The Pulse | April 2019

THE PULSE ARCHIVE

CREDIT UNIONS IN THE NEWS

GOVERNMENTAL AFFAIRS NEWS 🔒

REGULATORY COMPLIANCE NEWS 🔒

April 24, 2019

Network News

Sen. Tina Smith to Address 2019 Annual Conference

 

Minnesota’s Credit Unions will gather for their two-day Annual Meeting Thursday and Friday at the Radisson Blu at the Mall of America.  On Thursday, U.S. Sen. Tina Smith will open the Annual Meeting by addressing over 500 attendees. MORE

 


 

MnCUN Provides Letters of Support to Elected Officials

 

Since April 1, the Minnesota Credit Union Network sent several letters to elected officials at both the state and federal levels to thank them for their support of issues of importance to credit unions. 

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NCUA Reconsidering Rules for Compensation Tied to Loans for Members

The National Credit Union Administration (NCUA) issued an advanced notice of proposed rulemaking (ANPR) regarding credit union official’s and employee’s compensation in connection with loans to members and lines of credit to members. MORE 🔒

 

Resources Available to Help You Prepare for CECL

The Current Expected Credit Loss (CECL) standard goes into effect for credit unions on December 15, 2021. There are resources available to help you prepare for these changes. MORE

 

NCUA’s Final Rule for Loans and Lines of Credit to Members takes Effect Tomorrow

In August of 2018, the NCUA published a proposed rule to amend the regulations governing loans to members and lines of credit to members (NCUA Reg. § 701.21). MORE 🔒

 

 

 

Register now for the Financial Counseling Certification Program

The Enhanced Financial Counseling Certification Program (FiCEP) is a unique program to train credit union staff in professional financial counseling to help members better prepare for their future and assist when they are faced with financial difficulties. MORE

 

 April 17, 2019

Network News

Minnesota Credit Union Members Win Big with Wincentive

WINcentive incentivizes healthy savings habits by offering consumers entries in monthly, quarterly, and annual cash drawings for increasing their account balance. In Minnesota, credit union members have opened more than 7,100 WINcentive Savings accounts, saving over $5.9 million through the program. MORE

 

Minnesota Credit Unions Continue to Share the CU Difference for Financial Literacy Month 

Minnesota credit unions are promoting the importance of financial education at an early age during April for both Financial Literacy Month and Credit Union Youth Month. Here is another update of activities underway for April. MORE

 

Credit Unions in the News

Check out 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 Julia Miller. MORE

 

 

Major Committee Deadline Passes at Legislature, Network Staff Follow Omnibus Bill Impacts

Last Friday was the final deadline at the Minnesota legislature for bills with fiscal impacts to pass favorably though committees. That means that the committee hearings last week mostly featured large omnibus bills that consists of dozens of bills into one piece of legislation. MORE🔒


Bureau Publishes Supervisory Highlights 


The Consumer Financial Protection Bureau (Bureau) recently published its Supervisory Highlights for winter of 2019.  The report discusses UDAAP violations in the areas of auto loan servicing, deposits, mortgage servicing and remittances found during examinations. We encourage credit unions to review the report. 
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Executive Order Impacts NCUA and CFPB Rulemaking

On April 11, 2019, the White House Office of Management and Budget (OMB) issued an executive order (Order) requiring federal agencies subject to the Congressional Review Act of 1996 (CRA) to notify the Office of Information and Regulatory Affairs (OIRA) of upcoming rules prior to the sending notice of the rules to Congress and the Comptroller General. MORE 🔒

 

April 10, 2019

Network News

Annual Meeting Registration Closes Today

Today is the last day to register for Annual Meeting! This year’s annual meeting will take place on April 25 – 26 at the Radisson Blu Mall of America. MORE

 

Minnesota Credit Unions Celebrate Financial Literacy Month and CU Youth Month

Minnesota credit unions are promoting the importance of financial education at an early age during April for both Financial Literacy Month and Credit Union Youth Month. Here is a sample of activities underway for April so far, more events will be featured throughout the month. MORE


 

MnCUN Congratulates NCUA Board Chair

This week, President Donald J. Trump has designated Rodney E. Hood as Chairman of the National Credit Union Administration Board. MORE🔒

Advocacy Fund Takes Action

To preserve, protect, and promote Minnesota’s credit unions, MnCUN’s Advocacy Fund recently approved an expenditure. MORE🔒

Learn more about the Association Health Plan Available at Annual Conference


The Minnesota Credit Union Network is in the process of forming an association health plan (AHP) for Minnesota headquartered credit unions.
MORE 🔒

Updated CECL FAQs Now Available

The National Credit Union Administration (NCUA) recently posted updated FAQs on the current expected credit loss standard (CECL).  MORE 🔒


Mentorship Program Pilot Pairs 13 Women’s Leadership Network Members with Mentors

MnCUN is piloting a brand-new Mentorship program in partnership with the Women’s Leadership Network. The program is designed to build, grow, and support professionals and inspire commitment to a career in the credit union movement. MORE

 

Join the Crew P2P on May 15  

As the young professional program, the Crew provides emerging credit union leaders with development opportunities to support their growth in our industry. MORE

Going once, going twice…Place your Bids to Support the Foundation Scholarship Council’s 2019 Silent Auction

Join the Minnesota Credit Union Foundation Scholarship Council (FSC) at the 2019 Silent Auction; to be held April 25-26 at the Radisson Blu Mall of America in Bloomington. MORE

 
April 3, 2019

Network News

Minnesota Credit Unions Shine at the 2019 CUNA Diamond Awards

The Credit Union National Association (CUNA) Marketing & Business Development Council announced recipients of the 2018 Diamond Awards last month during the Council’s 26th Annual Conference in Las Vegas, NV. Recipients included seven credit unions serving Minnesota. MORE

 

2019 MnCUN Annual Conference Early Bird Pricing Ends Today!

Today is the last day to register and receive Early Bird pricing! Registration is available online. MORE

 

 

House Financial Services Committee Passes CUNA-supported SAFE Banking Act

 

The House Financial Services Committee passed the CUNA-supported Secure and Fair Enforcement (SAFE) Banking Act (H.R. 1595) last week by a bipartisan vote of 45-15. The bill would provide a safe harbor for financial institutions serving legal cannabis-related businesses.  

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Minnesota Credit Unions Support Strong Legislative Representation Through Fair Share Goal


To increase the political prominence and influence of Minnesota credit unions, credit unions must have a strong and sustainable political fundraising program. To achieve this objective, the MnCUN Political Involvement Committee (PIC) has endorsed the Fair Share plan, which challenges each credit union in the state to financially support political fundraising initiatives. MORE🔒

 

Commerce Department Credit Union Advisory Group Meets 

The Minnesota Department of Commerce held a meeting of the Credit Union Advisory Group late last week. MORE🔒


Resources to Help Combat Elder Abuse

Financial exploitation of elders and vulnerable persons is on the rise. According to a 
report published by the Consumer Financial Protection Bureau (CFPB) in February, the number of SARs filed on financial exploitation of elders quadrupled from 2013-2017. MORE 🔒

 

 

Website Created for Wendy’s Data Breach


A website has been created for the filing of claims in the Wendy’s data breach. Credit unions affected by the data breach can go to wendysfidatabreachsettlement.com to file a claim and get additional information including important deadlines and court documents. A hearing for final approval of the proposed settlement is scheduled for November 6. More information can be found on CUNA’s websiteMORE 🔒

 


Register Now for the Collections P2P - May 8 

 Back by popular demand, the Collections P2P session will re-launch with experts from the law firm of Eckberg Lammers. Our conversation will be an open discussion with an emphasis on bankruptcies, levies and garnishments, as facilitated by attorneys Eric Sherburne and Tom Looman. MORE


Credit Unions for Kids Invites You to Be a Rock Star at Karaoke for Kids

The Minnesota Credit Unions for Kids (CU4Kids) committee invites all MnCUN Annual Conference attendees to sing their hearts out at with a LIVE backup band during their annual fundraiser, this year featuring Hurricane Karaoke! Karaoke for Kids is an opportunity to showcase your skills, dance and have some fun while supporting Gillette Children’s Specialty Healthcare. MORE

Webinar: Learn More About the Enhanced Financial Counseling Certification Program

The Enhanced Financial Counseling Certification Program (FiCEP) is a unique program to train credit union staff in professional financial counseling to help members better prepare for their future and assist when they are faced with financial difficulties. MORE

 

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