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What to Look Out for in 2024: With FedNow available, the speed of transactions, mobile wallets, contactless, account o account payments, embedded payments will likely create growth areas and risk to look and prepare for in 2024.
NCUA Supervisory Priorities for 2024: On January 22, the NCUA issued a letter outlining its 2024 supervisory priorities. First NCUA Board Meeting 2024: On January 19, the National Credit Union Administration Board held its first open meeting of 2024 and unanimously approved the agency’s 2024 Annual Performance Plan and the 2022-26 Strategic Plan.
As we shift the campaign back to Minnesota-specific initiative, our objective for 2024 is to further grow credit union knowledge and interest across Minnesota by telling member stories, amplifying our values, and sharing insights about the advantage of being a Minnesota credit union member. The theme “Minnesota’s Credit Union Advantage” will illustrate that we’re not just different, but better. Tactical plans include a new Minnesota Credit Union Directory; Streaming Audio and digital ads, social media content, out of home ads, cooperative regional events, and a “Credit Union Member Day” at the 2024 Minnesota State Fair.
To cooperatively finance this campaign, we are seeking pledges of financial support to the Minnesota Credit Union Awareness Fund. While we encourage credit unions to donate at the suggested level, donations of all amounts or in-kind contributions are welcome. Find out more by reviewing the 2024 Minnesota Awareness Preview webinar recording (note MnCUN login required) or visit mncun.org/awareness-campaign. With questions, contact MnCUN Vice President - Communications and Engagement Andrea Molnau. The Minnesota Credit Union Network thanks the first 10 credit union members of 2023! Dues renewal and information were mailed to credit union CEOs/managers in mid-December, with a deadline of Wednesday, Jan. 31.
Membership in MnCUN and national trade associations ensures your connection to powerful advocacy, expertise, resources, opportunity, and influence. Additional information about the benefits of membership with the Minnesota Credit Union Network can be found on the Members Resources page. With any questions about your membership, please do not hesitate to contact MnCUN President and CEO Mara Humphrey. The Minnesota Credit Union Network is pleased to announce that Ryan Smith is assuming the role of Chief Advocacy Officer to lead MnCUN’s regulatory and advocacy programs. Ryan has been with MnCUN since 2012, and most recently served as Director of Government Affairs. Congratulations to Ryan!
The promotion is part of an internal reorganization that took place to realize the priorities of Network 2.0 and fill internal capacity due to the hiring of Mara Humphrey as President & CEO. John Ferstl, Ryan Smith, Andrea Molnau, Kris Jacobsen, and Tommy Rempfer will be part of the MnCUN leadership team. MnCUN is hiring for the position of Director of Political Affairs to implement MnCUN’s grassroots advocacy and fundraising efforts. The job posting is available on the MnCUN Jobs Board. This role will be critical in efficiently and effectively mobilizing credit union supporters and deepen their engagement in advocacy and fundraising efforts as part of MnCUN's overall advocacy strategy. NCUA Updates Uniform Rules in Part 747: On December 28, 2023, the NCUA issued a final rule codifying the Uniform Rules in 12 CFR Part 747 applicable to adjudicatory proceedings including the assessment of civil money penalties, cease and desist proceedings, and other activities described in the Federal Credit Union Act.
CFPB Maximum Civil Penalty Increase: Effective January 15, the Bureau will be adjusting its civil penalties under the Federal Civil Penalties Inflation Adjustment Act of 2015. Update on Marijuana Reclassification: In October 2023, the Department of Health and Human Services (DHHS) released a heavily redacted copy of its recommendation to reclassify marijuana to a Class III scheduled drug under the Controlled Substances Act to the Drug Enforcement Agency (DEA) of the Department of Justice. Comment on Federal Reserve Proposed Rule on Interchange Fee Cap: This rule proposes to adjust the 3 components to calculate interchange fee cap for debit cards. FDIC Amends Digital Banking Signage, Services and Fintech Agreements: In December 2023, the FDIC finalized amendments to a multitude of rules on false advertising, misrepresentation and digital banking services for banks, fintechs, and nonbanks effective April 1, 2024, and require compliance by January 1, 2025. |
The PulseThe Pulse is MnCUN's newsletter that keeps credit union professionals and board members updated on current news and information. Archives
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