The Pulse (02-04-15)



The Pulse (02-04-2015)

February 4, 2015 ● Volume 04, Issue 5


The Pulse Archive

Credit Union News


RBC2: Information update

The Credit Union National Association (CUNA) has posted a free, recorded version of its 60-minute Jan. 26 RBC2 webinar online.  It features NCUA Director of Examination and Supervision Larry Fazio, CUNA President/CEO Jim Nussle, CUNA Chief Policy Officer Bill Hampel, and CUNA Deputy General Counsel Mary Dunn discussing in detail the revised RBC plan.

CUNA will also issue a Comment Survey asking credit unions to address specific points of the proposal. As part of the RBC2 proposal, NCUA has requested comments regarding alternative approaches to address interest rate risk since it has been removed from the risk-based capital proposal, as well as credit unions’ ability to use supplemental capital.

CUNA has also released a list of individual credit unions with RBC ratio estimates and a calculator tool.  Both of these resources are now available in the members-only section of CUNA's Risk-Based Capital Action Center. 

For additional resources and more information, see the MnCUN Risk-Based Capital Resource page.



State policy-makers, credit union leaders gather for Minnesota’s Credit Union Day at the Capitol


Ideal Credit Union representatives and Tartan High School
student credit union workers meet with
Sen. Chuck Wiger during CU Day

Minnesota’s top policy-makers headlined the Minnesota Credit Union Network’s 2015 Credit Union Day at the Capitol event in St. Paul on Jan. 27. More than 150 credit union leaders from communities throughout Minnesota gathered for this annual event.

Lt. Governor Tina Smith, Speaker of the House Kurt Daudt and Senate Majority Leader Tom Bakk talked about their respective policy and legislative priorities, as well as their outlook for the legislative session. They also emphasized that in-person meetings with elected officials are vital in helping to keep them informed about issues that are important to credit unions.

Department of Commerce Commissioner Mike Rothman, a 2014 recipient of the Credit Union National Association’s Desjardins Financial Education Award for State Government Policymakers, spoke about the importance of providing the state’s youth with financial education.

“The Commerce Department and credit unions share the goal of teaching kids money management skills at an early age,” said Commissioner Rothman. “We want to help set the stage for them to build the financial skills they’ll need to be successful in the years ahead.”

Education sessions during Credit Union Day focused on grassroots advocacy and a preview of expected 2015 legislative activity. Members of MnCUN’s “The Crew” – a networking group for credit union employees 35 and younger – learned insights about politics and motivations for running for office from Rep. Jason Metsa and Rep. Tim Sanders.

Before heading to the capitol to meet with their state legislators, attendees also heard from keynote speaker Mary Lahammer of Twin Cities Public Television who shared her experiences and insights about covering Minnesota politics.

In the afternoon, credit union advocates met with their local legislators. Providing a first-hand example of credit unions’ commitment to financial education, several students from Ideal Credit Union’s Tartan High School branch and their marketing teacher met with Senate Education Committee Chair Chuck Wiger to talk about the success they’ve experienced with the student-run credit union branch. By working at the school’s credit union, the students have an opportunity to gain work experience and learn more about how a financial institution operates. They also share their knowledge by educating their peers on the importance of saving, budgeting and developing a strong credit history.

Credit union representatives also emphasized with their legislators the many ways that credit unions – as locally-owned, not-for-profit financial institutions – are connected to the communities that they serve. Topics discussed with legislators included patent reform, mortgage foreclosure regulations and savings incentive programs.

“Credit Union Day at the Capitol is a great opportunity to show legislators how credit unions benefit the constituents and communities they serve,” said MnCUN President & CEO Mark Cummins. “This event allows us to advocate on issues face-to-face with the Minnesota legislators who directly impact the credit union industry.”



MnCUN, Minn. Dept of Commerce team on “Your Money Your Goals” national rollout

The Minnesota Credit Union Network (MnCUN) is part of a team of organizations that have come together to help promote the U.S. Consumer Financial Protection Bureau’s (CFPB) “Your Money, Your Goals: A Financial Empowerment Toolkit for Social Services Programs.”

Your Money, Your Goals aims to foment improved financial decision-making by consumers with a guide that covers topics such as budgeting daily expenses, managing debt and avoiding financial traps.

MnCUN, along with the other organizations, has been training frontline staff on the program so that the employees, in turn, can help members and consumers learn proper financial decision-making skills and also gain an understanding of consumer protection issues.

“Financial literacy is a key rung on the ladder to financial well-being,” said Mike Rothman, state Commerce commissioner. “Gaining personal finance skills can help put people on track for a more stable and secure life. It’s a vital part of making Minnesota’s economy healthy and strong.”

Rothman leads the Minnesota Financial Literacy Interagency Work Group–of which MnCUN is a part–that has joined the national effort.

The Minnesota team is one of five national, federal, state and local organizations that has signed up to promote the program, bringing the total number of participating organizations to 10.

The other organizations in this group include the U.S. Department of Health and Human Services’ Administration for Children and Families’ Office of Regional Operations; the Sault St. Marie Tribe of the Chippewa Indians in northern Michigan; the District of Columbia’s Department of Human Services; and United Way Worldwide.

Together, the 10 organizations are training 5,000 frontline staff to work with clients on setting financial goals, saving for emergencies, tracking and managing income and spending, and other important financial education principles.

“The department’s mission is to protect the public interest, advocate for Minnesota consumers and ensure a strong, fair and competitive marketplace in Minnesota,” Rothman said. “I believe that helping people understand how to navigate complex financial issues is one of the best ways we can accomplish that mission.”



Last chance to nominate your outstanding credit union colleague

Do you know an extraordinary professional or volunteer at your credit union? Nominate them for MnCUN's Outstanding Professional and Volunteer of the Year Awards! The deadline for nominations is this Friday, Feb 6.

These awards are presented annually and showcase the dedicated service and professionalism of credit union staff and volunteers. Individuals must be nominated by a colleague to be eligible to receive one of these top honors.

  • Outstanding Professional of the Year recognizes the notable service of one outstanding credit union professional who has selflessly given their time, efforts and talent to the support and promotion of credit unions 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 the movement through involvement at local and state levels and participation in other activities that support the credit union mission.

Award information and downloadable nomination forms can be found on the 2015 Professional & Volunteer of Year Awards page of the Network website. All nominations must be submitted online no later than Friday, Feb. 6.

With questions about the awards programs, contact MnCUN Director of Communications Connie Kuhn.


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.  


Accentra CU working with Mower County Senior Advocacy Program on tax prep for seniors


Central Minnesota CU helps Little Falls Kiwanis Club serve local children


City & County CU holds grand opening for new Shoreview location




New privacy notice bill introduced with CUNA support 

MnCUN participates in panel discussion on need for patent reform to protect credit unions 

Gear up for Valentine’s Day – ask your members why they love their credit union


View all Governmental Affairs news stories


MnCUN releases updated Record Retention Guide, 2015 reporting deadlines 

NCUA hosts webinar on underserved market opportunities 

NCUA releases interagency guidance on private student loans with graduated repayment 

NCUA Hosting Webinar on TILA---RESPA Disclosure Rules 

FHA provides alternative guidance to lenders on reverse mortgage foreclosure 

Out for Comment

CFPB proposes to expand definition of “small creditor” and “rural” in mortgage rules

Upcoming compliance dates


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 

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