The collapse of Silicon Valley Bank on Friday is the second largest failure of a financial institution in U.S. history.  The bank was shut down and put under the control of the FDIC following a 48-hour bank run and capital crisis. While this was not a credit union failure, we recognize it may still create consumer concerns regarding the safety of their deposits. MnCUN and CUNA offer the following to help your staff members address any questions they may encounter from members.  

• All Minnesota credit union deposits are federally insured by the National Credit Union Administration (NCUA) per individual up to $250,000, just as bank deposits are insured by the FDIC.
• Minnesota Credit Unions want to reassure members their money is safe with a credit union.
• The NCUA insurance that all of our members have is meant to provide consumers’ confidence during times of uncertainty.
• The National Credit Union Share Insurance Fund was created by Congress in 1970 to insure members' deposits in federally insured credit unions. Administered by the NCUA, the Share Insurance Fund insures individual accounts up to $250,000, and a member’s interest in all joint accounts combined is insured up to $250,000.
• The Share Insurance Fund separately protects IRA and KEOGH retirement accounts up to $250,000.
• The Share Insurance Fund has the backing of the full faith and credit of the United States.
• Credit union members have never lost even a penny of insured savings at a federally insured credit union.

Other Resources:

• In addition to federal insurance, many credit unions offer additional private or excess deposit insurance. Visit MyCreditUnion.gov for more information about the National Credit Union Share Insurance Fund coverage for consumers.  
• CUNA has created a resource page with talking points and social media post options that address safety and soundness concerns.
• MnCUN Vice President Communications and Engagement, Andrea Molnau, was a guest on The Morning News with Vineeta Sawkar on WCCO Morning News and emphasized how credit unions are member-owned and deposits are insured.
• MnCUN Director of Governmental Affairs Ryan Smith, will be on the Wrong About Everything podcast to provide context and the credit union perspective today. The livestream begins at 4:30 p.m.
• The Federal Reserve is hosting an "Ask the Fed" webinar today to provide an overview of the Bank Term Funding Program and address frequently asked questions that have arisen since the program’s launch.

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Please do not hesitate to reach out if we can be of assistance. MnCUN will provide updated information on the Silicon Valley Bank situation as available.

Last Friday, the Minnesota Credit Union Network staff provided an overview on legislative and regulatory priorities, events, initiatives, and updates credit unions can look forward to in 2023. A recording of the webinar is available on the Member Portal (log in required).

Do you have events planned for Financial Well-being Month in April or want to highlight your credit union’s ongoing efforts? Financial Well-being Month is an opportunity for credit unions to demonstrate their commitment to providing financial education to their members and communities. 

​Credit unions are encouraged to share their plans for April or financial education success stories with the Minnesota Credit Union Network by contacting Director of Communications Julia Miller by email by March 29, 2023.

Celebrate Credit Union Youth Month
This April, celebrate the spirit of the credit union movement with younger members during National Credit Union Youth Month. During this industry-wide celebration, you can help plant the seeds of financial well-being. 
Here’s how some credit unions celebrate Youth Month: 

• Contests and giveaways (coloring or writing contests)
• Special incentives and promotions (for opening a new account) 
• Financial literacy workshops for young members 
• Special savings match programs for youth accounts 
• Branch parties 

You and your credit union are part of a support system that can help kids understand the importance of saving and developing good financial habits. Together, let’s Unleash the Power of Saving at Your Credit Union™!
Learn more, get free resources, and purchase themed assets and products at cuna.org/youthmonth.

CFPB Issues Special Edition of Supervisory Highlights for Junk Fees: On March 8, 2023, the CFPB announced additional findings against institutions despite its prior guidance and advisory efforts from 2022.

Last week was the first legislative deadline when bills must be passed committee to continue to move through the process, which meant a lot of committee activity. 

The Enhanced Financial Counseling Certification Program (FiCEP) teaches credit union staff how to counsel members so they can budget better, smartly save, pay down debt and plan for the future. Obtaining the training and associated credentials allows your credit union to differentiate itself from other financial institutions and be more confident in helping members build a stronger financial future. 

The cohort-style training consists of 8 tutorial webinars, exam preparation, proctored exam, and program development training - taking place between June and September. Upon completion, participants will receive the Certified Credit Union Financial Counselor (CCUFC) designation. 

Attending the webinars live provides the opportunity to participate in discussion; however, they will also be available as a recording. On average, students should expect to spend approximately 30 minutes studying each chapter, 60 minutes participating in each webinar, and additional time as needed to review the materials before the exam. The last training session following the proctored exam is designed to help you develop a detailed vision and plan for financial counseling at your credit union.

​Cost: $479 per participating student
Friday, April 28: Deadline for registration

Join the upcoming Women's Leadership Network Peer-to-Peer (P2P) on March 23 starting at 1:00 p.m. via webinar and video conference. Facilitator and leadership coach, Lisa Hayes, will be back to kick off our first session on Leading Through Uncertainty.

Time: 1:00-3:00 p.m.
Location: Webinar/Video Conference 
Cost: $49

P2P sessions will continue to be held as virtual roundtables, providing open forums for credit union staff throughout Minnesota, for knowledge sharing, resources and connections. This event will be made only via webinar/conference call. Webinar and call-in instructions, along with recordings, session materials and resources, will be provided to registered attendees. Virtual Women’s Leadership Network events are included with the new P2P Subscription program.

For a list of all P2P sessions, visit our Peer-to-Peer (P2P) webpage. With questions, please contact VP of Communications & Engagement, Andrea Molnau, by email.

The Minnesota Credit Union Foundation (MnCUF) and the Credit Unions for Kids Committee are proud to recognize Becky Holst for her collaboration with credit unions in philanthropy. 

For 20 years Becky Holst served as a liaison to Minnesota’s credit unions in support of the Children’s Miracle Network program.

Though she never worked for a financial cooperative, she partnered with hundreds of industry leaders, employees and volunteers to coordinate countless successful fundraising efforts for Gillette Children’s Hospital. 

During her time as a Development Officer for the Gillette Foundation, Becky was key to raising millions for a cause that has been the heart of Minnesota credit unions’ charitable giveback for nearly three decades.

Most notably she did it all with a perpetual warmth, positivity and enthusiasm that was uniquely Becky and an absolute demonstration of credit union philosophy in action.

Created in 2008, the Credit Union Builder Award honors an individual’s dedication to the success, growth, and vitality of the not-for-profit financial movement in Minnesota. Dedications are typically made at a time of significance to acknowledge an individual’s contributions to credit unions.

87 individuals have been designated as Credit Union Builders since the award's inception. The names of the recipients and the contributing credit unions are permanently displayed in the Minnesota Credit Union Network’s lobby as a tribute to those who have dedicated time and energy to building the credit union movement.