Minnesota credit unions have responded to the financial implications of COVID-19 by providing their members relief from mortgages, auto loans, credit card payments and business loans.
Updated data in a special survey from more than three quarters of Minnesota Credit Unions indicate that:
U.S. Supreme Court Finds CFPB’s Structure Unconstitutional
The U.S. Supreme Court issued a ruling in Seila Law, LLC v. Consumer Financial Protection Bureau (CFPB) on Monday.
Regulatory and Legislative Updates for credit unions during the COVID-19 pandemic.
Guidance: NCUA and Other Federal Agencies Issue Examiner Guidance for Assessing Safety and Soundness Considering Effects of the COVID-19 Pandemic – June 29, 2020
Press Release: NCUA to Delay Start of Phased Resumption of Onsite Operations – June 26, 2020
Get impactful takeaways on trending industry topics geared towards the unique needs of your small credit union. CUNA-League System Small CU Webinar Series, free for @CUNA members and League members, will start Tuesday, August 4, and run through Spring 2021. Join your peers for these live webinars to explore a wide range of topics, including member experience and technology.
The first sessions include:
I am writing you all today to provide an update on the past few weeks as we as an industry continue our response to the death of George Floyd and civil unrest. We are committed to cooperatively leverage our unique business model to serve all people, and instigate real and positive change in our communities.
As Minnesota grieves and processes the events of the past month, I am proud to see our credit unions step-up and help assist. We have witnessed credit unions all over the state help with clean-up efforts and supply donations; revisiting of DE&I policies; having discussions with staff; and reaching out to members.
The Minnesota Credit Union Network itself has had thoughtful conversations with our own staff, our credit union CEOs, and fellow League colleagues, as we work to build a long-term response to difficult challenges. MnCUN has signed onto the CU DEI Collective pledge for a commitment to change. We are supporting the African American Credit Union Coalition (AACUC) and joining with Leagues across the country to help fund scholarships through AACUC’s Commitment to Change Fund. We will also continue to support initiatives like the Global Women’s Leadership Network to help ensure diverse voices are heard and represented in credit unions.
Systemic racism will not go away overnight, but will need a commitment to change from many and multiple issues addressed. Input and dialog with each other and with the African American community is an important initial step - to both understand these issues and explore how our values and the credit union model positions us as an active participant in the solution. I look forward to partnering with credit unions to continue these important discussions.
The Minnesota Credit Union Network is proceeding with the 2020 Fall Leadership Conference as an in-person event. The Conference is scheduled for Friday, September 11 through Sunday, September 13, 2020, at Madden's Resort in Brainerd.
With the COVID-19 situation still in flux, we will continue to monitor that status closely and adjust appropriately. However, we do intend to open registration for credit union attendees and sponsor organizations next week.
Events will need to be different this year to ensure everyone’s safety and compliance with current facility restrictions. Expect a few changes. However, we are committed to providing thought-provoking educational sessions, recreation, and networking opportunities.
Watch for a detailed agenda, sponsorship opportunities, and registration details coming soon. With questions, contact Andrea Molnau, VP Communications & Engagement by email. We look forward to seeing you in Brainerd!
Catholic United Financial Credit Union named Maureen Daehn as incoming CEO upon the retirement of Terri Maloney. Daehn has worked at Building Trades Federal Credit Union and Minnco Credit Union.
Maloney, who is retiring in July, has worked in the credit union movement for 50 years; over 10 of them with Catholic United Financial. She also serves on the Board of the Minnesota Credit Union Network.
Letter to Credit Unions: Phased Approach to On-site Operations – June 18, 2020
Press Release: Agencies Issue Examiner Guidance for Assessing Safety and Soundness Considering the Effect of the COVID-19 Pandemic on FIs – June 23, 2020
Interim Final Rule: Bureau Issues Interim Final Rule Regarding Loss Mitigation Options for Homeowners Recovering from COVID-19 Related Hardships – June 23, 2020
Although credit union giveback may look different this year, please save the date for CU Forward Day 2020 on Monday, October 12 and plan to join us in spreading kindness as a celebration of our people-helping-people industry. Stay tuned for updates, event details and sign-up instructions to come in July!
CU Forward is a state-wide initiative through the Minnesota Credit Union Network of credit unions coming together to do one simple thing – spread kindness. On CU Forward Day, credit union employees, members and partners join one another to volunteer with local organizations, give back to our communities, commit random acts of kindness and generally just say “thank you” to the people who deserve it most. It’s really at the heart of what credit unions represent.
Last year, a total of 58 credit unions and organizations dedicated over 20,000 hours of service to the community as a collective whole with 4,000+ volunteers. The concept spread outside of Minnesota across our nation, as well, with the Illinois Credit Union League launching CU Kind Day, a credit union driven kindness day, and Mississippi credit unions piloting a giveback day through their young professional’s group, LEAD.
.The Pulse is MnCUN's newsletter that keeps credit union professionals and board members updated on current news and information.