​As we approach the end of the Minnesota legislative session, MnCUN would like to invite you to join us for our annual session wrap-up webinar. Network staff will offer an update on session priorities, as well as an overview of the big picture items. Webinar details available by logging into the Member Portal.

Join us for a virtual Data Governance Deep Dive workshop on Wednesday, June 15, facilitated by Anne Legg, Founder of THRIVE Strategic Services.

The mission of a data governance program is to give a formal structure to its data. Its primary focus is on the management of data access, quality, and security throughout its life cycle. It has been called a “must-have” by consulting firm McKinsey for enterprise data success. A formal data governance program is already appearing on many regulatory audits and will likely be a mandatory feature of a data program assessment in the next year. The challenge for many credit unions lies in the creation of a launch plan and having a template for success.  This 3-hour webinar will fill these knowledge gaps by providing the following: 1) a basic foundation to data governance, 2) a framework for success 3) a detailed launch road map.

Date: June 15
Time: 8:30-11:30 a.m. CT
Location: Webinar
Cost: $595

This event will only be made available via webinar.

Deliverables:

• 3-hour, Data Governance session
• Data Governance workbook  
• Foundational Data Governance
• Data Governance Charter Framework
• Launch Road Map 
• Actionable learning artifacts: (worksheets, assessment forms, templates)

The instructor:
Anne Legg is an award-winning industry expert, author, educator, member-centric data strategist who holds an MBA thesis on the credit union business model.

With questions, please contact MnCUN Director of Engagement Ben Hering by email or by phone at 651-288-5519. ​

Join us for the three-day Credit Union Sales Training Workshop starting on Tuesday, July 26 with Nick Brown, member services guru from SalesCU.

​​As a credit union, your goal is to help your members achieve all of their financial needs, wants, and dreams. To reach this goal you need a team that is consistently promoting the products and services that will help your members save time and money, make more money, and bring greater levels of financial security to their life. The only problem is the member service your team provides is best described as “Order Taking” rather than “Value Creating.”

The Credit Union Sales Training workshop is designed for a wide variety of credit union leaders and departments including branch, lending, and contact centers, regional and senior sales leaders, training and development professionals and even marketing staff. 

The Credit Union Sales Training workshop will be conducted over three days - Tuesday, July 26 through Thursday, July 28 - with four hours of curriculum each day. The daily schedule is:
Morning session: 10:00 a.m. - 12:00 p.m. CT 
Lunch break: 12:00 p.m. - 1:00 p.m. CT
Afternoon Session: 1:00 p.m. - 3:00 p.m. CT
Cost per attendee is $649 for the three-day workshop. 

Please see the event flyer for more information. With questions, please contact Director of Engagement, Ben Hering, via email.

​According to the Bureau of Economic Analysis (BEA) the US economy grew by 5.7 percent in 2021. This represents the strongest calendar-year growth since 1984. GDP is a strong indicator of America’s overall economic health. With such strong growth, one might assume Americans are also benefiting from this economic revival. Unfortunately, that is not the case.

​In a recent media release from the National Credit Union Foundation (NCUF) about the newly created FinHealth Fund, it was shared that the financial health of more than 160-million Americans is fragile and uncertain. The FinHealth Fund aims to transform lives by helping people improve their financial health. To accomplish this goal the FinHealth Fund will focus on three interrelated efforts.

1. Creating a national resource library (e.g., current work, case studies, toolkits and other resources) to help credit unions embrace financial well-being for all as a strategic imperative.
2. Providing education and upskilling for credit union employees to establish a workforce ready to passionately serve people where they are in their financial lives.
3. Supporting industry-wide consumer research, data capture and analysis to prioritize efforts and quantify improvements to members’ financial health.

​The fund, which was created after a group of about 60 different CU industry leaders met in September of 2021, aims to raise $10 million over the next five years. Four-credit unions (BCU, Chicago, Ill.; Coastal FCU and Local Government FCU, Raleigh N.C.; Redwood CU, Santa Rosa, Calif.) have already committed a total of $1 million to the fund. And CUNA Mutual Group has contributed another $1 million.

CUNA Mutual decided to contribute to the FinHealth Fund for three reasons.

1. We are where you are: The first and possibly simplest reason being we want to be where our credit unions are. The need for this fund was identified by CUs last year. The strategy is being driven by CUs. And CUNA Mutual wants to be there to support our CUs on this journey 
2. Organizational Purpose: The second reason CUNA Mutual decided to participate goes back to the organization’s purpose. That purpose is to make a brighter financial future accessible to everyone. As I mentioned earlier, the fund’s collective goal is to transform lives by helping people improve their financial health. Contributing to the fund was a natural fit because it directly aligns with CUNA Mutual’s purpose and the mission of the credit union movement.
3. More than just a transactional relationship: The third reason we contributed to this fund is to be there to provide the consumer with more than just a transactional relationship. Consumers need more than an institution to cash their checks. They need financial advice and coaching. They need places to live and raise their families. They need transportation to work and school.

Why should your CU get involved with the FinHealth Fund? For a very long time, CUs have been leaders in improving the financial health of the consumers they serve. Although some economic indicators like 2021’s GDP may suggest we can take our foot off the gas, others, like the fact that there are more than 160 million Americans whose economic health is fragile at best, tell us now is not the time to let up.

How can you get involved? The answer is two-fold. First, you can donate. But more importantly, as these resources curated by the FinHealth Fund become available, use them. Use the resource library. Take advantage of the upskilling for your employees. Use the data and research made available. Taking these steps will help make brighter financial futures available to more than 160 million Americans whose financial health hangs in the balance.

This article is provided through the Minnesota Credit Union Network's strategic alliance with CUNA Mutual Group. For more details, contact MnCUN Chief Operating Office John Ferstl or visit the Solutions Directory.

Gerry Singleton is the Vice President of Credit Union System Relations for CUNA Mutual Group. He is responsible for establishing, strengthening and maintaining relations with credit union trade organizations and state leagues. Gerry can be reached at [email protected].

Invest in the Community Investment Fund (CIF) or Charitable Donation Account (CDA) to support the improvement of member financial well-being. These unique investments provide credit unions the opportunity to donate a portion of the earnings to both the Minnesota Credit Union Foundation and the National Credit Union Foundation. Investment options are  available through several corporate credit union partners, and include Certificates of Deposit, Money Market accounts, or CIF Securities Options.

​These earnings help to fund grant programs that support initiatives designed to directly improve the lives of credit union members. Services include financial literacy education, professional training, and emergency assistance – on both the state and national levels.

For more information on how the CIF and CDA programs work, please visit the National Credit Union Foundation website or contact Andrea Molnau, Executive Director, Minnesota Credit Union Foundation by email or by phone at 651-288-5527.

​Last week we published an article on legislation that provides pay for frontline workers who worked during the COVID-19 pandemic. At that time, we were not certain whether the frontline pay would apply to credit union employees. We’ve learned that credit union employees will not be eligible. During a MN Chamber of Commerce webinar on Monday, DoL staff clarified that the “banking industry is not an eligible frontline sector under the law.”

​Please contact MnCUN General Counsel, Tim Tacheny, with any questions. 

NCUA Webinar on Protecting Older Members: Financial exploitation continues to be a significant issue for vulnerable members. The NCUA is hosting a webinar for credit unions to learn how to protect their older members from financial exploitation. 

​Bureau Publishes Quarterly Supervisory Highlights: The Consumer Financial Protection Bureau (Bureau) recently published its Spring 2022 Supervisory Highlights.  

MnCUN Comments on Proposed Amendments to Regulation V (Fair Credit Reporting Act): In April the Consumer Financial Protection Bureau (Bureau) published a proposed rule amending Regulation V, the implementing regulation for the Fair Credit Reporting Act (FCRA).

​At its April meeting, MnCUN’s Political Involvement Committee (PIC) voted to endorse the re-election campaign of Congressman Tom Emmer.

​“Since his election to Congress in 2014, Representative Emmer has been one of the strongest champions for credit unions in Washington DC,” said MnCUN Chief Advocacy and Engagement Officer Mara Humphrey. “From introducing and passing legislation that updates the federal credit union charter to prioritize the safety of credit union staff, to taking lead on pushing back on the misguided idea forcing credit unions to share account information to the IRS, Congressman Emmer has proven his support over and over again. Minnesota Credit Unions fully endorse his re-election.”

Since first being elected, Congressman Emmer has:

• Passed and been the lead co-sponsor of the Credit Union Governance Modernization Act
• Organized two House GOP letters opposing IRS reporting proposal
• Co-sponsored and voted in favor of SAFE Banking Act
• Voted in favor of the Economic Growth, Regulatory Relief and Consumer Protection Act.
• Introduced the Home Mortgage Disclosure Adjustment Act
• Co-sponsored Community Lending Enhancement and Regulatory Relief Act
• Signed on to the Guinta-Hinojosa letter encouraging the NCUA to move lower risk credit unions to an 18-month examination cycle
• Signed on to the Tipton-Murphy letter to the Financial Accounting Standards Board (FASB) in reference to changes they are poised to make regarding credit losses for financial institutions

In addition to the endorsement vote, PIC also received a federal election update from CUNA staff, heard from Network staff on the latest at the state Capitol and heard an update on where the Network’s PAC fundraising and advocacy engagement efforts stand.