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|The Pulse (08-15-2017)|
Volume 6, Issue 32
14 Minn. credit unions win awards; advance to national competitions
The Minnesota Credit Union Network is pleased to announce the state-level winners of the 2017 Dora Maxwell, Louise Herring, and Desjardins award competitions. These awards are sponsored each year by MnCUN and the Credit Union National Association (CUNA).
The 2017 Minnesota award-winners in the asset categories noted are:
Dora Maxwell Social Responsibility Community Service Award
Louise Herring Philosophy in Action Member Service Award
Desjardins Youth Financial Education Award
Desjardins Adult Financial Education Award
MnCUN received 40 award entries this year, and they were judged by the Credit Union Association of the Dakotas to ensure unbiased results. The winners in each award category now advance to CUNA’s national contest where they will compete with credit unions across the country, with judging to take place this fall.
“The Dora Maxwell, Louise Herring, and Desjardins statewide award winners are remarkable example of the people helping people credit union philosophy,” MnCUN President & CEO Mark Cummins. “We applaud them for the work that they do to improve their members’ financial well being and communities as a whole.”
The Dora Maxwell Social Responsibility Community Service Award was created in 1987 and recognizes credit unions for the activities they coordinate that benefit the community or a specific charity. This award promotes social responsibility among credit unions by formally recognizing their achievements outside the credit union.
The Louise Herring Philosophy in Action Member Service Award is given to a credit union for its practical application of the "people helping people” philosophy in internal operations. Created in 1990, this award promotes the credit union philosophy by formally recognizing credit unions that demonstrate in an extraordinary way the application of the movement's principles in serving their members.
The Desjardins Youth and Adult Financial Education Awards formally recognize the leadership of individual credit unions and chapters in their efforts to better educate youth and adults in financial literacy.
CECL Training Available through MnCUN
The Minnesota Credit Union Network has partnered with CliftonLarsonAllen LLP to provide member credit unions with CECL (Current Expected Credit Loss) training.
The new allowance for loan loss standard - Current Expected Credit Losses (CECL) was issued final in June 2016 and will be effective in 2021. Between now and then there are many options to consider. While there are numerous software packages that can help comply with CECL, this workshop will cover 3 of the options that can utilize an Excel spreadsheet to comply; historical loan losses, static pool analysis and year of vintage analysis. Greg Schwartz and Tanya Medgaarden from CliftonLarsonAllen are the presenters.
MnCUN has held sessions in Burnsville and Hermantown. The next available sessions will be Monday, September 18 in Austin and Tuesday, September 19 in St. Cloud.
The Minnesota Credit Union Network and Credit Union National Association (CUNA) form strategic endorsement relationships with various vendors to help credit unions compete in today’s financial environment. Through the Network Service Corporation (NSC), credit unions have access to a variety of products and services that help your organization meet the financial needs of its members.
CUNA Strategic Services has developed strategic relationships with the following trusted providers: