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Earlier today, the Minnesota Credit Union Network (MnCUN) sent out an alert to GREAT members urging them to contact their members of Congress to protect the credit union tax status.
As not-for-profit financial cooperatives, credit unions do not pay federal corporate income tax on profits. Instead, we return those earnings directly to our members. This structure helps keep our focus on people, not profits. However, some Wall Street bank lobbyists and certain lawmakers in Congress are pushing to impose taxes on credit unions. If this tax is approved, it would mean higher costs for you and the more than 140 million other Americans who choose credit unions as their financial partner. "This is a critical issue, and before over 100 Minnesota credit union advocates head to Washington D.C. for America’s Credit Unions’ Governmental Affairs Conference next week, we need your help to ensure that elected officials in Washington know that taxing credit unions should not be an option," said MnCUN Chief Advocacy Officer Ryan Smith. Hear from expert presenters on current fraud trends with time for Q&A, preventive and remediation resources, and small group discussions for attendees to share information and resources. The registration fee is $75 with lunch and beverages provided.
For engagement and participation, there is a maximum of 100 participants. Registration deadline is Monday, March 3. Presenters:
Date: Wednesday, March 12 Time: 9:00 AM - 3:00 PM CST Location: The Servion Group 500 Main Street New Brighton, MN 55112 Cost: $75 With questions, please contact Xiong Lee, MnCUN Director of Engagement. DOJ Data Security Rule and Credit Unions: On December 27, 2024, the Department of Justice (DOJ) issued a final rule reflecting executive order 14117 that aims to prevent access to Americans’ bulk sensitive personal data and U.S. government-related data by “countries of concern,” including China, Russia, Cuba, Iran, North Korea and Venezuela.
This article is provided through MnCUN's partnership with TruStage. For more information to maximize this partnership, visit the Solutions Directory.
A new study reveals that 39% of consumers plan to purchase life insurance in the next 12 months, and a high percentage of those people could be, surprisingly, Gen Z. TruStage spoke with CUToday.info about this growing non-interest income opportunity for credit unions, but added Gen Z will need a little push from cooperatives to secure this business. Citing data from a 2024 LIMRA survey, Samantha Ziesemer, director of digital storefront product management at TruStage, said it’s a great time for Gen Z to consider life insurance, due to locking in a premium at a lower rate, “This is a good opportunity for Gen Z, but, unfortunately, Gen Z may not be understanding this,” Ziesemer said. “An insurance trade association survey in 2023 showed a surprisingly high number of Gen Z respondents that said they were interested in buying life insurance, and were planning to buy it in the next five years. But when asked a follow-up question—‘Why haven't you?’—37% responded they just haven't gotten around to it. That's the problem.” Ziesemer said the issue for credit unions is how do they position their life insurance offering in a way that is engaging with Gen Z, and so they better understand the different life insurance products available and consider taking the next step. “We were surprised by the number of Gen Z who responded they were planning to purchase life insurance,” acknowledged Ziesemer. “When we think of younger demographics, there's kind of an oversimplification. We think, well, they're not thinking about their own mortality or legacy planning. This isn't going to be top of mind. But now we know it is.” What is driving greater interest among Gen Z in purchasing life insurance over the last two years, Ziesemer said, is growing economic insecurity.
Humphrey reflected on the six pillars of credit unions which make them so impactful in Minnesota: “partnership, community, excellence, innovation, respect, and value.”
Speaker Emerita Melissa Hortman, Senate GOP Leader Mark Johnson, and Senator Judy Seeberger addressed attendees. Speaker Emerita Hortman reflected on the contributions of Minnesota’s credit unions, thanking them for “being such good financial citizens of the state and encouraging financial literacy not only amongst your members but also the work you do with high school students, which is especially inspiring.” Senate Minority Leader Mark Johnson reflected on the bipartisan support for credit unions, remarking that, “Republicans and Democrats are working on good fiscal policies that could get votes on both sides of the aisle.” The program underscored the strong support for Minnesota credit unions across both sides of the aisle and demonstrated credit unions and their success as a priority for the Legislature. Additionally, Governor Tim Walz joined the event and gave an address at the rally. The Governor spoke in strong support of Minnesota’s credit unions, underscoring their positive contributions to local economies across the state. In praising the model of credit unions serving as forces for good in Minnesota, Governor Walz told credit unions that, “You are the pathways to financial stability and financial freedom in your communities.” Several Minnesota credit unions were represented in the program, including Blaze Credit Union, TruStone Financial Credit Union, and Arise Community Credit Union. Arise, Minnesota’s newest chartered and first and only Black-led credit union, represents a bright future for credit unions and their positive impact on the lives of Minnesotans, empowering individuals and communities to build wealth. Photos of the event can be viewed on our Google Photo Album. The celebration of 100 years of credit unions will continue during ACCELERATE 25, 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. The Minnesota Credit Union Network (MnCUN) is proud to announce its hiring of NewPublica as its new Public Affairs and Relations firm in partnership with Haberman, a full-service marketing communications agency with a 30-year history of modern storytelling. This comes as MnCUN works to continue to elevate its messaging and engagement with community, lawmakers and other leaders in government as the single greatest champion for credit unions across Minnesota.
Speaking on the future of work with NewPublica and Haberman, MnCUN President and CEO Mara Humphrey said that “This partnership will support Minnesota Credit Unions and MnCUN members across the state to advance our shared interests in promotion of credit unions and the advantages they provide. I am excited for what we can achieve for our members together!” As MnCUN works to boldly advocate for you, strengthen inclusive collaboration amongst the industry, and empower its members, we are excited for the opportunity to work with NewPublica and Haberman. There will be much discussion of proposed legislation directly influencing the success of credit unions in the Minnesota Legislature. MnCUN will be tracking various legislation focused on regulation of the credit union industry, including the tax status of credit unions, state charter modifications, and more. MnCUN looks forward to working with NewPublica to bring data, stories, and successes showcasing the credit union advantage for consumers and the State of Minnesota to the forefront of the conversation at the Capitol. NewPublica is a multilingual and multicultural-led staffed firm, driven and based in community with a belief in creative responses that meet society’s needs. NewPublica is committed to inclusion, collaboration and amplifying essential voices. NewPublica’s public affairs expertise has been the driver behind numerous successful legislative efforts, including Minnesotans for Paid Family and Medical Leave, Bring it Home Minnesota, Minneminds, and many more. Haberman is a Minneapolis-based full-service marketing communications agency with a legacy of modern storytelling for media and marketing. The agency specializes in telling the stories of pioneers making a difference in the world, from mission-driven cause innovators to better-for-you consumer packaged goods to behavior change champions. As modern storytellers, Haberman helps organizations grow, inspire engagement and drive positive social change. MnCUN looks forward to working with NewPublica and Haberman to advance your interests, as well as those of your members – who make up over 2 million Minnesotans across the state. U.S. House Passes CU Board Modernization Act; MnCUN Meets with Revenue Commissioner on Proposed Sales Tax Expansion: Last week, the Credit Union Board Modernization Act passed unanimously in the House.
The Advocacy Fund Committee met recently to approve a budget for 2025. The Advocacy Fund Committee supports MnCUN’s governmental affairs advocacy efforts by providing additional resources to strongly position credit unions politically at the state and national level through:
"Thank you to the credit unions who contributed to the fund. Your support is critical in enabling MnCUN to execute a robust advocacy program on behalf of all credit unions," said MnCUN Chief Advocacy Officer Ryan Smith. Solicitation for the Advocacy Fund occurs each year in conjunction with MnCUN's membership dues invoice, as well as on an as-needed basis. The Advocacy Fund Committee oversees expenditures and reports them to the MnCUN Board on a regular basis. President Trump Issues Executive Order on Accountability for All Agencies: On February 18, the President issued an executive order entitled “Ensuring Accountability for All Agencies” requiring all federal departments, agencies, and independent agencies under the executive branch to submit all proposed and final regulatory actions to the Office of Information and Regulatory Affairs (OIRA) before publication in the Federal Register.
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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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