The Pulse (09-24-2014)



The Pulse (09-24-2014)

September 24, 2014 ● Volume 03, Issue 38


The Pulse Archive

Credit Union News


MnCUN Conference Call: "Data Breaches, New Technologies & Credit Unions"

Wednesday, Oct. 1, from 10-11:30 a.m. the Minnesota Credit Union Network will host a conference call for member credit unions – entitled "Data Breaches, New Technologies & Credit Unions." In addition to recent information on the Home Depot data breach, the call will provide an update from the Network conference call in February, touching on the Target data breach and class action lawsuits.

The conference call will discuss:

  • Recent data breaches and credit union impact
  • Need for improved security and consistent standards at the merchant level
  • Media attention on this issue
  • Legislative efforts around data security
  • National updates from CUNA Assistant General Counsel Robin Cook
  • Data security and new technologies overview from Leah Work of CO-OP Financial Services
  • Q&A and best practices sharing (as time allows)

Electronic invitations have been sent to all Minnesota credit union CEOs, with an invitation to forward them to pertinent staff. For additional information, please contact



MnCUN endorses bipartisan slate of candidates in 2014 congressional races

The Minnesota Credit Union Network’s (MnCUN) Political Involvement Committee voted to endorse a bipartisan mix of two Republicans and two Democrats for Congress in this year’s elections. MnCUN’s endorsed candidates are:

  • Sen. Al Franken (DFL)
  • Rep. Erik Paulsen (R) - 3rd Congressional District
  • Former State Rep. Tom Emmer (R) - 6th Congressional District
  • Rep. Rick Nolan (DFL) - 8th Congressional District

“Each of these candidates has demonstrated a strong commitment to issues that are important to credit unions and their members,” said MnCUN Vice President -Governmental Affairs, Mara Humphrey. “We are proud to support them in the 2014 elections.”

Looking ahead to the 114th Congress, which will convene on Jan. 3, 2015, credit unions will work directly with elected officials on critical industry issues such as:

  • Increasing the member business lending limit
  • Monitoring developments on the National Credit Union Administration’s risk-based capital proposal
  • Preserving credit unions’ tax status

“Credit unions are Minnesotans’ trusted, local, not-for-profit financial partners, and they are closely connected to the communities they serve,” said MnCUN President & CEO Mark D. Cummins. “We will continue to meet with legislators on these and other topics so we can advocate effectively on behalf of Minnesota credit unions and their members.”

The Political Involvement Committee and the federal-level Credit Union Legislative Action Council (CULAC), which is among the most bipartisan of PACs in Washington, D.C., make decisions to endorse candidates based solely on their support of credit union issues – without regard to party affiliation or other political beliefs.



MnCUN to debut HR Roundtable on Thursday, Oct. 2 – register today!

In response to requests made by member credit unions, the Minnesota Credit Union Network will be offering a new roundtable meeting for Human Resources professionals. Join fellow credit union HR specialists to for a network of peers, discuss challenges and obstacles, and exchange ideas. Roundtable meetings have an open agenda, and attendees can submit discussion topics in advance or bring questions to before the group.

The first HR Roundtable will be held on Thursday, Oct. 2, from 10:30 a.m.-1 p.m. at the Network office in St. Paul. (A conference call participation option is also available.) The registration deadline is Tuesday, Sept. 30, so don’t delay!

For additional information or to register, visit the MnCUN Event Calendar online. With questions or comments, contact MnCUN’s Director of Education Sue Groskreutz by email or at (651) 288-5521.



Registration open – November Crew event with DAYTA Marketing


Young credit union professionals are invited to register for the upcoming Crew roundtable. CEO of DAYTA Marketing Luke Riordan will speak with attendees about social media and marketing strategies for credit unions and his journey of becoming a CEO before age 35.

Through the Crew young professionals group, Minnesota Credit Union Network seeks to engage young professionals and provide them with opportunities to grow in their careers. The Crew is open to young professionals of all levels, including those new to the credit union movement or those seeking to establish deeper industry ties. 

Managing social media is a hot button with small businesses. It can take up to 32 hours a month for a midsize company to effectively manage just one social media platform, reports.

In addition to the guest speaker, Crew attendees will hear from members of the MnCUN staff to learn more about key initiatives and activities, and discover how to engage with the state’s credit union trade association. The session will also include information about MnCUN’s Crew Ambassador program and allow time for networking with other young professionals from credit unions around the state. 

To learn more about this networking group, visit The Crew page of the Network website. With questions or add your name to the Crew database, contact Crew liaison Laura Whittet by email or at (651) 288-5503.



Online shopping through AmazonSmile supports Minnesota Credit Union Foundation

Attention shoppers – you now have the ability to shop online and support the Minnesota Credit Union Foundation through AmazonSmile (!


AmazonSmile is a website operated by Amazon that lets customers enjoy the same selection of products, low prices, and convenient shopping features as on However, when customers shop on AmazonSmile, the AmazonSmile Foundation will donate 0.5 percent of the price of eligible purchases to the charitable organizations selected by customers. There is no cost to charitable organizations or to customers for this benefit.


In order to browse or shop at AmazonSmile, customers must first select a charitable organization. The Minnesota Credit Union Foundation has been added to the list of eligible charities.


“The Foundation is excited to test drive this new fundraising vehicle, and we hope Minnesota credit unions will use AmazonSmile when shopping online for business or personal purchases,” said Foundation Chair Dave Larson. “With a shopping experience identical to, this fundraiser has great potential to generate new revenue for the Foundation and provide additional grant funding for professional development and financial education initiatives.”


To explore the online shopping experience, visit and select the Minnesota Credit Union Foundation as your charity of choice. With questions or feedback, please contact Foundation Executive Director Kristina Wright by email or at (651) 288-5507.



Penny K. Jarnot honored for 25 years of service through the Minnesota CU Foundation’s Credit Union Builder award

Last week, Energy Services Federal Credit Union honored Penny K. Jarnot as a Credit Union Builder through the Minnesota Credit Union Foundation. Jarnot, who dedicated more than 25 years to the credit union, is set to retire from her role as Manager/CEO in October.

The Credit Union Builder award, established by the Minnesota Credit Union Foundation, recognizes those who have dedicated time and energy to building the credit union movement. Nominations for this award are made by credit unions and other organizations in honor of or in memory of a significant individual who has been instrumental in their success.

“Penny has always lived the philosophy of ‘people helping people,’ continually going above and beyond to better serve the credit union’s membership,” said ESFCU assistant manager Susan Loesch.

She noted that Jarnot’s member-driven attitude has yielded growth in members, assets, services, and additional branches.

During her career, Jarnot was active in the credit union movement and a vocal proponent for small credit unions. She served on the Minnesota Credit Union Network (MnCUN) Board of Directors for six years, and she chaired MnCUN’s Awards Committee for 11 years. Jarnot was also active in the Central Minnesota Chapter of Credit Unions and frequently served as a mentor to employees and other credit unions.

“Penny has been a champion of the credit union industry throughout her career, and her dedication to her staff end members is inspiring,” said Foundation Chair Dave Larson. “The Minnesota Credit Union Foundation is honored to be able to celebrate this achievement with her and wish her well in her retirement.”

Jarnot joins 30 other individuals who have been honored over the past six years with the Foundation’s Credit Union Builder Award. The names of the recipients and the contributing credit unions are permanently displayed in MnCUN’s lobby as a tribute to their accomplishments. The honorees receive acknowledgment from the Minnesota Credit Union Foundation, and donors are also listed online and in the Foundation’s annual report.



NCUA releases videos on protecting seniors from financial abuse

Because millions of American seniors are targeted each year by scam artists or fall victim to other forms of financial abuse, the National Credit Union Administration has created two new videos aimed at helping consumers and credit union staff recognize and prevent fraud.

The agency’s latest videos were released last week and posted on NCUA’s YouTube channel. The first, "Scams Targeting Seniors," is a dramatization of how an unwary consumer could become the victim of a typical scam. The video offers advice to credit union members who suspect they may have been targeted. The second, "Reporting Elder Financial Abuse or Exploitation," explains to credit union managers and staff how to spot, prevent and report cases of financial abuse.

On July 24, the Minnesota Credit Union Network (MnCUN) hosted the Elder Financial Abuse Forum on for member credit unions. This session, moderated by Hubert H. “Skip” Humphrey III, former Consumer Financial Protection Bureau Senior Liaison, included a panel of stakeholders in Minnesota who are battling this epidemic to discuss how to identify and report to the appropriate agencies suspicion of elder financial abuse.

The Elder Financial Abuse Forum and Webinar and the Elder Financial Abuse Presentation are available on the Elder Financial Abuse Resource page of the Network 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.  

Royal CU’s Brianne Meszaros a finalist in the CUES Next Top Credit Union Exec challenge


VIDEO: Mid-Minnesota FCU teaches Brainerd High School students about personal finance


Minnco CU sets up benefit account for cancer patient


Mid-Minnesota FCU donates $2,500 to Habitat for Humanity



Ring in October with a GREAT month membership drive

NCUA releases September report


NCUA releases board action bulletin


CFPB releases supervisory highlights on indirect auto lenders, mitigating fair lending risk 


Obligations under the ADA for hearing impaired members


NCUA Issues Supervisory Letters


NCUA issues Supervisory Letter on Capital Planning




With 21 years in business, AmeriCU is a leader in mortgage services for credit unions

AmeriCU Mortgage has been helping credit unions maximize mortgage lending opportunities since 1993, with a passion for member service, innovative loan programs and flexible service options. AmeriCU offers a comprehensive partnership approach focused on expanding your credit union's mortgage offerings to help grow revenues and strengthen relationships. 

AmeriCU has several relationship options ranging from having credit union personnel extensively involved in the process to AmeriCU's loan professionals handling the entire transaction. Regardless of the option you choose, your credit union and your members will receive reliable, fast and flexible support. Partnerships are available in the form of outsourcing, correspondent, wholesale and servicing relationships.

  • Complete outsource
    AmeriCU provides solutions for both portfolio programs and secondary market mortgages. The credit union can outsource various areas of the mortgage process, including origination, processing, underwriting or closing. AmeriCU provides comprehensive marketing support for your mortgage program as well.

  • Wholesale
    AmeriCU provides secondary market access for your mortgage lending needs without the hassle of managing agency relationships.

    AmeriCU's years of industry experience and established agency relationships can be leveraged to provide your members the best available mortgage options. For this option credit unions originate and process and AmeriCU will underwrite. The credit union or AmeriCU will prepare closing documents. Marketing resources are provided.

  • Correspondent
    The credit union originates, processes, underwrites, closes and funds. Mortgage is then sold to AmeriCU. Underwriting and closing document preparation is available. Marketing resources are provided.

  • Servicing
    AmeriCU offers servicing for your portfolio loans. Whether you are doing the originations or we are our service experts are able to handle all of our portfolio needs. With a fully staffed department including loss mitigation, collection, and foreclosure experts AmeriCU can manage your portfolio and help you avoid adding additional staff to navigate your complex real estate transactions.

For more information, contact MnCUN Vice President – Network Service Corporation John Ferstl at (651) 288-5505 or MnCUN Director of Business Development Vickie Ganrude at (651) 288-5515.


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 

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

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