Thank you to the credit unions that donated to the MnCUN Awareness Fund. We look forward to launching the Minnesota’s Credit Union Advantage Initiative this spring. As we shift the campaign back to a 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.

The MnCUN Awareness Fund Committee recently met to approve the budget and tactical aspects of the initiative. Plans include:

• Creation of video and audio vignettes of how Minnesota Credit Unions are giving consumers an advantage.
• Launch new style content in Instagram Reels and on TikTok.
• Create a podcast to highlight “The Advantage.”
• Drive the Advantage narrative with earned media, amplified events, and minimal paid media.
• Cooperative regional events across Minnesota.
• Sponsored “Credit Union Day at the Minnesota State Fair” plus media sponsorship.

Credit union engagement opportunities in the initiative include a new Minnesota Credit Union Directory, access to updated Consumer Research, and social content to like and share. Credit unions who contributed to the fund will also receive the “Advantage” Asset toolkit; staff participation in regional events, and a promotional toolkit for our CU Day at the Fair.

Watch for additional information in the coming weeks. With questions, contact MnCUN Vice President - Communications and Engagement Andrea Molnau.

CFPB Seeks Consumer Information on Mortgage Junk Fees: On March 8, the Consumer Financial Protection Bureau (CFPB) announced it was seeking comments from consumers who have experienced added or surprise “junk fees” to their mortgage closing costs in working to ensure that consumers can navigate the closing process more easily, shop around, and save money. 

What is ‘Reasonable Cause for Belief in Collectability’ of a Deposited Check: Reg CC’s availability of funds timelines is often used by fraudsters by depositing (nonlocal) checks into newly opened account(s) through ATMs or remotely. 

CDFI Fund Announces Next Director: On March 11, Pravina Raghavan began her tenure as the next Director of the Community Development Financial Institution (CDFI) Fund. 

Last week, over 100 credit union professionals and board members attended the Governmental Affairs Conference (GAC) in Washington D.C.

​As part of the conference, the Minnesota delegation met with both Senators Klobuchar and Smith, as well as the eight Minnesota U.S. members, to discuss issues that impact credit unions. The conversations focused on the current regulatory environment, its impact on operations at credit unions of all sizes and ways that Congress can help.

Last week during the conference, Rep. Luetkemeyer (R-MO) introduced the Secure Payments Act, which would prevent the Federal Reserve from finalizing the implementation of their cap on interchange rates until they’d studied and done an impact analysis on the rule’s effect on financial institutions. Minnesota Credit Union Network have talked with several members of Congress about signing on as co-sponsors.

"Hearing about the Fed’s cap on interchange rates directly from credit unions really helped make the case for its negative impact," said MnCUN Chief Advocacy Officer Ryan Smith. "Thanks to all who attended the Congressional meetings at GAC and advocated for Minnesota credit unions and their members."

Minnesota attendees also met with the new NCUA Board member Tanya Otsuka to discuss her new role and the industry and for her to hear directly from the credit unions that she now supervises about the challenges they face on a daily basis.

​She pledged to always be open to meeting with credit unions and from hearing about our concerns on issues that the NCUA, and other regulators, might be proposing. MnCUN will be working with her staff to get her to Minnesota for a visit.

As a member of MnCUN, 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. We are pleased to provide the following member benefits: 

Complimentary Access to PolicyAid: ​With PolicyAid, credit unions can access a comprehensive online policy library with resources to help quickly create or adjust your current policies to stay in compliance. With policies already written, you can simply make slight modifications to fit the needs of your credit union.


MnCUN will also deliver two complimentary compliance training webinars through our partnership with ViClarity and a secure log in to ViClarity's members only website. To access this service, credit unions must designate the appropriate users.  

Small Credit Union Benefits: To support an environment where all credit unions can thrive, MnCUN provides resources to credit unions with assets under $100 million, including: the Small Credit Union Education Grant, a free webinar of your choice from the Credit Union Webinar Network, and Discounted Registration for MnCUN major events. To redeem the free webinar offer, please reach out to Xiong Lee to receive your coupon code. 

Complementary Credit Union Staff Salary Report: This report is the most comprehensive industry specific salary analysis available to credit unions. Typically provided every other year, the full report was offered in 2023, with the small credit union report offered in 2024. 

MnCUN Jobs Board: Member credit unions can post jobs for free with a discount code (log into to the Member Portal to access the discount code). To post jobs and view resumes, you can log in using your member login for mncun.org. 

Update Your Profile: The MnCUN Members' Only Portal allows you to manage your username/password, update your contact information and preferences, and pay invoices. You also have access to Members' Only content and Publications.

MnCUN staff would like to thank each member for supporting a thriving credit union system in Minnesota. We truly value the important work you do every day for your members, which inspires us to advocate on your behalf to make that job easier. Thank you for your continued support and trust!

Are you looking for a professional development opportunity or for ways to get more involved with the Minnesota Credit Union Network and make the most of your membership? 

​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.

​​Interested candidates can express interest by completing an application. Applications will be accepted through Friday, March 29, 2024. 

​View the following for descriptions of the committees. Any specific questions can be directed to the Network Staff Liaison listed for each committee. ​

CFPB Final Rule on Credit Card Late Fees: On March 5, the Consumer Financial Protection Bureau (CFPB) finalized its rule against excessive credit card late fees lowering the typical fee from $32 to $8 while eliminating the 2009 CARD Act immunity provision for automatic inflation adjustments for issuers that have 1 million or more open accounts. 

Chair Harper on Overreliance of Overdraft and NSF Fees: On March 4, NCUA Chair Todd Harper wrote an op-ed in the Credit Union Times comparing credit union overreliance on NSF fees with the demise of Blockbuster Video and the eventual rise of Netflix. 

FHFA Announces Implementation Schedule for Enterprise Credit Score: On February 29, the Federal Housing Finance Agency (FHFA) announced updates to the implementation of new credit score requirements for single-family loans acquired by Fannie Mae and Freddie Mac (the Enterprises). 

​CFPB Issues Guidance on Rigged Comparison-Shopping for Credit Cards: On February 29, the Consumer Financial Protection Bureau (CFPB) issued a circular to law enforcement agencies and regulators explaining how companies operating comparison-shopping tools can break the law when they steer consumers to certain products or lenders because of kickbacks.

At the State Capitol, The House Commerce committee took up and passed a bill on Monday that would prevent out of state banks from importing their interest rates on short-term, payday-like loans, circumventing the rate caps the legislature put in place last year.