The Pulse (05-20-15)



The Pulse (05-20-2015)

May 20, 2015 ● Volume 04, Issue 20


The Pulse Archive

Credit Union News


Gov. Dayton signs Prize-Linked Savings bill

Sen. Vickie Jensen &
Affinity Plus Federal Credit Union
SVP-SIO Keith Melbrue

Last week, Gov. Mark Dayton signed into law H.F. 1127/S.F. 1043, a Minnesota Credit Union Network-sponsored bill that allows credit unions to offer prize-linked savings (PLS) accounts.

The bipartisan bill, authored by Rep. Jenifer Loon (R-Eden Prairie) and Sen. Vicki Jensen (DFL-Owatonna), encourages consumers to save by changing the savings experience and allowing them to feel the immediate rewards of prizes and incentives. PLS accounts essentially treat every deposit as a ticket in a drawing and offer savers the opportunity to win a larger prize with no risk of losing their savings.

Since 2009, credit unions in the United States offering PLS accounts have helped over 50,000 members save 94 million dollars, and the PLS bill was a key focus for the Minnesota Credit Union Network this legislative session. The House passed the bill on a 125-2 vote on April 30, and the Senate unanimously passed it on May 8.

“I want to express my appreciation and thank Gov. Dayton for signing this bill,” said Minnesota Credit Union Network President & CEO Mark Cummins. “It gives credit unions more options for helping their members save for the future, benefiting Minnesota families and communities alike.”


Gov. Dayton & Comm. Rothman laud students, credit union for financial education initiatives

Gov. Mark Dayton congratulates
Cook Area Credit Union CEO Rich
Crettol on the student-run credit
union branches at North Woods
School and South Ridge School.

Minnesota Governor Mark Dayton and Department of Commerce Commissioner Mike Rothman commended students from the B.O.S.S. (Bunch of Students Saving) program sponsored by the Cook Area Credit Union – soon to be North Star Credit Union – as they received recognition for winning their national first place Desjardin Youth Financial Education Award.

The B.O.S.S. students were instrumental in working with Cook Area Credit Union to start the student-run branch at North Woods School in Cook. Dayton and Rothman presented awards to the students who manage the Money Cave student-run branch at North Woods, a K-12 school in Cook, and to students who manage the Jungle Cave student-run branch at K-12 South Ridge School in Culver. The North Woods Money Cave location opened in February 2014, and the South Ridge School location just celebrated its grand opening on April 29.

“This is a tremendous program for all of you – both the schools and the credit union,” said Dayton. “Thank you for making this happen, and I hope we have many more of these student branches statewide in the future.”

The Desjardins Awards are presented nationally by the Credit Union National Association (CUNA) each year and recognize the leadership of credit unions in providing financial education initiatives that raise awareness and marshal resources to improve financial literacy.

Cook Area Credit Union CEO Rich Crettol, Community Education Coordinator Jody Feist and Board Member Pete Niska accepted the Desjardins Award in Washington, D.C., at CUNA’s Government Affairs Conference in March.

“It’s a great honor to have both Governor Dayton and Commissioner Rothman here at the school to recognize these exceptional students for their achievements,” said Crettol. “Through their work with the student branch, these students will continue to help their peers learn more about how to make wise and informed financial decisions.”



Your credit union. Your stories. Our shared vision.

In July, the Credit Union National Association (CUNA) will be showcasing positive credit unions stories from around the world at the America's Credit Union Conference and World Credit Union Conference, which they are co-hosting with the World Council of Credit Unions. There will be wall art in the lobby to highlight the difference credit unions are making. 
Credit unions are encouraged to submit stories that show creating awareness, fostering service excellence and removing barriers within the community.  Submit stories and photos to Nicole Daniels no later than Friday, May 29.



Minnesota Credit Union Foundation Financial Literacy 5K – register now!

Financial education supporters and running enthusiasts – mark your calendars to participate in the second annual Minnesota Credit Union Foundation Financial Literacy 5K! Set for Saturday, July 11, at Lake Normandale in Bloomington, this event is a walk/run and kids fun run, powered by soleMOTION Race Management.


Through the Financial Education Grant Program the Minnesota Credit Union Foundation awards grants to fund projects, programs and initiatives that help improve the personal finance skills of consumers and communities across Minnesota.

Spring 2015 Financial Education Grant recipients included:

  • Mid Minnesota Federal Credit Union, after participating in the CFPB’s “Your Money, Your Goals” Training, will provide training and collaboration with a local non-profit, Bridges of Hope, to provide comprehensive financial literacy training to community members experiencing financial hardship. Mid Minnesota will provide “train the trainers” sessions to the Bridges of Hope staff to reach the greater community.

  • Royal Credit Union will open an in-school credit union branch at Eden Prairie High School in September 2015. The branch will be staffed by students to provide traditional financial transactions, and will also be used as a facility for financial education opportunities. Royal will also work with the school to develop curriculum and classroom collaborations to support financial capability efforts.

  • St. Cloud Federal Credit Union will partner with the Sartell-St. Stephen School District 748 to create a lending curriculum within its human geography classes. Ninth grade students will create a development plan for a developing country, and then select micro-lending opportunities through Kiva, a non-profit organization with a mission to connect people through lending to alleviate poverty. The payback of the money loaned will create a self-perpetuating program to be used by students in future years.

  • TopLine Federal Credit Union, partnering with the Maple Grove Farmers Market, will offer the Power of Produce (PoP) Kids Club for the 2015 market season. PoP club members (children ages 5-12) will receive $2 market tokens to learn the power of money and how to make healthy food choices by shopping at market vendors.

Any credit union, school or organization that registers five or more Financial Literacy 5K participants will automatically be eligible to win the team award. Participants’ race times will be aggregated and averaged to determine the best team time.


Thank you to the 2015 Financial Literacy 5K sponsors: Co-Op Shared Branching, Eckberg Lammers, TC Running, TruStage, & Wipfli. For additional details and to register, visit the Minnesota Credit Union Foundation 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.  

Wings Financial CU launches ClickSWITCH to provide automated account switching


A home run for St. Paul Saints & SPIRE CU at CHS Stadium on May 21


Members save more than $36,000 with HomeAdvantage Program through Affinity Plus FCU




Regulatory relief bill introduced in U.S. Senate

Minn. State Legislature session recap

View all Governmental Affairs news stories


NCUA announces second grant round of 2015, $2 million available.

NCUA releases May Board meeting agenda

CUNA compiles checklists for upcoming TRID compliance

NCUA issues Legal Opinion Letters 

Letter 14-0902: NCUA response to ABA request on FCU monthly membership fees


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 

 Joanna Drennen
 Nathan Dormody

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

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