goetze Employees Credit Union
  5. Affinity Plus Federal Credit Union
  6. Minnesota Catholic Credit Union
  7. Northern Communities Credit Union
  8. Proctor Federal Credit Union
  9. United Educators Credit Union
  10. Virginia Co-op Credit Union

Many of the credit unions listed above also made voluntary contributions to the Advocacy Fund, Awareness Fund, and the Minnesota Credit Union Foundation. Additional information about annual membership with the Minnesota Credit Union Network can be found online:

With specific questions, please contact the Minnesota Credit Union Network at (651) 288-5170 or (800) 477-1034.



Network names 2015 Crew Ambassador to guide young professionals group

Royal Credit Union’s Nathan Dormody was recently appointed as the Minnesota Credit Union Network’s Crew Ambassador for 2015. In this role, Dormody will serve as a leader for his peers who are part of The Crew, MnCUN’s young professionals networking group. Designed to provide leadership and visibility opportunities, the Crew Ambassador also helps to guide Crew offerings throughout the year. Dormody will serve as the group’s spokesperson, representing the Crew at various MnCUN functions.

Nathan is an active participant in the Edina Chamber of Commerce, participating in Emerging Leaders Young Professionals, and serving as the Vice President and Treasurer of the Edina Chamber Network One networking group. Along with his Royal Credit Union teammates, Dormody volunteers at Gillette Children Specialty Healthcare’s Ronald McDonald House and organized donations to a local food shelf.

For additional information about The Crew, visit the webpage or contact MnCUN’s Crew Liaison Laura Whittet by email or at (651) 288-5503.



Last chance for CU Day early bird pricing – register no later than Jan. 8

MnCUN's Credit Union Day at the Capitol will take place on Tuesday, Jan. 27. CU Day at the Capitol provides credit unions professionals and volunteers the unique opportunity to learn about legislative issues and meet with elected officials. This important advocacy event forms the foundation for a positive working relationship with legislators throughout the 2015 Legislative Session.

Register by Thursday, Jan. 8, to take advantage of these perks:

  • Save Money – Register by Thursday, Jan. 8 to receive the early bird pricing for the event!
  • Save Your Spot – As part of the registration process, MnCUN will be scheduling legislative visits for everyone who signs up for CU Day. Register early to help arrange for a meeting with legislators from your home district.
  • Save the Date – Register today and mark Jan. 27 as "booked” on your calendar before other obligations creep into the day.

Through education sessions, legislative briefings, keynote speakers and legislative visits, Credit Union Day at the Capitol brings the credit union message to elected officials. For more information about this important event and to register, visit the Credit Union Day at the Capitol page of the Network website. Be sure to register by Thursday, Jan. 8, to take advantage of the early bird pricing!


8 individuals honored as Credit Union Builders in 2014 through the Minnesota Credit Union Foundation

Throughout the course of 2014, eight remarkable individuals were recognized as Credit Union Builders by the Minnesota Credit Union Foundation.

A program established by the Foundation in 2008, this prestigious honor is given to credit union professionals and volunteers to allow credit unions and organizations to make contributions in honor of or in memory of a significant individual who has been instrumental in their success. Contributions are typically made at a special time of significance to acknowledge their dedication and impact on the organization.

The 2014 Credit Union Builder honorees include:

  • Steve Ahlness - honorarium contribution made by Greater Minnesota Credit Union
    Steve retired as the CEO of Greater Minnesota Credit Union in May of 2014, with 36 years of experience in the credit union community. Steve was a tireless advocate for credit unions in St. Paul and in Washington, D.C and was honored as MnCUN’s Outstanding Professional of the Year in 2005.
  • Debbie Bruns - honorarium contribution made by Affinity Plus Federal Credit Union
    Debbie was instrumental in the growth and success of Affinity Plus during her tenure and never wavered from her strong passion to put people first – including members, employees, and those she interacted with in the Grand Rapids community. 
  • Harry Carter - honorarium contribution made by TopLine Federal Credit Union
    Harry Carter served as President & CEO of TopLine Federal Credit Union for 14 years. During his tenure TopLine experienced notable innovative growth and expansion, as he blazed a trail in community charter expansion, successful retail branching, and mobile banking. 
  • Jim DeBilzan - honorarium contribution made by Unity One Credit Union
    Jim was the Manager of Saint Pascal Parish Credit Union in St. Paul for 32 years and spent 35 years as a member of the Board of Directors of Unity One Credit Union. Jim served as secretary for five years and chaired numerous committees including education, marketing, technology, and loan. He has held a strong passion for the credit union “people helping people” philosophy.
  • Penny K. Jarnot - honorarium contribution made by Energy Services Federal Credit Union
    During her career, Penny was active in the credit union movement where she was a very instrumental voice for small credit unions. She dedicated more than 25 years of service to Energy Services Federal Credit Union and the credit union movement.  
  • Robert Kigin - honorarium contribution made by CUNA Mutual Group
    Robert Kigin, CUNA Mutual Group Sales Executive, dedicated more than 32 years of service to CUNA Mutual Group and to the credit union movement. Bob devoted a lifetime to supporting the credit union movement as a member, and as a credit union Board member for nine years. Throughout his career, Bob was a strong advocate of the credit union movement.
  • Jacqueline Moen - honorarium contribution made by Mayo Employees Federal Credit Union
    Jacqueline L. Moen dedicated 18 years of volunteer service to Mayo Employees Federal Credit Union. Her service included eight years on the Credit Committee – as chair for four years and secretary for two years – one year on the Supervisory Committee, and nine years on the Board of Directors, which includes eight years serving as Secretary of the Board.
  • Jim Seifert - honorarium contribution made by Hiway Federal Credit Union
    Jim spent 30 years at Hiway Federal Credit Union. Under Jim's leadership, Hiway emerged as a full-service financial institution and many new convenient services were added, such as debit cards and internet banking. Hiway still operates under Jim's belief that “It is better to be first in service rather than first in size.”

"These individuals leave behind an amazing legacy within the credit union movement, and as part of the Foundation, I am honored to have this opportunity to recognize them,” said Foundation Chairman Dave Larson, President/CEO of Affinity Plus Federal Credit Union.

In total, 31 individuals have been designated as Credit Union Builders over the past seven years. The names of the recipients and the contributing credit unions are permanently displayed in the Minnesota Credit Union Network’s lobby as a tribute to those who have dedicated time and energy to building the credit union movement.

The honorees (or their families, in the case of a memoriam contribution) receive acknowledgement from the Minnesota Credit Union Foundation, and donors are also listed online and in the Foundation’s annual report. A minimum $1,000 contribution is required for the Credit Union Builder Award. The Minnesota Credit Union Foundation, Inc., St. Paul, Minn., is a tax-exempt 501(c)(3) organization. For tax purposes, contributions may be tax-deductible.

Additional information about MnCUF’s Credit Union Builder Award can be found on the Foundation website, along with a list of those who have been honored. With questions, please contact the Foundation at



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.  


Ideal CU to hold free home selling seminars in 2015


Royal CU Holiday Toy Drive…giving never melts away


SPIRE CU, Wolves recognize Dayton’s Bluff Seniors




Minnesota State Legislature convenes with split leadership


MnCUN, CUNA show credit union presence as new Congress is sworn in

View all Governmental Affairs news stories


NCUA releases additional 2015 budget information

NCUA Video outlines FOM options and strategies

NCUA Economic Update

NCUA responds to concerns about examination process

OSCUI Grants – First Round 2015

FinCEN opens nomination for membership on the BSA Advisory Group

2015 HPML appraisal exemption amount

HMDA updates for 2015

CFPB issues adjustment to asset-size exemption threshold under TILA


NCUA issues Regulatory Alerts

Letter no. 14-RA-11: Alternative Method to Deliver Required Annual Privacy Notice 

NCUA issues Letters to Federally Insured Credit Unions

Letter no. 14-CU-10: Identifying and Mitigating Risks of Money Services Businesses

Out for Comment 

CFPB Prepaid Accounts 

Upcoming compliance dates

View all Regulatory Compliance news stories







Love My Credit Union Rewards Overview Webinar – Registration Open

Wednesday, Jan. 14, Love my Credit Union Rewards will be hosting a one hour long webinar beginning at 1 p.m. Love my Credit Union Rewards’ Partner Directors will show participants how this program provides credit unions the opportunity to enhance member value, increase auto loans, increase debit and credit card usage, and earn non-interest income, all while saving members money on purchases. This interactive webinar will provide an overview of the program benefits and participation options.

Credit union professionals are invited to register online. With questions about Love my Credit Union Rewards, contact MnCUN Director of Business Development Vickie Ganrude by email or at (651) 288-5515















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 

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

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