The Pulse (11-25-15)



The Pulse (11-25-2015)

November 25, 2015 ● Volume 04, Issue 47


The Pulse Archive

Credit Union News


Together we are stronger!

As we celebrate Thanksgiving this week, the entire MnCUN staff would like to thank each and every member for supporting the system. We truly value the important work you do every day for your members, which inspires us to advocate on behalf of your credit union to make that job easier. As recent news events have thrust separation and differences into the spotlight – we are thankful to belong to a movement that works for good, and thrives on cooperation.

We are also grateful and humbled by the kind words we have recently received from several members about the value of being a member of the Minnesota Credit Union Network….


“The Minnesota Credit Union Network’s educational events and conferences keep my employees up to date and well trained on a variety of industry issues. We value the numerous opportunities MnCUN provides to learn, network, and collaborate with other credit union professionals on topics relevant to our credit union’s success.”


Kim Westphal, President/CEO, HomeTown Credit Union


“We belong to the Minnesota Credit Union Network for the following reasons:


Networking:  We can ask other credit union leaders what is important to their members and what issues they are having.  We can develop relationships with our peers which makes our business fun. So often CEO’s can become isolated. MNCUN brings us together!


Advocacy:  MNCUN is our advocate! They do an excellent job of informing regulators and legislators about our needs and issues. Since they represent many credit unions in Minnesota, they carry much more weight than we would if we were lobbying on our own.  Also we save time and money by having advocates when we need them – we don’t have to drop everything and run to St. Paul and Washington. MNCUN brings representatives from NCUA and our State regulators to their meetings so that the regulators find value in coming here. I doubt that these people would make the trip to meet with a single credit union.


Education: MNCUN brings us many seminars and educational opportunities whether in an online or in person format. They are on the forefront of current trends and regulations.


Link to CUNA:  MNCUN is your link to the Credit Union National Association! CUNA provides many opportunities for additional education and lobbying. I have been able to recruit valuable employees because CUNA give these employees a way to grow at the national level, something our credit union would never be able to provide on our own. 


Debora Almirall, President/CEO, Minnesota Power Employees Credit Union


“I feel that the most important component of MnCUN membership for Affinity Plus is the work that you do on the political side. The facilitation of meetings with key legislators makes it easier for us to share our thoughts and concerns, which is valuable for us and the industry as a whole.”


Dave Larson, President/CEO Affinity Plus Federal Credit Union

Thank you all for your continued support of the Network, and Happy Thanksgiving. Together we are stronger!


Network staff named to national committees

Mark Cummins 
 Laura Whittet

Last week, Minnesota Credit Union Network President & CEO Mark Cummins was elected Chairman of the American Association of Credit Union Leagues (AACUL).  In this role, Cummins will work collectively with credit union league presidents to ensure they have the resources to successfully serve their member credit unions.

Having served in the credit union movement for 25 years, Cummins brings a wealth of experience to the board. For the past eight years, he has served as MnCUN President & CEO. In addition, Cummins’ previous experience includes working for 12 years as the President & CEO of White Crown Federal Credit Union in Denver, Colo. Cummins is the Chair of the Credit Union National Association (CUNA) Cooperative Alliances Committee and the Credit Union Legislative Action Council (CULAC), he also serves on the Partnership Committee.

“I appreciate the opportunity to serve as chairman of the American Association of Credit Union Leagues,” said Cummins. “The strength of the association enhances the ability of each league to support the credit unions in our states.” 

Laura Whittet, MnCUN Communications Specialist, was recently appointed as the League Representative to the CUNA Young Professionals Committee. The purpose of the committee is to assist in the fulfillment of CUNA’s strategy for developing and retaining next generation leaders to grow, promote and sustain the credit union movement. The group serves as a strategic leadership resource for CUNA; providing staff with advice and guidance for enhanced young professional-centered initiatives. Whittet is also the Network Staff Liaison to Minnesota’s CREW young professionals group, and has been with the Network in her communications role almost two years.


Student credit union branches growing in Minnesota


Eden Prairie High School students
& State Representative Jenifer Loon

 Tina Jones (Hiway), Glen Durbahn (Hiway),
Dave Boden (Hiway), Principal Micheal Johnson,
Saint Paul Public Schools Superintendent
Valeria Silva, and Saint Paul
Chamber of Commerce Pres. Matt Kramer.

The number of student credit union branches in Minnesota continues to grow.

Since 2010, nine student credit union branches run by seven credit unions in Minnesota schools have opened across Minnesota from Orr to Owatonna, and throughout the metro area.

“The Perch” opened by Royal Credit Union’s in Eden Prairie High School in September, and Hiway Federal Credit Union just recently opened its “Governors Branch” at Johnson Sr. High this month. Hiway Federal Credit Union is also planning to open a branch at St. Paul’s Highland Park Sr. High this spring.

Student credit union branches are established as a financial education partnership between a credit union and a school or school district. Last year, Governor Mark Dayton praised student branches and urged credit unions to continue this effort throughout Minnesota.

Student credit union branches provide students with a variety of opportunities, such as learning money management skills, developing career skills, and encouraging their peers to make wise decisions with their money. In some cases, students are directly involved in the management and responsibilities of the credit union:

  • Opening accounts and managing deposits and withdrawals
  • Managing the hours and services of the Credit Union for students
  • Teaching and providing other financial literacy services to students

“In order for Minnesota to continue to be a business leader, financial literacy programs and measures need to be expanded wherever possible to ensure future generations thrive,” said State Representative Jenifer Loon on a recent visit to The Perch.

“Eden Prairie High School and Royal Credit Union recognize this imperative and have moved forward with creating a real world opportunity for students to develop their knowledge of the financial products and services they will need to understand as they reach adulthood. I commend them both for their efforts to help our youth discover the tools they will need in an increasingly complex financial world.”

“We know that financial literacy is one of those gates to a more successful future,” said Johnson High School Principal Micheal Thompson at the Governors Branch grand opening.

“Student credit unions are making a difference in the long-term financial capabilities of young people, and these opportunities will have lasting impact on both students and their families,” said Mark Cummins, President and CEO of the Minnesota Credit Union Network. “We are excited to see more and more credit unions entering this type of community partnership.”


Include compliance & audit services in your budget for 2016

 Jennifer Stedt

Is your credit union seeking assistance with compliance? Do you need an audit completed? Or perhaps you’re not quite sure what kind of help your credit union needs? The Network can help.

MnCUN’s Compliance & Audit Consultant Jennifer Stedt is a CUNA-certified Bank Secrecy Act Compliance Specialist (BSACS). Stedt joined the Network in December 2014, and is a certified compliance officer with 20 years financial institution experience in a variety of positions. Specifically, she has experience in risk management, internal auditing, training, compliance and operations.

  • Bank Secrecy Act/Office of Foreign Assets Control
  • Supervisory Committee Minimum Procedures-Appendix A
  • Staff and Volunteer Accounts
  • Lending 
  • Overall Compliance Overview

For a complete list of services and to watch a short overview video of MnCUN’s compliance & audit consulting, visit the Compliance Services page or contact Jennifer Stedt by email, at (651) 288-5509, or at (800) 477-1034.



Minn. Credit Union Foundation Financial & Audit Professionals Grants available

With the support of a generous contribution from Rich Gabrielson, certified public accountant (CPA), the Minnesota Credit Union Foundation (MnCUF) has established the Financial & Audit Professionals Grant Fund. Gabrielson retired from CliftonLarsonAllen, LLP at the end of 2013, after working with Minnesota credit union supervisory committees, boards of directors and management throughout his 36-year career. Financial & Audit Professionals Grant applications are being accepted through Nov. 30, and grant recipients will be selected by the MnCUF Board in December.

Funding from the Financial & Audit Professionals Grant program is intended to cover or defray the costs for credit union professionals and/or volunteers to attend timely and accurate educational events, conferences and seminars on financial and audit-related topics.

Gabrielson’s contribution provides up to $2,000 in annual grant funding. Grant recipients will be notified within two weeks of the MnCUF Board’s selection. Grant funds must be used by Dec. 31 of the following year, and recipients must submit proof of registration and the grant follow up form. Additional information can be found on the Financial & Audit Professionals Grant page of MnCUF’s 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


Project Zip Code quickly and securely supports effective advocacy

View all Governmental Affairs news stories


NCUA releases Board Action Bulletin  

NCUA releases November NCUA Report

CFPB releases rulemaking agenda

NCUA releases proposed rule expanding FOM for federal CUs


View all Regulatory Compliance news stories


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