Volume 5, Issue 44
Firefly Credit Union CEO Bill Raker, CUNA push for reductions at NCUA budget briefing
Last week, Firefly Credit Union President & CEO Bill Raker presented testimony on budget and transparency issues at the National Credit Union Administration’s (NCUA) budget briefing. This was the first such briefing conducted by the agency since 2008.
“When considering interactions with credit unions and by extension the costs related to those interactions, I believe fundamentally we need to acknowledge that the incentive structure of banks and credit unions is quite different,” said Raker in his remarks during the hearing.
“It seems my credit union spends more time justifying proposed expenditures than does the agency,” said Raker. “Credit unions need this commitment if they are to maximize service to members and reach more potential members.”
Other credit union professionals who testified included; Mike Schenk, CUNA vice president of economics and statistics; Sean Gaven, senior vice president and chief financial officer of American Airlines Federal Credit Union; Paul Gentile, president/CEO at the Cooperative Credit Union Association and chairman of the subcommittee; and Gordon Sam, chairman of the board of directors of Pearl Hawaii Federal Credit Union.
Comments on the budget can be submitted to the NCUA until Nov. 4 at 5 p.m. (ET). The board will vote on a 2-year budget at its Nov. 17 meeting.
Minnesota Business Ethics Awards – nominations now open
The Minnesota Business Ethics Award® (MBEA) is seeking nominations to recognize and celebrate businesses with good performance plus good ethics. Established in 1999, the MBEA is a joint effort of the Society of Financial Service Professionals – Twin Cities Chapter and the Center for Ethical Business Cultures at the University of St. Thomas, along with the National Association of Insurance and Financial Advisors. The Minnesota Credit Union Network is an endorsing organization for these awards.
To nominate a business, click on Nominate a Company and complete the online form. The deadline for nominations is Jan. 20, 2017. For more information about the awards visit the Minnesota Business Ethics Award website.
Minnesota Credit Unions Sponsor Wrong About Everything Podcast
Project Zip Code Quickly and Securely Supports Effective Advocacy
NCUA Board Action Bulletin
October NCUA Report
NCUA approves interagency proposed flood insurance rule
NCUA proposes additional FOM rule
Upcoming compliance dates
View all Regulatory Compliance news stories
Give Your Members Great Discounts on TurboTax
It’s hard to believe that tax season is just around the corner. Don’t let your members miss out on great discounts on TurboTax products, and a chance to enter the TurboTax “$25,000 Payday Sweepstakes”!
Enrolling in the Love My Credit Union Rewards TurboTax program will provide your members with savings on the TurboTax online and download products. Your members are eligible to save:
- $5 off the TurboTax federal Deluxe edition
- $10 off the TurboTax federal Premier edition
- $15 off the TurboTax federal Home & Business edition
In addition, your members are eligible to enter the TurboTax “$25,000 Payday Sweepstakes” for a chance to win the grand prize of $25,000 or 12 first prizes of $1,000 each. Members enter the sweepstakes by starting their tax return, through your credit union’s custom microsite, before February 16, 2017.
TurboTax is America’s #1 online tax preparation service. TurboTax products provide a secure, easy-to-use experience for credit union members for most any tax situation with guaranteed 100% accurate calculations and maximum refunds.
The TurboTax program provides great opportunities for your credit union to:
- Build member loyalty
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- Capture tax refunds as investments and deposits
- Market your products and services to your members on your co-branded TurboTax microsite
More detail are available online. For more information about the Love My Credit Union Rewards TurboTax program, contact MnCUN Director of Business Development Kris Jacobsen by email or by phone at (651) 288-5515 or toll free at (800) 477-1034.