The Pulse (03-26-14)


The Pulse (03-26-14)

March 26, 2014 ● Volume 03, Issue 12


The Pulse Archive

Credit Union News

Local celebrities Kim Insley & Don Shelby join industry headliners NCUA Chairman Debbie Matz, Dan Mica & Brett Christiansen at MnCUN Annual Meeting

Along with a new location, the Minnesota Credit Union Network Annual Meeting & Convention boasts a fresh schedule and a host of quality speakers designed to provide timely and relevant education and training. Join us at the new Radisson Blu Mall of America April 25-26. 


A few of these speakers are featured below: 

  • Brett Christensen: Brett Christensen is the owner of CU Lending Advice, LLC. He works directly with credit unions in the U.S and Canada, teaching and consulting on various lending topics.
  • Kim Insley: Kim Insley has been anchoring KARE 11 Sunrise since April of 1993. Kim created, produces and reports for the Emmy-award winning "What's Cool in Our Schoolsegment every Thursday during the school year.
  • Debbie Matz: As NCUA Chairman, Debbie Matz heads the independent agency overseeing the regulation and supervision of federal credit unions and the National Credit Union Share Insurance Fund (NCUSIF), which protects accounts at more than 6,600 federally insured credit unions serving more than 96 million members and managing more than $1 trillion in assets.  
  • Dan Mica: At the end of 2010, Dan completed a fourteen year tenure as President and CEO of the Credit Union National Association (CUNA), the leading trade association representing the nation’s 9,000 credit unions and credit union leagues in all 50 states and the District of Columbia.
  • Don Shelby: Don Shelby has been a reporter and television anchor for 45 years. Before retiring from daily journalism in November of 2010, he worked for 32 years as anchor, investigative reporter and environmental correspondent for WCCO-TV in the Twin Cities. 

Early bird registration ends April 3. Don't miss out on a weekend packed with learning, networking and entertainment opportunities. Registration is now open for MnCUN's 2014 Annual Meeting & Convention! For a conference schedule and online registration, go to the 2014 Annual Meeting page of the Network website.

For a full list of distinguished speakers scheduled for the 2014 MnCUN Annual Meeting & Convention visit the Annual Meeting Speakers page of the Network website. 

Chairman Matz, again, predicts the end of Corporate Stabilization Fund assessment

Earlier this month the National Credit Union Administration announced that the upper end of projected corporate stabilization assessments declined by $2.2 billion between July and December 2013 "reaffirms the good news credit unions received last fall," Credit Union National Association Chief Economist Bill Hampel said.

"The current projected range for total future remaining assessments is now between negative $2 billion and negative $600 million. At the end of the second quarter of 2013, the total range was negative $200 million to $1.6 billion," the National Credit Union Administration reported.

The agency said the Temporary Corporate Credit Union Stabilization Fund assessment decrease was largely due to the JPMorgan Chase settlement reached in November 2013.

"The more than $1.75 billion in recoveries from NCUA's litigation has certainly brought relief to credit unions, but it's also good to see the general trends continuing," NCUA Chairman Debbie Matz said in a release. "An improving economy and NCUA's continuing efforts to effectively manage losses from the corporate failures at this time make us hopeful that we will not need to make future credit union assessments," she added.

CUNA's Hampel said the midpoint of the range of total projected corporate resolution costs is now $9.1 billion, down from $15 billion as of mid-2010. "That's almost $6 billion of costs that credit unions will not have to pay," he noted.

Credit unions can expect some combination of assessment rebates or repayment of depleted corporate capital, Hampel said, noting that these refunds are extremely likely, but not guaranteed.

"They'll depend on the future performance of the remaining legacy assets. That's the good news. The not-so-good news is that those payments are several years in the future," Hampel advised.

NCUA’s Board announced at its November 2013 meeting there would be no planned Stabilization Fund assessment in 2014. As long as both ends of the projected range of net remaining assessments remain negative, there will likely be no need for future assessments.



MnCUN seeks feedback from credit unions in annual Performance Survey

The Minnesota Credit Union Network strives to provide valuable, high-quality services to our members. We serve a diverse membership with equally diverse needs. For that reason, it is critical for us to assess our performance in fulfilling our mission to ensure the success, growth and vitality of our member credit unions.

On Thursday, March 20, member credit unions received the Minnesota Credit Union Network's 2013 Performance Survey. This annual questionnaire requests credit union feedback on the quality of our services and product offerings over the past year.

MnCUN's Performance Survey has been sent to all credit union employees who are registered in our database, in an effort to obtain comprehensive feedback from those who regularly use our services.

This survey takes about 10 minutes to complete, and all responses should be submitted by Monday, April 7.


With questions, please contact MnCU2N Vice President of Association Services, Kristina Wright by email or call (651)288-5507. 


Deadline approaching April 1: $7,500 in financial education grants available from MnCUF

The Minnesota Credit Union Foundation – with the mission of providing resources for credit unions and communities to prosper and thrive – has a strong commitment to financial education. On Monday, the Foundation announced that it has $7,500 in grants available to assist Minnesota credit unions in implementing financial education projects.

Applications are currently being accepted, through Tuesday, April 1.

Applications will be evaluated on a variety of factors, including credit union value, community impact, collaboration and creativity. Projects/initiatives must have measurable outcomes and submit a written follow-up report within 30 days of the project completion.

Examples of financial education projects/initiatives include:

  • establishing an in-school branch
  • partnering with a community organization to teach personal finance skills
  • teaching financial literacy classes in local schools
  • creating a CU Youth Advisory Board that incorporates various learning components
  • hosting seminars on credit, debt, budgeting, etc., for members or for the community
  • coordinating retirement or estate planning workshops
  • offering youth checking or credit card products and apply required learning benchmarks
  • providing credit union services to high-risk members, coupled with education classes
  • supplying local schools with financial education curriculum

For additional information and application forms, visit the financial education grants page of the Foundation website. With questions, email MnCUF Staff Liaison Kristina Wright or call (651) 288-5507.





An update from The Crew Ambassador, Amanda Kissner

Wakota Federal Credit Union’s Amanda Kissner was recently appointed as the Minnesota Credit Union Network’s Crew Ambassador for 2014. In this new role, Kissner has been serving as a leader for her peers who are part of The Crew, MnCUN’s young professionals networking group. Designed to provide leadership and visibility opportunities, the Crew Ambassador position helps guide Crew offerings throughout the year. She serves as the group’s spokesperson, representing the Crew at various MnCUN functions.

Periodically, Kissner will provide updates such as the one below: 

Government Affairs Conference: 

During the last week of February I was in Washington with about 4400 other credit union advocates to partake in the Governmental Affairs Conference (GAC).  I attended the conference as a member of the Crash the GAC group.  The “Crashers” group was assembled by The Cooperative Trust.  The Cooperative Trust is a grassroots organization of committed under-35ers who work in credit unions and cooperatives and share a passion for socially responsible finance. (Partner founder is Filene Research Institute.)

On top of the regular GAC agenda the “Crashers” had their own schedule packed full of educational presentations and networking opportunities. I attended this conference to collaborate with other YPs from different size CUs to bring “social enterprise” ideas back for you to elaborate on or implement at your credit unions. Not only did we focus on credit union improvement, we also spent time discussing career development opportunities for individual CU YPs.  At a political level we dug in deep to understand the top legislative issues CUs are facing today at state and federal platforms.

2014 Credit Union Day at the Capitol

Last week marked our first Crew event of 2014, with a Crew Exclusive session at Credit Union Day at the Capitol. I hope most of you were able to attend as we were privileged to discuss political advocacy with Representative Joe Radinovich.

Rep. Radinovich is serving his first term as Legislator for District 10B.  He was elected in 2012 at the age of 26.  He provided ample insight about effective advocacy and his perspective on starting his political career at a young age.  Rep Radinovich's advocacy tips started with social media.  As you know the credit union industry uses social media to promote our legislative issues to our members, the general public and our representatives. This is an effective tool for those who use Twitter and Facebook however not all Representatives are active users.  Rep. Radinovich urges us to continue using this avenue though we should also be aware of the other communication possibilities (i.e. letters, emails, phone calls and voicemails, etc.).  If we utilize all opportunities our concerns will reach all of our representatives.             

A heartfelt story was shared by the Representative explaining why he became interested in running for office. Growing up and attending school in a rural area he was well aware of the unequal opportunities for communities with low income in terms of revenue for public schools. Rep. Radinovich currently sits on Early Childhood and Youth Development Policy Committee and Education Finance Committee.

Your Crew Ambassador, 

Amanda Kissner



NCUA Hosting Financial Literacy Webinar

Credit unions can learn more about promoting financial literacy by participating in a free webinar, “Financial Literacy: Putting Your Mission into Action,” hosted by the National Credit Union Administration on Thursday, April 3, 2014, at 1 p.m. 

Hosted by Kenneth Worthey, Financial Literacy and Outreach Analyst in NCUA’s Office of Consumer Protection, the webinar will feature four speakers:

  • Gail Laster, Director, NCUA’s Office of Consumer Protection;
  • Louisa Quittman, Director, Office of Financial Education, U.S. Department of Treasury;
  • Gigi Hyland, Executive Director, National Credit Union Foundation; and
  • Katie Bryan, Communications Director, Consumer Federation of America.

Promoting financial literacy is a core credit union mission, and the NCUA webinar, part of the agency’s National Financial Literacy Month activities, will provide participants with valuable information on several topics, including:

  • The link between financial literacy and the credit union mission;
  • NCUA financial literacy resources; 
  • Tips on building a successful financial literacy program based on credit union size and specialized member demographics; 
  • Information about improving financial literacy efforts through the creation of key local and national financial literacy partnerships; and
  • The Treasury Department’s recent financial literacy pilot research program.

Registration for this free webinar is now open. Click here to register. 



Minnesota credit unions claim national marketing awards

This year’s Credit Union National Association (CUNA) Marketing & Business Development Council’s Diamond Awards competition received over 1,130 entries. Held during the Council’s 21st annual conference, March 12-15 in Orlando, FL. judges awarded seven entries as Best of Show, along with 70 Category’s Best and 231 Diamond Awards.


“The best of the best in marketing and business development in the credit union industry are receiving Diamond Awards in 2014,” said Nancy C. Hutchinson, Chair of the CUNA Marketing & Business Development Council Diamond Awards Committee and SVP Marketing/Business Development with Minnesota Power Employees Credit Union, Duluth, MN. “This year, categories and submission procedures were enhanced; combined with the matrix scoring system established in 2013, the caliber of entries showed impressive advancement. In the credit union industry, these awards hold us in high regard at our credit union and in the industry; all who won were very deserving of this recognition.”


The following Minnesota credit unions received awards in 2014: 

City & County Credit Union

  • The Member's Connection Newsletter – Member or Trade Publication

General Mills Federal Credit Union

  • GMFCU Membership Facebook Campaign – Social Media

Mid-Minnesota Federal Credit Union

  • “Experience the Difference” - 2012 MMFCU Annual Report – Annual Reports
  • “Buy Local Borrow Local” Summer Auto Loan Sale – Complete Campaign

SPIRE Federal Credit Union

  • SPIRE Branding/History Video – Brand/Corporate Identity
  • “Season of Giving” – Community/PR-Ongoing Event
  • Fall 2013 Television – Television

The Diamond Awards, representing the pinnacle of credit union marketing and business development, features 29 categories, ranging from direct mail and website marketing to public relations and social media. Judges evaluated entries based on strategy, design and production, creative concept, copy and communication, and results.


A complete list of award winners is available online.




CU investment option supports financial literacy, professional development through the Foundation

Did you know? Credit unions can support professional development and local financial literacy efforts through the Community Investment Fund (CIF). For the past 15 years, the CIF investment option has been available through the Minnesota Credit Union Foundation (MnCUF) and the National Credit Union Foundation (NCUF). Through this program, investing credit unions receive 50 percent of the return, and the remaining 50 percent is split evenly between the MnCUF and the NCUF.

For more information on how the CIF works, please visit the MnCUF website.


Investment options and features are described below.  


Investment Options:   

  • 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. A minimum investment of $10,000 is required for this CIF option. more information
  • Alloya Corporate Federal Credit Union Capitalized members of Alloya Corporate can utilize 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. more information

  • MEMBERS Trust Company NCUF and MEMBERS Trust Company offers two options for large investments, including the NCUF Charitable Investment Trust (recommended minimum deposit is $500,000) and NCUF Federally Insured Account (recommended minimum deposit is $250,000). more information  
  • 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. more information
  • 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).  more information
  • 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. more information 



With questions about the Community Investment Fund, please contact MnCUF Executive Director Kristina Wright or NCUF Deputy Executive Director Tom Candell at or (800) 356-9655 ext. 4398.



The Credit Unions for Kids National Advisory Board welcomes Minnesota member

The Credit Unions for Kids National Advisory Board welcomed Minnco Credit Union President & CEO Steve Oien. Credit Unions for Kids is a nonprofit collaboration of credit unions, chapters, leagues/associations and business partners from across the country, engaged in fundraising activities to benefit 170 Children’s Miracle Network Hospitals. Adopted as our movement’s charity of choice, credit unions are the third largest sponsor of CMN Hospitals.

“Serving on the Credit Unions for Kids National Advisory Board is a small commitment to make compared the impact Children’s Miracle Network Hospitals has on the lives of so many children and families,” said Oien. “I am proud to serve on the National Advisory Board and to contribute to this effort.”

One hundred percent of every dollar donated by the credit union movement goes back to the state’s CMN-designated hospital, which for Minnesota is Gillette Children’s Specialty Healthcare in St. Paul, with outreach clinics around the state. Since 1996, the Credit Unions for Kids program has generated more than $100 million for CMN hospitals, including $8.7 million in 2011 alone.

“Steve is a longtime supporter of the Minnesota Credit Unions for Kids committee and our local Gillette hospital,” said Minnesota Credit Union Foundation Board Chairman Pat Brekken. “His commitment to this cause, now on the national level, is inspiring, and we appreciate his strong representation for Minnesota credit unions. 

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.  

Northern Communities CU’s new location a draw for Duluth students and residents

Affinity Plus recognizes 20-year leader with a “CU Builder Award” from the Minnesota CU Foundation

PCU Student Credit Union Hosts Second Financial LiteracySeries

Ogilvie school announces Students of the Quarter, sponsoredby Greater Minnesota CU

Cook Area Credit Union opens student-run branch at NorthWoods School

Participate in advocacy through positive story sharing

GREAT members respond to action alert

Main Street Patent Coalition to hold discussion on patent trolls

CUNA hosts free risk-based capital webinar, recording available

Registration now open for NCUA “Listening Sessions” 

NCUA holds third open meeting of 2014

NCUA issues report on Stabilization Fund, hopeful no further assessments required 

NCUA publishes March 2014 “The NCUA Report”

IRS Form W-9 revised, updates to account documents required 

Federal appeals court upholds Federal Reserve debit interchange regulation

NACHA announces moves toward same-day ACH settlement

NCUA Issues Letters to Credit Unions

Regulatory Alert No. 14-RA-09: Updated ATR and QM Requirements from CFPB

Out for Comment

Agencies issue proposed rule on minimum requirements forAMCs

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

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