As a member of the Minnesota Credit Union Network, you have the support of the only trade association that champions Minnesota Credit Unions, ensuring credit union priorities are front and center as we advocate, accelerate, and collaborate to ensure a thriving credit union system in Minnesota.
MnCUN is reminding members of upcoming deadlines to provide input and become more involved in the direction of the credit union movement in Minnesota. 2023 Performance Survey Please provide to the MnCUN staff and Board of Directors your response to our 2023 annual performance by Friday, March 29, 2024. This survey will take 5-10 minutes of your time and we welcome all comments. Respondents can enter for a chance to win a free registration for ACCELERATE 24. To ensure the feedback is anonymous, respondents will be redirected following the survey to a separate page to enter their contact information for the drawing. The winner will be notified by April 3. MnCUN Board Committees 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. Visit the Committees page for more information on the Committees and to complete an application. Applications will be accepted through Friday, March 29, 2024. MnCUN Board Election Ballots for the contested seat in the 10,000 or fewer credit union members category were sent by email and mail to eligible voting representatives and are due to the teller no later than 4:30 p.m. CDT by April 1, 2024. The results of the election will be announced at the Minnesota Credit Union Network Annual Business Meeting, to be held on Thursday, April 18 during ACCELERATE 24, the Annual Conference at the Mystic Lake Center. The meeting will be part of the first General Session at 10:00 a.m. in the Waconia Ballroom. During the month of April, credit unions in Minnesota and across the country will celebrate National Credit Union Youth Month and Financial Literacy/Capability Month. While credit unions take financial education seriously all year long, this month provides us even more opportunities to work with our members and community partners to promote financial well-being.
To help your credit union tailor your efforts to younger members, we encourage you to join with us in promoting the theme “Save Away for a Rainy Day” because when kids learn about the importance of saving money for the future, they are laying the foundation for financial success! Download graphics and sample messaging (login required) that credit unions can share on their social media channels. The hashtag #CUYouthMonth also can be utilized on social media to demonstrate the power of our collaborative efforts. The messaging can be edited and customized to reflect your credit union’s brand. Also included are coloring pages and a word search to help engage younger members. Additionally, America Saves Week, an annual national campaign that encourages and empowers individuals, families, employers, and communities to check-in on their finances will take place April 8 - 12 with the theme “Saving for What Matters Most.” Sign up to get access to the America Saves Week Digital Toolkit and be recognized on the America Saves Week website as a Participating Organization. Credit unions are encouraged to share their plans for April or financial education success stories with the Minnesota Credit Union Network by contacting Director of Communications Julia Miller by email. ACCELERATE 24 will take place on April 18 & 19 at a new location - the Mystic Lake Center in Prior Lake. These 2 days will feature guest speakers, educational sessions, networking, the state’s largest credit union trade show and opportunities to support great causes. We look forward to an Economic Update with GraphsandLaughs Economist Elliot Eisenberg; and are excited to welcome Amy Hockert, anchor and special projects reporter at FOX 9 News to emcee our annual Awards breakfast.
Registration closes Wednesday, April 3. Visit the ACCELERATE 24 web page for the full schedule and with questions, contact MnCUN Vice President of Communications and Engagement Andrea Molnau. Arise Community Credit Union, First Black-led Credit Union in Minnesota Receives State Charter3/27/2024
Last week, the Minnesota Department of Commerce announced that they have issued a charter for Arise Community Credit Union, a new credit union to be based in North Minneapolis.
According to the Commerce Department, Arise is first new state-chartered credit union chartered in 23 years in Minnesota and the first Black-led credit union in the history of the state. The Association for Black Economic Power (ABEP), the credit union's sponsor, is a nonprofit organization created to establish a Black-led credit union to address systemic financial challenges impacting Minneapolis residents, particularly people of color. To support ABEP in their effort, the Minnesota Credit Union Foundation (MnCUF) raised over $1 million in capital from support of the credit union community. The MnCUF provides grants, community partnerships, professional development and disaster relief to help the state's credit unions and communities prosper and thrive. Additionally, the Minnesota Credit Union Network (MnCUN) provided guidance and connection to expertise within the credit union community to help ABEP initiate the charter application process. “Arise Community Credit Union is a testament to the credit union advantage. When our values and commitments come together to lift-up and invest in communities, our entire state benefits. The Minnesota Credit Union Network will continue its leadership promoting the cooperative model across Minnesota, to ensure financial access and opportunity for all Minnesotans,” said MnCUN President and CEO Mara Humphrey. Arise Community Credit Union anticipates opening a branch in North Minneapolis later this year and will hold a community celebration on March 28 at 5:30 p.m. at Shiloh Temple in Minneapolis. MnCUN and ABEP are hosting a celebration for credit union contributors following ACCELERATE 24. Financial Action Task Force Upgrades U.S to Largely Compliant with FATF Recommendation 24: Today, the Financial Action Task Force (FATF)—the global standard-setting body for anti-money laundering, countering the financing of terrorism, and countering proliferation financing (AML/CFT/CPF)—announced that the United States has been upgraded to “largely compliant” with FATF Recommendation 24, which relates to beneficial ownership transparency for legal persons.
NCUA 2023 Annual Report and 2024 DEI Summit in Minneapolis: On March 25, the National Credit Union Administration (NCUA) released its 2023 Annual Report highlighting the agency’s activities, policy initiatives, and accomplishments for the year. NCUA Updates Simplified CECL Tool: On the same date, the NCUA also released its March 2024 update of its Simplified CECL Tool. Navy Federal and Credit Card Late Fees Rule Lawsuits: On March 23, Navy Federal Credit Union (Navy) has filed a motion to dismiss the class action lawsuit based upon racial discrimination against the Plaintiffs for failing to give notice as a member of their field-of-membership (FOM) intent to file a lawsuit against Navy. Comment On CFPB Proposed Rule for Immediately Rejected Transactions: On March 25, the Minnesota Credit Union Network and America’s Credit Unions separately filed comment letters objecting to the Bureau’s proposed ‘preventative’ rule against charging NSF fees on instantly rejected transactions. On Wednesday, March 20, nearly 100 credit union board members and professionals from across the state spent the day at the Capitol learning about legislative issues and meeting with elected officials to share how credit unions put members and communities first.
The credit union advocates shared legislative priorities with state lawmakers to ensure credit union's ability to serve their members and communities: Guarantee Quality Delivery of Personal Financial Education: Support House File 3751/Senate File 4578
"It was invigorating to see a hundred people that are willing to give their time in order to advocate on behalf of our industry and members, said Ryan Smith," MnCUN Chief Advocacy Officer. "I’ve already heard from a few legislators on their meetings and how impactful it is to meet with constituents when they are contemplating bills, particularly during deadline week. On behalf of everyone at MnCUN, thank you so much for representing credit unions in Minnesota so well," Smith added. Last Friday was the committee deadline for policy bills to be passed to the floor of the Minnesota House and Senate to keep moving forward this session. Login to the member portal for an update on MnCUN Legislative Priorities. View the Impact 24: Day at the Capitol Photo Album. Join the CREW Young Professionals for the "Coffee with the CREW" on Thursday, April 25 at 9 a.m. This series focuses on providing credit union young professionals with continued opportunities for networking and collaborating to help further knowledge and professional growth within the industry.
This meet-up will be facilitated by Vicki Erickson, Senior Vice President & Chief Marketing Officer from Topline Financial Credit Union and Jodi Slais, Education Specialist from Wings Financial Credit Union. They will be sharing the different financial education programs at each of their credit unions and go over their financial wellbeing efforts. We will open up the webcams and audio lines for the group to join our facilitated panel discussion. All aspects of this session have been created with the intention of shared learning among facilitators and attendees. We will be asking attendees to actively participate before and throughout this session. With questions, please contact Xiong Lee, MnCUN Director of Engagement. The Enhanced Financial Counseling Certification Program (FiCEP) teaches credit union staff how to counsel members so they can budget better, smartly save, pay down debt and plan for the future. Obtaining the training and associated credentials allows your credit union to differentiate itself from other financial institutions and be more confident in helping members build a stronger financial future.
The cohort-style training consists of 8 tutorial webinars, exam preparation, proctored exam, and program development training - taking place between June and early October. Upon completion, participants will receive the Certified Credit Union Financial Counselor (CCUFC) designation. Attending the webinars live provides the opportunity to participate in discussion; however, they will also be available as a recording. On average, students should expect to spend approximately 30 minutes studying each chapter, 60 minutes participating in each webinar, and additional time as needed to review the materials before the exam. The last training session following the proctored exam is designed to help you develop a detailed vision and plan for financial counseling at your credit union. Cost: $484 per participating student Friday, May 3: Deadline for registration ![]() Today, over 100 credit union professionals and board members are at the State Capitol to meet with legislators to learn about legislative issues and meet with elected officials. Speakers scheduled to appear include, Minnesota Secretary of State Steve Simon, Minnesota House Commerce Committee Chair Zack Stephenson, Hubert H. Humphrey School of Public Affairs' Larry Jacobs, and Minnesota Department of Commerce Senior Director, Financial Institutions, Mike Crow. This important advocacy event forms the foundation for a positive working relationship with legislators throughout the Legislative Session. Through education sessions, legislative briefings, keynote speakers and legislative visits, IMPACT 24 brings the credit union message to elected officials. Stay tuned for a full recap in next week's issue of the Pulse! |
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