The Pulse (06-10-15)



The Pulse (06-10-2015)

June 10, 2015 ● Volume 04, Issue 23


The Pulse Archive

Credit Union News


MnCUN developing state prize-linked savings program

Last month, 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 Minnesota Credit Union Network is currently working with Doorways to Dreams, a nonprofit that helped bring PLS accounts to the United States, to develop a Minnesota-specific product that all credit unions will be able to participate in to leverage the cooperative spirit of credit unions.

“The Network will be able to provide more details about the PLS product as we move forward with development,” said MnCUN President & CEO Mark Cummins. “Our goal is to have a product available for our member credit unions by the fourth quarter of 2015.”

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.

Credit union professionals interested in participating in the MnCUN PLS program should contact MnCUN Political Advocacy Director Ryan Smith by email or by phone at (651) 288-5533.


Minn. credit union business lending outpaces national trend

Final reports by the National Credit Union Administration (NCUA) indicate that Minnesota credit union member business lending grew 12.9 percent between the first quarters of 2014 and 2015, outpacing the national credit union growth rate of 11.6 percent.

Over the same time period, automobile lending in Minnesota was also robust with an 18.7 percent increase for new vehicles and a 10.4 percent increase for used vehicles. Mortgage growth increased 6.1 percent on a year-over-year basis for Minnesota’s credit unions.

“These results show that Minnesota businesses and consumers are feeling more confident about their long-term financial picture, and they continue to choose credit unions as their partner for these investments,” said Minnesota Credit Union Network President & CEO Mark Cummins. “They are making more long-term investments that are helping their communities and families prosper, and their credit unions are working with them to achieve those goals.”

Overall, Minnesota credit unions have experienced consistent membership growth since 2011 and steady asset growth each year since 2007, as outlined below:

Minnesota Credit Union Membership and Assets


Members (in millions)

Assets (in billions)

























Q1 2015*





*Effective Oct. 1, 2014, Minnesota-based Endura Financial Federal Credit Union merged with Wisconsin-based Connexus Credit Union, affecting overall numbers reported for membership, assets, deposits and loans in Minnesota.

Nationally, credit union outstanding loan balances rose nearly 11 percent between the first quarters of 2014 and 2015. New auto lending growth was particularly strong at 21.5 percent during the same time period, and total loan delinquencies fell to the lowest level in eight years nationally. Delinquent loans at Minnesota credit unions decreased by nearly 9 percent.

“The decrease in delinquent loans is very encouraging,” said Cummins. “Minnesota credit unions continue to help their members get on track financially, and members feel confident that they can choose credit unions as their best financial partner because they are secure and sound.”

Credit unions submit quarterly data to the National Credit Union Administration (NCUA). This summary and analysis was compiled by the Minnesota Credit Union Network.


Credit union professionals & volunteers: please review/update MnCUN profile

In an effort to effectively and efficiently provide news and information to our members, the Minnesota Credit Union Network conducts a website profile verification twice per year. To help maintain database accuracy, professionals and volunteers from member credit unions should take a moment and Review Your Profile on the Network website by Friday, June 6 and update any information that has changed. This is also where you can update your subscriptions to many MnCUN and Minnesota Credit Union Foundation publications.

If you do not remember your username or password, visit the Reset your Password page. With questions about your profile, contact MnCUN Director of Facilities & Technology Scott Shoberg by email or at (651) 288-5525.



Offering for credit unions in state deposit program

As part of the Minnesota Credit Union Network’s Advocacy efforts to remove regulatory barriers, credit unions are able to fully participate in a state deposit program – the Minnesota State Board of Investment’s Certificate of Deposit Program. Through this program credit unions can access up to $1.5 million in deposits.

The Minnesota State Board of Investment (MSBI) has offered a Certificate of Deposit Program to financial institutions throughout the state of Minnesota since 1980. The program is on-going, offered quarterly, with the amount of funds committed depending upon the state's cash position and the relative attractiveness of CDs to other investment alternatives.

The MSBI will purchase CDs with three and/or six month maturities at each quarterly offering. The maturity date may vary, but always mid-month each January, April, July and October.

Credit unions are encouraged to take advantage of this state deposit program that provides the opportunity to be part of an important state initiative. Information about the specifics of the program is outlined in the state’s Certificate of Deposit Program brochure. NCUSIF limits are identical to the FDIC-stated limits, and no additional collateral needs to be pledged.

To participate in this program, credit unions must use one of the following clearinghouse financial institutions:

  • Alloya Corporate Federal Credit Union;
  • U. S. Bank, Milwaukee;
  • Wells Fargo Bank, Minneapolis; or
  • United Bankers Bank, Bloomington.

(Note: Credit unions do not have to be a member of Alloya to use them as a clearinghouse for this program.)

Interested credit unions should contact the Account Executive at their clearinghouse. With questions about the state deposit program, contact the Minnesota State Board of Investments at (651) 296-3328.



Minnesota Credit Unions for Kids Exceeds $200,000 Fundraising Goal


MnCUN & CEO Mark Cummins, 
MnCU4Kids Co-Chair Brianne Meszaros, 
MnCUF Executive Director Lyndsay Miller,
MnCU4Kids Co-Chair Dave Engler 

Minnesota credit unions continue to demonstrate their strong commitment to the state and to local communities through their fundraising and support of Gillette Children’s Specialty Healthcare. The Minnesota Credit Unions for Kids committee (MnCU4Kids) raised $214,010 in 2014 for Gillette Children’s Specialty Healthcare, the Children’s Miracle Network-designated hospital in Minnesota.

MnCU4Kids has raised more than $2.8 million in total funds since its inception in 1997 through the generous support of credit unions and vendor organizations throughout the state.

MnCU4Kids, a committee of the Minnesota Credit Union Foundation, is part of a collaboration of credit unions, chapters, leagues and business partners engaged in fundraising activities that benefit Children’s Miracle Network-affiliated hospitals. Throughout 2014, the volunteer MnCU4Kids committee coordinated a variety of fundraisers that engaged credit unions and members in all corners of Minnesota. Individual credit unions also coordinated their own fundraisers that consisted of cookouts, candy sales, casual Fridays and more.

“I am thrilled that we continue to see an increase in support for Credit Unions for Kids fundraising,” said MnCU4Kids Co-Chair Dave Engler. “Many of our participating credit unions tour Gillette Children’s hospital on an annual basis and have seen first-hand the local need for the state-of-the-art care that the kids at Gillette receive.”

MnCU4Kids attributes a significant portion of its fundraising success to CO-OP Financial Services, which provides regular donations through its Miracle Match program.

“We appreciate CO-OP’s ongoing support, and I am proud to recognize this long-lasting relationship between Minnesota credit unions and Gillette Children’s Specialty Healthcare,” said Minnesota Credit Union Foundation Chairman Dave Larson.

Gillette Children’s Specialty Healthcare is an independent, not-for-profit hospital located in St. Paul, with outreach clinics in Duluth, Burnsville, Maple Grove, and Minnetonka. All money raised through the MnCU4Kids program supports Gillette, helping kids with disabilities and chronic conditions. Credit Unions for Kids is a national program, which is endorsed by nearly all 50 state credit union leagues.

“Credit Union for Kids has been a reliable sponsor for many years,” said Becky Holst, Northern Minnesota Development Associate for the Children’s Miracle Network Hospitals Department of Gillette Children’s Specialty Healthcare. “The effort of the committee members and their credit unions provides Gillette stability in giving quality care to our patients.”



Make the most of MnCUN communications

In order to provide the most valuable resources to our members about credit union industry news and information, MnCUN is evaluating all of the communication vehicles used to share information and has put together a brief survey to help gather feedback.

The survey includes questions about a broad range of MnCUN communication pieces, should take about 10 minutes to complete, and is available online here.

Please complete the survey no later than Friday, June 19. Feel free to contact MnCUN Director of Communications Connie Kuhn by email or at (651) 288-5527 if you have questions. 




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.  

Mid Minnesota Federal Credit Union supports area high schools’ CEO program


Peer group analysis monumental for Royal Credit Union


Maple Grove-based TopLine Federal Credit Union awarded grant




Potential partial government shutdown on July 1 may affect credit unions, members


View all Governmental Affairs news stories


NCUA Hosting Remittances Webinar

NCUA Chairman Matz to host town hall webinar July 28

CFPB releases fact sheet on 3-day re-disclosure requirement

Credit union branding on CFPB 'Toolkit' booklet

Letter No. 15-CU-04: Improving the Process for Consumer Complaints


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