The Pulse (01-28-15)



The Pulse (01-28-2015)

January 28, 2015 ● Volume 04, Issue 4


The Pulse Archive

Credit Union News


RBC2 PUBLISHED - NCUA, CUNA release legal opinions on RBC

The revised risk-based capital proposed rule (RBC2) has been published in the Federal Register. As a result, the 90 day comment window has begun, with comments due to the agency on or before April 27.

On Jan. 20, the National Credit Union Administration (NCUA), upon several requests made under the Freedom of Information Act (FOIA), posted on its website a legal opinion it obtained in 2014 regarding NCUA’s legal authority to issue the risk-based capital rule under the Federal Credit Union Act. 

The Credit Union National Association (CUNA) also released the risk-based capital legal opinion it obtained on NCUA’s legal authority to enact the risk-based capital proposal. CUNA further released a News Now article commenting on the legal opinion it obtained, and how such opinion was instrumental in discussions with NCUA regarding revisions to the original proposal.

CUNA’s legal opinion letter, NCUA’s legal opinion letter, and additional resources on risk-based capital can be found on the MnCUN risk-based capital resource page


Credit unions to celebrate Financial Literacy Month in April 

Dept. of Commerce Commissioner Mike Rothman (left) talks with students at Tartan High School during a Financial Literacy Month event featuring education sessions led by student credit unionworkers Marc Buchmayer (center) and Kelsie Ferstl (right).

Credit unions, businesses, states and government agencies around the country celebrate April as Financial Literacy Month. Credit unions have a foundational belief in financial education, and this month provides an opportunity for credit unions to highlight their financial literacy efforts.

Personal finance is a top priority for credit unions because improving financial literacy, increasing personal savings, decreasing debt and living within a budget is a formula for success. While the offerings and activities of no two credit unions are the same, all credit unions operate with the belief that educated consumers – both young and old – make better members.

The Minnesota Credit Union Network, the Minnesota Credit Union Foundation, and the Credit Union National Association (CUNA) join forces this month to encourage credit unions to make their financial education efforts known to their members and to the local media.

  • Reach out to newspapers and reporters to educate them on the credit union difference and the unique benefits that your credit union provides to consumers.
  • Celebrate Financial Literacy Month with an open house, creating awareness of your programs, tools, products and services that encourage saving, budgeting and wise spending.
  • Inform your community about why credit unions are the smarter choice for financial services, and encourage your members to make the credit union their primary financial institution.
  • Take part in National Credit Union Youth Week by participating in the national savings challenge.

For additional information, celebration ideas and helpful resource links, visit the Financial Education page of the Network website the Minnesota Credit Union Foundation website, and the CUNA National Credit Union Youth Month™ webpage.


Dues deadline approaches Jan. 30

MnCUN dues packets were mailed to all Minnesota credit unions in mid-December. Packets included dues invoices, CUNA and MnCUN's Power of Association brochures, and information about the additional funds for 2015. Dues should be remitted by Friday, Jan. 30.

Use the following links for additional information about MnCUN dues:

With questions or to receive a copy of your invoice, please contact MnCUN General Counsel John Wendland by email or by phone at (651) 288-5519.



Nominate an outstanding colleague for MnCUN’s Professional & Volunteer awards

MnCUN is now accepting nominations for two of its most prestigious awards – the Outstanding Professional of the Year or Outstanding Volunteer of the Year.

  • Outstanding Professional of the Year recognizes the notable service of one outstanding credit union professional who has selflessly given time, effort and talent to the support and promotion of the credit union mission and who has gone above and beyond to improve the credit union culture in Minnesota.

  • Outstanding Volunteer of the Year is given to one extraordinary credit union volunteer who best exemplifies the credit union spirit through dedication to, and belief in, the credit union movement. Grounds for nomination include involvement in the credit union movement at local and state levels and participation in other activities that support the credit union mission.

Presented on an annual basis, the Professional and Volunteer Awards showcase dedicated service and professionalism of credit union staff and board members for their work over the previous calendar year. The winners of these awards are recognized during the Minnesota Credit Union Network Annual Meeting & Convention, which takes place April 10-11 at Radisson Blu Mall of America, Bloomington. Credit unions are encouraged to nominate a staff member, board member or colleague.

Nominations are due to the Network by Friday, Feb. 6. Complete information and online nomination forms can be found on the 2015 Professional & Volunteer of Year Awards page of the Network website. Please note that only nominations completed using the online forms will be accepted. With questions about these awards programs, contact MnCUN Director of Communications Connie Kuhn by email or at (651) 288-5527.



Scholarships available - application deadline Sunday

The Minnesota Family Involvement Council is awarding $10,000 in scholarships to Minnesota credit union members. Only a few weeks remain to apply for $500 and $1,000 scholarships -- deadline is Feb. 1. More information and the online application are available on the FIC 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.  


SPIRE CU CEO Dan Stoltz named 2015 St. Paul Winter Carnival’s King Boreas


Mid-Minnesota FCU’s Sjoblad to serve on Pequot Lakes Chamber advisory board


Financial One CU teams with ice fishing and deer hunting shelter maker


Royal CU’s “The Power of an Hour” project benefits area non-profit organizations




MnCUN encourage Congress to ease credit union regulatory burden


View all Governmental Affairs news stories


CFPB updates “Know Before You Owe”, releases interactive mortgage rate tool

View all Regulatory Compliance news stories

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
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