The Pulse (10-07-15)



The Pulse (10-07-2015)

October 7, 2015 ● Volume 04, Issue 40


The Pulse Archive

Credit Union News


CFPB, NCUA affirm “good faith” compliance with TRID

Prior to the Oct. 3 effective date of the new Truth in Lending Act/Real Estate Settlement Procedures Act Integrated Mortgage Disclosure rules (TRID), Consumer Financial Protection Bureau (CFPB) Director Cordray confirmed in a congressional hearing last week that the CFPB, as well as other financial institution regulators, will focus in initial examinations on “good faith” efforts by lenders to comply with the new rules.


NCUA Chairman Matz, on behalf of the FFIEC, also sent a letter to CUNA prior to the effective date reiterating “good faith” compliance:


“Examiners will expect supervised entities to make good faith efforts to comply with the Rule’s (TRID) requirements in a timely manner. Specifically, examiners will consider the institution’s implementation plan, including actions taken to update policies, procedures, and processes; its training of appropriate staff; and its handling of early technical problems or other implementation challenges.”

The U.S. House of Representatives is slated to vote on a bill today, the Homebuyers Assistance Act (H.R. 3192), that would establish a hold-harmless safe harbor from litigation and enforcement of TRID until Feb. 1, 2016. The Network will continue to monitor the status of the bill and other efforts to formally establish a TRID compliance safe harbor.


Upcoming Peer-to-Peer (P2P) Session: Human Resources

Credit union professionals are encouraged to join their peers at the upcoming Minnesota Credit Union Network Human Resources Peer-to-Peer (P2P) meeting on Thursday, Oct. 29. P2Ps includes time for personal introductions, lunch and discussion.

The days of employers ignoring the impact of social media in the workplace is no longer realistic or prudent. Tweets, Snapchats, Posts, Facebook, Instagram, Tumbler and the next big social media rage are all here to stay. Is your workplace caught up with the times or does it reflect your "father's workplace?"  Does your employee handbook address issues of our brave new social media world with an appropriately tailored social media policy or was your last update to it getting ready for Y2K? Also, when is inappropriate use of social media by an employee significant enough to warrant discipline up to and including termination? These and other topics will be discussed, along with your questions, at this informative lunchtime seminar.

More information and registration available online

P2Ps provide credit union professionals the opportunity to participate in cooperative meetings to network and exchange ideas.





Register now: Annual Credit Unions for Kids Bowl-O-Rama – Oct. 28

Your favorite bowling fundraiser is just weeks away! Join the Minnesota Credit Unions for Kids (MnCU4Kids) committee for the Annual Bowl-O-Rama on Wednesday, Oct. 28. This event provides credit union professionals and volunteers the chance to raise money for a great cause and have fun doing it.

All proceeds from this fundraiser will benefit Gillette Children's Specialty Healthcare and its clinics around the state, which help kids with disabilities and chronic conditions. Gillette is Minnesota’s Children’s Miracle Network (CMN) designated hospital.

The Bowl-O-Rama will be held at Stars & Strikes Entertainment Center in Wyoming, Minn. Participants will enjoy lunch, three games of bowling, and prize drawings. Plus, hear from a Gillette family that directly benefits from the contributions made through MnCU4Kids.

Additional information available on the event registration form. Please note: Stars & Strikes has changed names - it is now the Splitrocks Entertainment Center. With questions, contact MnCU4Kids committee member Marty Kelly.



$10,000 in scholarships available from the Minnesota Family Involvement Council

The Family Involvement Council (FIC), a committee of the Minnesota Credit Union Foundation (MnCUF), will be awarding $10,000 in scholarships to 16 credit union members for the 2016-2017 school year. Applications are being accepted on the FIC website ( through February 1, 2016.

The FIC annual scholarship program is the focus of its mission to provide financial awareness to families and to further the education of Minnesota credit union members. Scholarship applicants are asked to submit information on their extra-curricular activities and accomplishments, as well as an essay on an FIC-selected topic. Four $1,000 Harvey Bakke scholarships and twelve $500 scholarships were awarded this year to college students in traditional (high school seniors entering college) and non-traditional categories.

Funds for the FIC’s scholarship program are raised each year during the committee’s silent auction, which is held during the Minnesota Credit Union Network’s Annual Meeting & Convention.

With questions, contact FIC Chair Bridget Petersen by email or by phone at (651) 641-2256.


Nominate a Woman to Watch

Credit Union Times is rolling out the red carpet for influential, forward-thinking women reshaping the future of the credit union community. Across all departments, ages and experience Credit Union Times wants to recognize those women who are challenging the status quo and pushing creative solutions to address what ails their credit union or the industry as a whole.


Nominations are currently being accepted online. 


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 Communications Specialist Laura Whittet

Credit Unions Unite to “Plus It Forward” in Minnesota Communities

Minnco Credit Union Wins Community Service Award

City & County Credit Union welcomes new school year with successful supply drive



US House Financial Services Committee passes Risk-Based Capital Study Act of 2015

Minnesota legislators highlight credit union meetings to constituents

View all Governmental Affairs news stories


Interagency Flood Insurance Update Webinar

NCUA issues Supervisory Letters

Letter No. 15-03: Fixed Asset Management

Regulatory Alert No. 15-RA-04: Regulatory Changes Affecting Military Members

Regulatory Alert No. 15-RA-05: Statutory Changes to Flood Insurance Rule

Letter 15-CU-06: Fixed Assets Limit Removed

Upcoming compliance dates


View all Regulatory Compliance news stories




Register now for The Baker Group’s Quarterly Conference Call

Members of the Minnesota Credit Union Network are invited to register for The Baker Group Quarterly Conference Call - Credit Union Investment Strategies for 4th Quarter 2015. Scheduled for 11 a.m. Wednesday, Oct. 14, the conference call will focus on the following topics:

  • The Fed’s Dilemma: Inflation Too Low to Raise Rates and Growth Not Low Enough for Zero Interest Rate Policy (ZIRP)
  • Are You Really Prepared for Higher Rates? Simulating the Impact of Non Maturity Deposits Migration When Rates Rise
  • How to Effectively Filter Your Taxable Municipal Bond Credits
  • What Are SBA’s and Are They Right for My Portfolio?

Click here to register for The Baker Group’s Quarterly Conference Call.

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