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The U.S. Treasury Department’s Community Development Financial Institutions Fund designates organizations that provide financial services to low-income communities and to people who lack access to financing and that meet certain criteria as Community Development Financial Institutions.
Credit unions certified as CDFIs are eligible to apply for awards through a variety of competitive programs administered by the CDFI Fund. There is no better time to become CDFI Certified with resources from CUNA Mutual Group and Inclusiv. Don’t miss out on funds that can help your members and your community recover from the economic impacts of the pandemic Would You Like to be a CDFI? There is no better time to become CDFI Certified
Already CDFI Certified? The CDFI Fund Rapid Response Program (RRP) has $1.25 billion in funds to award to CDFIs to deliver immediate assistance in communities impacted by the COVID-19 pandemic through a streamlined application and review process. The Financial Assistance (FA) and Technical Assistance (TA) grants have $188 million in funds to award to CDFIs to build financial capacity. If your credit union is CDFI certified and interested in applying for RRP, FA, or TA grants, there are some key deadlines to keep in mind. CUNA Mutual Group and Inclusiv Resources
The Minnesota Credit Union Foundation Scholarship Council Names 2021 Scholarship Recipients!3/3/2021
The Minnesota Credit Union Foundation Scholarship Council (FSC) has named its scholarship recipients for 2021. With nearly 1,000 applications, the committee chose 16 Minnesota credit union members to receive one $1,000 scholarship for the 2020-2021 school year, for a total of $16,000.
The FSC considered each applicant’s essay answering the question, “Knowing that we have the power today to change the story of tomorrow, how will you prepare for future financial obstacles?” The FSC committee then read each submitted essay. Of the applicant pool, eight traditional applicants and eight non-traditional applicants were chosen as a part of the rigorous scholarship application selection process. Credit unions with selected recipients have been notified and will receive further instruction on member announcements by Monday, March 8. Selected applicants will be notified by their credit union. Congratulations to the following winners: Traditional Applicants - current high school or PSEO students graduating in 2021 Affinity Plus Federal Credit Union Cayden Anderson City & County Credit Union Abigail Berg Ideal Credit Union Megan Drayna Mayo Employees Federal Credit Union Alyssa Launsbach TruStone Financial Credit Union Karley Knudson Wings Financial Credit Union Rachel McBride Wings Financial Credit Union Colin Roberts Wings Financial Credit Union Abigail Kahn Non-Traditional Applicants - post high school student, current college student or those returning to post-secondary. Affinity Plus Federal Credit Union Elizabeth McElyea First Community Credit Union Alexis Cigelske Hiway Credit Union Whitney Bellant Hiway Credit Union Magia Sedesky Ideal Credit Union Sophia Ariola Mayo Employees Federal Credit Union Kari Ellingsberg SPIRE Credit Union Aftyn Lehman TopLine Federal Credit Union Jason Bemus Information about the 2022 scholarship program will be available by September 2021. Minnesota’s 2021 Credit Union Awareness Initiative is in full swing. The campaign, now in its third year, is a research-based effort to grow awareness of credit unions as the best financial partner for consumers. Digital media ads continue to drive consumers to the YourMoneyFurther.com website to learn more about the advantages of credit unions. Thank you to all who have committed to financially support this ongoing effort.
MnCUN held a webinar on Thursday, February 25 that detailed plans and enhancements for the upcoming year. Contributors to the campaign learned more about how to access new features and upgrades. The recording of the webinar is now available on the Publications page of the Member Portal. Contributors to the 2021 campaign may now administer their own listing on the YourMoneyFurther.com website. To access this feature, we are requesting each contributing credit union select one admin by completing this simple form. The consumer Awareness initiative represents the true spirit of the cooperative movement to help more Minnesotans understand the advantages being a credit union member. With questions, please contact Andrea Molnau, VP Communications & Engagement, by email or 651-288-5527. We look forward to continued success in 2021!  Join the Minnesota Department of Commerce, FDIC, and University of Minnesota Extension for a webinar discussing cultural contexts on financial preparedness for small businesses. Additionally, there will be breakout discussions on how public and private organizations can support small business financial capability.
10:30: Welcoming Remarks & Webinar Objectives 10:45: The Impact of Culture on Information and Financial Preparedness
Four of the seven trustees for the Minnesota Credit Union Employee Benefits Plan (Plan) Board of Trustees (Board) are elected from, and by, the credit unions participating in the Plan. This was the first election for the Board.
All four elected seats were up for election. The following declarations were received by the deadline to declare: • Aaron DeJong, President/CEO of Red Wing CU (Appointed Incumbent) • Daryl Doucette, Chief Administrative Officer of Mid-Minnesota FCU (Appointed Incumbent) • Mary Matheson, President/CEO of Wakota FCU • Jay Gostonczik, President/CEO of SouthPoint Financial CU Pursuant to the Board Election policy When the number of nominees does not exceed the number of positions open, ballots do need to be distributed, and the Board may declare each nominee elected by general consent or acclamation. Since only one person was nominated for each seat to be filled, no ballots will be distributed and Aaron DeJong, Daryl Doucette, Mary Matheson and Jay Gostonczik are each elected by general consent or acclamation. The Board may seat each nominee at the next meeting, which is scheduled for April 29, 2021. The initial elected trustees will serve the following staggered terms:
Terms will be assigned by lot at the April 29, 2021 meeting. Learn more about the outstanding programs, new initiatives and well-deserved recognition received by your peers recently. Got news of your own? Send stories, pitches, press releases and published articles to MnCUN Director of Communications Julia Miller.
The InSPIREation Foundation Announces Financial Literacy Grant Opportunities TruStone Foundation Donates $100,000 to Support Racial Equity and Inclusivity Affinity Plus Launches New Credit Builder Loan Filene Announces Credit Union Innovators Selected for i3 Program CUNA's annual Governmental Affairs Conference, the credit union industry's premier federal advocacy event is underway with over 100 Minnesota Credit unions professionals and advocates attending.
The first day, Tuesday, March 2, kicked off with a meeting with U.S. Rep. Dean Phillips and featured meet ups for CEOs, Small Credit Unions and Minnesota's Young Professional Crashers. Today's line up includes a Women's Leadership Network Boardroom meeting at MnCUN's booth in the Virtual Marketplace. Minnesota GAC attendees can stop by the virtual booth to be entered into a drawing to win an Apple Watch. Tomorrow, attendees will meet with Minnesota Senators Amy Klobuchar and Tina Smith. Three Minnesota Credit Unions Young Professionals Crash 2021 GAC Minnesota is proud to be represented by three young professionals in the Crasher program:
Crashers includes young leaders with diverse roles at their credit unions. Crashers are selected though a highly competitive process, with 32 crashers earning free registration to CUNA GAC. The virtual experience that CUNA GAC has to offer this year has opened accessibility to a total of 66 crashers with 32 of those crashers fully sponsored by CUNA and five by PSCU. Crash the GAC is the largest Crash Filene organizes every year. It is a non-stop, career-changing program for young professionals that allows them to participate in the industry’s largest advocacy conference. BSA/AML Examination Manual Updated
Last week the Federal Financial Institutions Examination Council (FFIEC) released updates to the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual (Manual). FHFA Extends Forbearance Period and Foreclosure and Eviction Moratoriums The Federal Housing Finance Agency (FHFA) announced extensions of several COVID-19 related mortgage relief policies. MnCUN to Host Roundtable Discussion on Board Election Practices and Governance As a result of COVID-19, many credit unions revisited their policies on governance, including annual meetings, regular board meetings and board election processes.
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