Last week, the Minnesota Credit Union Network (MnCUN) convened the second annual Fraud Prevention Summit. Nearly 90 attendees from over 35 credit unions from across the state participated.

The event served to connect credit unions with law enforcement, regulatory, and service vendor representatives engaged to combat financial fraud from their respective areas of expertise.

This included expert presentations on emerging fraud trends, preventive and remediation resources, and small group discussions for attendees to share information and resources. Speakers included:

• Safe Senior Financial Protection Act: Lisa Lovering, Senior Financial Exploitation Investigator; MN Department of Commerce
• Fraud Prevention: Michael Burke, Senior Robbery and Crisis Management Consultant; SHAZAM
• Fraud Detection and Prevention Product Demos: ACUTE Technology Solutions, Optimize Cyber,  and Payrailz Fraud Monitor.
• ​Fraud Schemes: Tony Ofstead; Director/Chief Law Enforcement Officer; MN Commerce Fraud Bureau

"Fraud is a persistent and evolving threat for consumers, businesses and financial institutions. Credit unions are embracing a collaborative approach to prevent and address fraud with regulatory and law enforcement partners," said Mara Humphrey, President & CEO of MnCUN.

MnCUN is announcing the formation of credit union peer fraud taskforce to combat fraud proactively across Minnesota. The goal is to leverage resources and share information to cooperatively combat fraud more effectively.

What to expect:

• Quarterly Meetings: Share experiences, resources, and information to stay ahead of evolving forms of fraud.
• Collaboration: The group will regularly engage with law enforcement representatives and other relevant regulatory authorities. 
• Dedicated Minnesota Community Page: Post real-time questions and issues related to frauds and scams.
• Focus Areas: Protect credit union members, prevent Elder and Vulnerable Person Financial Exploitation and prevent harm to credit union operations.

Participation details:
Who Should Attend: Open to all credit union staff.
Cost: Free to attend

Dates and registration:
The task force will meet on the following dates from 2-3 p.m. via webinar. Follow the links for more information and to register:

• May 20th
• August 19th
• November 18th

With questions, please contact MnCUN Director of Engagement, Xiong Lee, by email.

Greater Community Credit Union ranked fifth and Two Harbors Federal Credit Union ranked 68th in S&P Global Market Intelligence's 2024 Top Bank and Credit Union Ranking.

S&P Global Market Intelligence based these ratings on "six weighted financial metrics: member growth (20%), shares and deposits per member (20%), net worth as a percentage of total assets (20%), return on average assets (20%), delinquent loans as a percentage of total loans (10%), and net charge-offs as a percentage of average loans (10%)." 

"Congratulations to Greater Community and Two Harbors for being recognized nationally and for being good financial stewards for their members," said Minnesota Credit Union Network President Mara Humphrey. “The recognition of these two credit unions speaks to the high standards that credit unions across Minnesota maintain every day and the partnership with the communities and members they serve.”

To be included in the ranking, a credit union must have reported at least $100 million in total assets and a net worth ratio of at least 7% as of Dec. 31, 2024. Based on this criteria, 1,798 credit unions qualified for the ranking.

​Access the full list of 2024 Top Bank and Credit Union Rankings – National.

Federal and State Legislative Update: Last week, the focus in Washington, D.C. was Congress passing a continuing resolution to fund the government through the end of the fiscal year. 

Trump Executive Order Curtails CDFI Fund: President Trump signed an Executive Order limiting the Community Development Financial Institutions (CDFI) Fund to its statutory functions to the minimum permitted by law.

CU Connect sessions are webinars that bring together colleagues in similar roles and specialties from across the state facilitated by a MnCUN staff member.

​Attendees can expect:

• to discuss emerging trends, share resources and make connections with individuals in comparable roles,
• shared learning among facilitators and attendees, and
• an open forum with webcams and audio on to encourage participation, where possible. 
  

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Bring your questions, ideas and be ready to engage with your fellow CU professionals! 

With questions, please contact Xiong Lee, MnCUN Director of Engagement.

​Early bird registration closes this Friday for ACCELERATE 25, being held April 21–23 at the Mystic Lake Center in Prior Lake. You won’t want to miss this landmark event celebrating a century of service and community impact for Minnesota Credit Unions, along with engaging guest speakers, educational sessions, networking, the state’s largest credit union tradeshow and opportunities to support great causes. 

​We're pleased to welcome acclaimed futurist and trend caster, Dr. Shawn DuBravac, who will share the Tuesday keynote Economic Insights: Navigating the Future. In today’s turbulent economic environment, leaders face unprecedented challenges, from persistent inflation to shifting conditions to an uncertain political landscape. These issues are compounded by geopolitical risks and evolving market dynamics. Dr. DuBravac will provide a critical exploration of the U.S. economic landscape tailored for credit unions.

DuBravac is an internationally-recognized thought leader, delivering pragmatic and provocative insights on the trends, technologies, and paradigms transforming the globe. He is president of the Avrio Institute, who helps leaders prepare for uncertain and divergent futures. Clients include Fortune 100 and Global 1000 companies, scrappy start-ups, government agencies, and non-profit organizations. Grounded in economics, DuBravac served over 12 years as chief economist for the Consumer Technology Association (CTA), the U.S. trade association representing more than 2,000 consumer tech companies, and owner and producer of CES. DuBravac writes extensively on disruptive technological shifts and has been widely published on the topics of technology, finance, and economics. His analysis has appeared in The Wall Street Journal, The New York Times, Financial Times, Washington Post, Wired, Los Angeles Times, Barron’s and on-air with CNBC, Bloomberg, NPR, CBS, and other media outlets.
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Early bird pricing for the conference ends March 14. 

​Are you looking for a professional development opportunity or for ways to get more involved with the Minnesota Credit Union Network and make the most of your membership? 

​MnCUN Committees are seeking interested members for appointment. The MnCUN Board Chair will appoint Committee members to serve for one year – from their appointment through the following year’s Annual Business Meeting, taking place during the ACCELERATE conference in April. 

​​Interested candidates can apply by completing an application by Friday, April 4, 2025. The application lists descriptions for each committee and any specific questions can be directed to the MnCUN Staff Liaison listed for each committee. ​

Three candidacy declarations were received by the closing date of February 28, 2025 for the three Minnesota Credit Union Network Board of Directors seats up for election:

• Aaron DeJong: At-Large
• Dana Garrett: Fewer than 10,000 members
• Trina Hoff: Fewer than 10,000 members

Because one candidacy declaration was received per open seat, no ballots will be issued in accordance with MnCUN bylaws and the election results will be announced at MnCUN’s Business Meeting during the Accelerate Conference, Tuesday April 22, 2025.

The Minnesota Credit Union Network Election Committee, appointed by the Chair of the Minnesota Credit Union Network, has the responsibility of overseeing the 2025 Network Board of Directors election process.

​Candidacy declarations and Board Election rules are available on the Member Portal Board Election page (login required.)

Minnesotans in DC for GAC: Last week, over 120 Minnesota credit union professionals and board members were in Washington D.C. for a record-breaking Governmental Affairs Conference along with more than 6,000 credit union leaders from across the country. 

State Releases Updated Budget Forecast: The big news in Minnesota was the release of the state’s budget forecast late last week. 

​Special Election Results in House Tie: Yesterday, a special election was held to fill the vacancy in House District 40B (Roseville, Shoreview).