The Pulse (11-18-15)



The Pulse (11-18-2015)

November 18, 2015 ● Volume 04, Issue 46


The Pulse Archive

Credit Union News


WINcentive Savings Gaining Momentum among Credit Unions

WINcentive™ Savings is a prize-linked savings account that offers members the chance to win cash prizes from a state-wide drawing pool. The goal of WINcentive™ is to foster a regular habit of savings among current members, and to also attract or broaden a new membership base. Eight credit unions throughout the state have signed up to offer their members WINcentive™ Savings.

Several more credit unions are in process as well. The more credit unions that participate, the bigger the statewide prize-pool, the greater the media impact, and the wider we can collectively spread the good work credit unions do for consumers. A media plan to introduce Minnesotans to WINcentive Savings will begin in the coming weeks.

"Prize-linked savings is an innovative financial product that makes it easier for people to save," said Tim Flacke, Executive Director of Doorways to Dreams (D2D) Fund, a national nonprofit that has pioneered product innovations for financially vulnerable Americans.  "By launching WINcentive Savings in Minnesota, credit unions are showing leadership and their commitment to improving the lives of hundreds of thousands of people across the state."

The Minnesota Credit Union Foundation has donated $1,000 to help Minnesota Credit Unions kick off WINcentive™ Savings in big way. The $1,000 prize will be awarded February, 2016 – in the very first WINcentive drawing.

There is still time for your credit union to sign on and participate in the initial media events and special Foundation Kick off prize drawing. For more information about how your credit union can offer WINcentive Savings, visit our website or contact Ryan Smith at or by phone 651-288-5533 or 1-800-477-1034.


MnIPC welcomes Dean Scholl as Vice President

Last week, Dean Scholl was named Vice President of the Minnesota Item Processing Corporation (MnIPC). As Vice President of MnIPC, Scholl will be responsible for the overall management of the operations of MnIPC’s item processing service to ensure quality and professional service is provided to member credit unions. 

The Minnesota Item Processing Corporation has provided credit unions with a cost-effective processing facility for more than 30 years. MnIPC is now a wholly-owned subsidiary of the Minnesota Credit Union Network.

MnIPC works with credit unions across Minnesota, and nationwide, providing a complete suite of check processing services; including inclearings, return items and image archive, as well as handling branch, remote, home and smartphone deposits. MnIPC also maintains a full seven-year image archive of all check images that are sent out for deposit or processed. Dedicated to credit unions, MnIPC's experienced staff provides unsurpassed customer service to their clients.

Dean has recently relocated to the Twin Cities from Pittsburgh where he was the Vice President of Project Management at BNY Mellon.  Prior to this, he was Vice President of Operations at Fidelity National Information Services (FIS) and previous to FIS, he was Vice President of Operations with Keystone Financial Inc., a Pennsylvania Bank Holding Company.


Minnesota Credit Union Foundation announces financial education grant award recipients

The Minnesota Credit Union Foundation (MnCUF) – with a mission to provide resources for credit unions and communities to prosper and thrive – recently awarded five financial education grants to assist Minnesota credit unions with implementing financial education projects. MnCUF increased this cycle’s available grant funds an additional $2,000, and will disburse total grant funds of $18,500.

“The Foundation Board was very impressed with the applications we received this fall,” said Foundation Chairman Dave Larson. “Minnesota credit unions are working on many innovative financial education initiatives, and the Foundation is proud to support them.”

The fall 2015 Financial Education Grant recipient program are:

City & County Credit Union is launching “Money on the Bookshelf.” A family oriented financial literacy program, youth in the east metro can enroll by visiting a branch location with a parent/guardian, and begin borrowing a book from the library that introduces a variety of financial topics. Once a child completes the required books for their age category (4-14), the child receives $5 deposit into CCCU savings account.

Hiway Federal Credit Union is collaborating with the Sanneh Foundation and St. Paul Public Schools to provide financial literacy tools and education to students and staff through Dreamline, a trained tutor/mentor “coaching” program.

Richfield Bloomington Credit Union, in collaboration with the Richfield and Bloomington Schools, will craft and deliver a custom financial literacy program that incorporates classroom curriculum, financial tools, online access to CUNA’s Googolplex calculators and games, video shorts, and the creation of teen accounts.

United Educators Credit Union will assist Red Lake High School’s personal finance class by providing copies of CUNA’s “Guide to Money” for student use on the Red Lake reservation.

Wings Financial Credit Union is establishing a Reality Fair for schools in the Twin Cities metro area in recognition of financial literacy month.


The Foundation Board of Directors evaluates applications based on a variety of factors, including credit union value, community impact, collaboration, and creativity. Non-credit union organizations may also apply for grant funding, but must partner with a Minnesota credit union and demonstrate how the project will impact credit unions, their members, and the larger community.

For more information, including prior grant recipients, see the Minnesota Credit Union Foundation 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 Communications Specialist Laura Whittet



H.R. 1210 – the Portfolio Lending and Mortgage Access Act

View all Governmental Affairs news stories


FFIEC issues revised Management section of IT Handbook

NCUA releases Board Agenda

NCUA releases new consumer assistance center portal

FRSB announces increased Reg. D reserve requirements


View all Regulatory Compliance news stories



Digital directory featuring MnCUN V.I.P. participants now available online

The 2015 digital directory showcasing the 28 participants of this year’s Minnesota Credit Union Network Vendor Involvement Program (V.I.P.) is now available. The 2015 V.I.P. Directory features full company descriptions, as well as contact information for these vendors that have promised dedicated service to Minnesota’s credit unions.

This digital edition also allows credit union professionals to view it anywhere – on a desktop computer, laptop or by using their smartphone's web browser. This interactive directory can also be downloaded as a PDF, shared by email or social media, or printed.

The exclusive vendor listing is a benefit of participating in V.I.P., which is an advertising program that increases service organizations' visibility among credit unions. V.I.P. participants agree to support the Network and Minnesota's credit unions and pledge to offer professional service, quality product lines and competitive pricing. Participation in the Vendor Involvement Program does not constitute an endorsement by the Minnesota Credit Union Network.

More information about the Vendor Involvement Program and links to the 2015 V.I.P. Directory are available on the Network website. With questions, contact MnCUN Vice President – Network Service Corporation John Ferstl at (651) 288-5505.

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