NCUA 2023 Supervisory Priorities: The Minnesota Credit Network is providing this summary and resources to address NCUA’s 2023 supervisory priorities.

The WINcentive Savings program recently announced the final prizes awarded through the Minnesota statewide prize pool for 2022, including two grand prizes of $5,000 each, five $1,000 quarterly prizes, and 50 $100 monthly prizes.

Members from Affinity Plus Federal Credit Union and West Metro Schools Credit Union were the lucky recipients of the annual grand prize drawings. Members from Affinity Plus Federal Credit Union, Mid Minnesota Federal Credit Union and Minnco Credit Union were among the program’s quarterly winners.

​Affinity Plus employees of their Coon Rapids branch surprised grand prize winner, Tracy H., in the branch with a check presentation!

Participating members of all 22 Minnesota-based credit unions offering WINcentive were eligible for the monthly, quarterly and annual statewide prizes for 2022. Each credit union is also guaranteed to have one $100 winner each quarter.

As of December 2022, over 8,700 members of credit unions in Minnesota have saved a total of roughly $13 million in WINcentive savings accounts throughout the state.

WINcentive Savings incentivizes consumers in to save by offering risk-free rewards. WINcentive prizes are awarded on a monthly, quarterly, and annual basis, with prizes ranging from $100 to $5,000.  Account holders in Minnesota qualify for up to four chances per month for each $25 increase in their month over month savings balance.
 
The Minnesota Credit Union Network and TruLync also administer prize-linked savings programs for credit unions in Delaware, Georgia, Hawaii, Louisiana, Massachusetts, Montana, New York, New Jersey, Ohio and Wisconsin. To date, the programs provide over 33,000 members throughout the nation the chance to win through prize-linked savings accounts, with nearly $70 million saved. Prize-linked savings facilitated by TruLync have awarded over $1 million dollars to members of credit unions since its inception. 

​The Minnesota Credit Union Network thanks the first 10 credit union members of 2023! Dues renewal and information were sent via email to credit union CEOs/managers in early December, with a deadline of Monday, Jan. 31.
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​Additional information about annual dues or membership with the Minnesota Credit Union Network can be found on the Members Resources page.

1. Riverview Credit Union​ ​
   
2.  FIRST PACE Credit Union
3.  City & County Credit Union
4.  Minnesota Power Employees Credit Union
5. Northern States Power - St. Paul Credit Union
6. Two Harbors Federal Credit Union
7.  Minnesota Valley Federal Credit Union
8. Minnesota Catholic Credit Union
9. Northern Communities Credit Union
10. Mayo Employees Federal Credit Union and Mid Minnesota Federal Credit Union

With any questions about your membership, please do not hesitate to contact MnCUN President and CEO Mark Cummins or Chief Advocacy and Engagement Officer Mara Humphrey.

MnCUN CREW Ambassador, Abbie White, Corporate Partnerships, Wings Financial Credit Union was selected to Crash the CUNA Governmental Affairs Conference (GAC). 

​CUNA and the Cooperative Trust - a young professional's group through the Filene Research Institute - have partnered with state leagues to send young credit union professionals from each state and D.C. to take part in the event. 

This year's cohort was selected from the most competitive applicant pool in the program's history.

California Laws That May Have National Impact on Credit Unions: Recently, California’s legislature passed two laws that could have significant impact on credit unions across the country. These two laws may have direct effect on federally insured credit unions (FICUs) not chartered in California as well as influence on other state legislatures to pass similar laws. 

Minn. House Committee Hears Recreational Marijuana Bill; Federal Regulatory & Legislative Hurdles Remain: Last week, a Minnesota House Commerce committee approved a bill that would legalize recreational marijuana. Chair of Commerce Chair Zack Stephenson (DFL-Coon Rapids) remarked during testimony that he expects the nearly 300-page bill to go through 12 more committees, so legalization remains a long way off. 

It's important to note that financial institutions will not automatically be allowed to serve cannabis-related businesses.​

By Steve Rick, Chief Economist for CUNA Mutual Group [This article is provided through MnCUN's partnership with CUNA Mutual Group. To learn more, visit the Solutions Directory.] 

​The latest economic and market data show a road to recovery, with slow growth in Quarter 1 through Quarter 2 of 2023. The U.S. economy is poised for a comeback next year, albeit rather slowly. 

​2023 Inflation and Interest Rate Predictions
Inflation slowed to 7.7% year over year (YoY), a good sign for 2023. Right now, next year’s inflation rate is forecasted at 4%. The supply side of the economy is working out issues in the supply chain, leading to a slowdown in inflation. The inflation rate will likely be high in Q1 and Q2 of 2023 but taper down as demand cools and supply ramps up.
Interest rates rose by 3.75 percentage points this year and are predicted to increase by 0.5 to 0.75 percentage point at the next meeting of the Federal Open Market Committee on December 14th.

The committee meets again in February 2023, at which time I expect them to raise rates by another 0.5 percentage points. The goal is to get interest rates to 5%.

The Minnesota Credit Union Foundation Scholarship Council (FSC) is hosting their 5th Annual Dice & Ice Fundraising Event - and you don't want to miss all the fun! Please join us at Urban Growler Brewing in Saint Paul as we bring back our annual fundraising event on Friday, February 10. 

​The Fundraising Event will feature lunch and games, along with raffles and awesome networking! The FSC is looking for sponsorships, attendees and raffle items. Registration is now open online through Friday, January 27.

​Please see the event page and the event flyer for more details.
Date:  Friday, February 10, 2022
Location: Urban Growler Brewing

Schedule of Events: 
Registration:  11:00 a.m. - 12:00 p.m.
Heavy hors d'oeuvres: 11:30 a.m. - 1:00 p.m.
Games: 12:30 p.m. - 2:45 p.m.
Raffle & Awards: 2:45 p.m. - 3:30 p.m.

If you have any questions and/or would like to sponsor, attend and/or donate, please visit the event page online or reach out to FSC co-chair, Vicki Erickson, via email.

Join your colleagues for the Minnesota Credit Union Network's major annual conference, ACCELERATE 23. The event is April 13-14 at the Radisson Blu MOA, Bloomington. MnCUN's biggest event of the year - these 2 days will feature guest speakers, educational sessions, the Annual Business meeting, networking, the state’s largest tradeshow, and opportunities to support great causes. 

​Registration is now open. Receive $50 off the regular registration rate if you register by Wednesday, March 15, 2023. Sponsorship opportunities are also available. 

For more information, schedule at a glance, lodging details and more, visit our ACCELERATE 23 page online. With questions, contact MnCUN Vice President of Communications and Engagement Andrea Molnau or Director of Engagement Ben Hering.  ​