The Pulse (07-08-15)



The Pulse (07-08-2015)

July 8, 2015 ● Volume 04, Issue 27


The Pulse Archive

Credit Union News


CUNA seeks credit unions to participate in regulatory burden survey, webinar

Several months ago the Credit Union National Association (CUNA) commissioned a study by Cornerstone Advisors to enumerate the growing costs imposed on credit unions by regulations.  The goal of the study is to develop a comprehensive and rigorous estimate of the total costs of regulatory burden.  CUNA and the Minnesota Credit Union Network will then use that information to advocate on your behalf before state and federal legislatures and regulators to reduce regulatory burden.  CUNA and MnCUN believe this first-ever complete and rigorous catalogue of regulatory costs will be a vital tool in rolling back regulatory burden.  The first phase of the study, a deep dive analysis of three credit unions of different sizes, is now complete, and credit unions are invited to participate in Phase II.

For Phase II a comprehensive survey has been developed based on what was learned in the first phase.  The survey will gather information about increased expenses, lost revenue, and lost productivity across all areas of the credit union.  It is intended to provide the detailed information and analytical rigor to make a compelling case to regulators and lawmakers.  As a result, CUNA will be asking participants to invest as much as two business days to gather data to complete the survey. 

“We recognize this will require quite a bit more time than a normal survey would,” said Credit Union National Association President and CEO Jim Nussle “We believe your participation will provide a significant long-term benefit to your credit union, your members, and the broader credit union system.”

CUNA will provide significant support, and some extra benefits to credit unions participating in the survey.  There will be a pre-survey webinar during which Cornerstone Advisors staff will describe the data gathering process and answer your questions, before credit unions commit to the project.  Then, participating credit unions will receive a complete set of instructions on data collection, and will have access to telephone support from Cornerstone Advisors while filling out the questionnaire.  In addition, after the survey data has been compiled, participants will receive a custom regulatory burden scorecard that compares your financial impacts to those of other volunteers within the same asset range. Moreover, Cornerstone Advisors will host an exclusive free webinar for survey participants to review survey findings and to discuss how high performers are handling the regulatory burden (i.e., best practices, etc.).

Credit unions interested in more information should contact CUNA by email. A follow-up email will be sent with information about the introductory webinar which will be held next Wednesday, July 15.  With questions, please contact CUNA’s Chief Economist Bill Hampel by email.



Recognize your CU’s efforts with Dora, Louise, Desjardins awards – submit your entries by July 24

Credit unions work hard every day to offer unique projects, products and services that benefit their members and their communities. To honor these distinctions, the Minnesota Credit Union Network and CUNA are proud to sponsor this year's annual Dora MaxwellLouise Herring and Desjardins awards programs to recognize credit unions that are improving lives and communities. Entries must be submitted online no later than Friday, July 24.

Below is a brief overview of each awards program: 

Dora Maxwell Social Responsibility Community Service Award
The Dora Maxwell Award recognizes model credit unions that are improving the
lives of community members through external projects and activities.

Louise Herring Award for Philosophy-in-Action Member Service Award 
The Louise Herring Award recognizes model credit unions that are exhibiting their credit union philosophies and improving members' lives through internal programs.

Desjardins Youth Financial Education Award 
The Desjardins Youth Award recognizes model credit unions that are teaching personal finance concepts and skills to credit union members and nonmembers under age 18.

Desjardins Adult Financial Education Award
The Desjardins Adult Award recognizes model credit unions that are teaching personal finance concepts and skills to credit union members and nonmembers age 18 and older.

To submit an entry, visit the National Awards Programs page of the Network website. There, you will find links to individual awards program pages that include helpful information such as eligible activities, entry forms and more.

Credit unions are encouraged to enter in one or all of the national awards programs. Winning submissions will advance to the national competition for judging this fall. With questions about the Dora Maxwell Award program, please contact MnCUN Director of Communications Connie Kuhn by email or at (651) 288-5527.



This Saturday - Minnesota Credit Union Foundation Financial Literacy 5K 

Credit unions and service providers – now is your last chance to register for the second annual Financial Literacy 5K, a walk/run and kids run set for this Saturday, July 11, at Lake Normandale in Bloomington. In addition, any credit union, school or organization that registers five or more Financial Literacy 5K participants will automatically be “in the running” for the team award. Participants’ times will be aggregated and averaged to determine the best team time.

The Financial Literacy 5K is being hosted by the Minnesota Credit Union Foundation. With a strong commitment to financial education, the Foundation is an organization dedicated to providing the resources for credit unions and communities to prosper and thrive. In 2013, the Foundation launched its Financial Education Grant Program and an ongoing budgetary commitment to financial education. The Foundation dedicates 50 percent of its annual budget to Financial Education Grants that positively impact credit union members and communities.

The 2015 Financial Literacy 5K is powered by soleMOTION Race Management and is sponsored by Co-Op Shared Branching, Eckberg Lammers, TC Running, TruStage (a division of CUNA Mutual Group) and Wipfili.

Registration is open to:

  • Credit union staff, volunteers & supporters
  • Educators, school staff & administrators
  • Non-profits, agencies & financial literacy enthusiasts
  • Legislators, government officials & others holding elected office
  • Members of the running community
  • Walkers
  • Fitness enthusiasts
  • ...and anyone who shares a passion for financial education!

For additional details about the Financial Literacy 5K, visit the MnCUF website.


Recognize Credit Union Rock Stars

Do you know any credit union professionals in your state who demonstrate excellence in their field and embody the spirit of "people helping people?" Credit Union Magazine is looking for Credit Union Rock Stars—talented, creative, passionate individuals who raise the bar on innovation and service excellence. The magazine will feature the winners in a special issue this fall, sharing their achievements with readers nationwide.

Don't miss this chance to give an outstanding credit union professional well-deserved recognition—submit your nomination by July 15.


Report financial education presentations by Wednesday, July 8

Credit unions across the country partner with schools and community groups to teach personal finance to America’s youth. As part of the nationwide effort to promote and quantify financial education efforts, credit unions are encouraged to notify the National Youth Involvement Board (NYIB) of their classroom presentations made throughout the year. The deadline to report presentations conducted between July 1, 2014 and June 30, 2015 is Wednesday, July 8.

Reporting financial education presentations is beneficial to the Minnesota Credit Union Foundation Foundation, the Minnesota Credit Union Network, Credit Union National Association, and NYIB in providing information to state and federal elected officials. This quantitative data helps illustrate to lawmakers the credit union difference. Plus, in this day and age of bank attacks, credit unions need to showcase the activities that they do to improve their communities.

It is vital for credit unions to document and report such efforts! The information you submit is used to demonstrate how credit unions make a difference in the lives of young people and, at the same time, helps protect the unique status of credit unions as not-for-profit financial cooperatives.

Reporting your information helps NYIB recognize you, your credit union and the state. In addition, your educational efforts contribute to the decline in bankruptcies, benefiting consumers, credit unions and the economy.

Any credit union employee or volunteer who makes a presentation to groups of students or youth audiences age 22 and younger can report it. Presentations can be conducted in a broad range of educational settings, including a traditional classroom, Scout troop meeting, church group, community group, and others.

Acceptable presentations can be conducted on these and other consumer and financial related topics:

  • Credit union history, philosophy and/or uniqueness;
  • Money management: saving, spending, checking, budgeting, credit, lending, insurance, etc.;
  • Consumer education: smart shopping and/or other consumer focused issues;
  • Employment: interviewing, resumes, credit union careers, etc.;
  • Business, finance, employment and other related topics;
  • NEFE High School Financial Planning Program (HSFPP) presentations; or
  • Junior Achievement and/or other youth-related programs focused on finance.

To report presentations, visit NYIB online. Additional information available on the reporting FAQ document. With questions or for assistance in reporting appropriate presentations, contact NYIB North Central Regional Coordinator.


Deadline Approaching for Foundation’s Experiential Learning Grant Applications

Credit union organizations have until July 15 to apply for a Experiential Learning Grant from the National Credit Union Foundation (the Foundation). Funded credit union organizations will be granted $10,000 or more as part of this effort.

The full call for proposals and grant application can be found online.

What the Grants Fund

The following experiential learning programs are ones that the Foundation has had experience with and are favored: 

  • Reality Fairs A hands-on financial literacy experience for high school students to learn some of the financial challenges they will face when they start life on their own.
  • Retirement Fairs - In cooperation with CUNA Mutual Group, the “Route Your Retirement” program has been created, which assists credit union members and staff better prepare for retirement. 
  •  Life Simulations - Also known as “Poverty Simulations”, this experience is designed to help credit union employees, volunteers, and leaders begin to understand what it might be like to live in a typical low-income family trying to survive from month the month. 

Eligibility Requirements

Eligible applicants include credit unions, CUSOs, state credit union associations, state credit union foundations, any other organization owned or controlled by credit unions and other nonprofits. 

Grant Timeline

Applications will be reviewed by the Foundations’ Grant Committee from July 15 – Sept. 1, 2015, and grant contracts will be signed and disbursed to successful applicants on or around Oct. 1. The grant timeline will be for 12 months beginning from the date of the contract. 

Questions about experiential learning programs or the grant process can be directed to Lois Kitsch by email or by phone at (407) 616-2409.



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.  

HomeTown Credit Union sponsors New Prague Area Community Band performance in Faribault


Matt Ferrin hired as Northwoods Credit Union chief financial officer


Royal Credit Union’s McEachern active in Assocation of Credit Union Internal Auditors organization




MnCUN provides advocacy though "good news" stories


View all Governmental Affairs news stories


FFIEC releases cybersecurity assessment tool

NMLS announces updated release

Letter No. 15-FCU-03: How FCUs can add Associations to FOM

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