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|The Pulse (10-29-14)|
The Pulse (10-29-2014)
October 29, 2014 ● Volume 03, Issue 43
Credit Union News
MnCUN President & CEO commends credit union for recent growth, pledges excellence from trade association
In a recent communication to Minnesota credit union presidents, MnCUN President & CEO Mark D. Cummins outlined his commitment – and that of the Minnesota Credit Union Network – to the state’s financial cooperatives. Cummins congratulated credit unions for their commitment to members and communities, which he directly attributed to record growth in recent years.
“As the numbers illustrate, consumers are finding their financial ‘home’ with you – local, not-for-profit credit unions that are focused on members and communities,” Cummins said.
Credit unions in the state of Minnesota have seen tremendous growth over the past two years – more than 110,000 members in 2012 and 2013 alone, and nearly 19,000 new members joined a Minnesota credit union by the mid-point of 2014. On the national level, U.S. credit union surpassed the remarkable milestone of 100 million memberships, which translates to roughly one in three Americans are members of a credit union.
The Minnesota Credit Union Network is committed to creating the environment for credit unions to grow, as it provides advocacy on the legislative, regulatory and public awareness fronts. MnCUN is continually strengthening its organizational structure and its offerings to members.
“As the credit union industry continues to thrive, the Minnesota Credit Union Network pledges to work tirelessly on your behalf,” Cummins said, thanking members for their continued dedication and commitment to the credit union movement.
For additional information about the Network’s strategic initiatives, various accomplishments, and testimonials from MnCUN members, visit the Membership page of the Network website. With questions about membership with the Minnesota Credit Union Network, please contact MnCUN Vice President – Association Services Kristina Wright by email or phone at (651) 288-5507.
Last week, the National Credit Union Administration (NCUA) staff confirmed earlier indications that there will be no National Credit Union Share Insurance Fund premium for 2014. Credit Union National Association analysis earlier this year also concluded that given the health of the credit union system, a premium would not be required.
“With the Share Insurance Fund on a sound footing, NCUA will not charge federally insured credit unions a premium in 2014,” NCUA Board Chairman Debbie Matz said. “The number of troubled credit unions continues to decline, and insurance losses remain manageable. Prudent regulation and supervision of a credit union system that continues to be strong and stable have kept the Share Insurance Fund at the maximum equity ratio permitted by law.”
The Consumer Financial Protection Bureau (CFPB) has been directed under the Dodd-Frank Act to publish rules and sample forms that integrate and combine disclosures required under both the Real Estate Settlement Procedures Act (RESPA, Reg X) and the Truth in Lending Act (TILA, Reg Z) for most closed-end consumer credit transactions secured by real property. In order to assist credit unions in understanding the new rules’ requirements, MnCUN has created a resource webpage, providing access to sample forms and instructions.
The TILA/RESPA Integrated Mortgage Disclosures resource page is the newest among several webpages pages focused regulatory compliance special topics available on the MnCUN website. MnCUN continues to work to provide the most up-to-date regulatory compliance information for Minnesota credit unions.
Mary Hansen of Mayo Employees Federal Credit Union to be recognized as a 2014 top woman in finance
Mary Hansen, CEO of Mayo Employees Federal Credit Union has been selected as one of the 2014 Top Women in Finance by Finance & Commerce magazine.
Finance & Commerce recognizes accomplished women from across the state of Minnesota at an awards event each November. This year’s Top Women in Finance event commemorates the program’s 14th year of honoring these amazing women.
A dinner will be held to honor award winners Thursday, Nov. 20, at the Hyatt Regency Minneapolis. Last year, more than 500 people attended the event. Profiles of the honorees also will appear in a special magazine in November.
For more information, visit Finance & Commerce online.
Calling all credit union young professionals! Sign up today to join the Minnesota Credit Union Network’s Crew group on Thursday, Nov. 5, for lunch, education and networking! This Crew Professional Development event, hosted at TopLine Federal Credit Union in Maple Grove, will feature Luke Riordan, CEO of social media marketing company DAYTA Marketing.
The second portion of the event will be dedicated to deepening involvement and engagement in the credit union industry. Learn more about the Minnesota Credit Union Network, what it does and how to use all of the Network’s offerings.
Among the resources available to Minnesota Credit Union Network affiliated credit unions are research reports compiled by the Credit Union National Association (CUNA). CUNA realizes the importance of receiving up-to-date and relevant information regarding the credit union industry. Credit unions can rely on CUNA's trusted research expertise to assist in making smart business decisions.
Research available from CUNA includes, but is not limited to the following areas:
To see the entire collection of research resources available to credit unions, visit the CUNA research and strategy webpage.
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.
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