I am writing you all today to provide an update on the past few weeks as we as an industry continue our response to the death of George Floyd and civil unrest. We are committed to cooperatively leverage our unique business model to serve all people, and instigate real and positive change in our communities.

As Minnesota grieves and processes the events of the past month, I am proud to see our credit unions step-up and help assist. We have witnessed credit unions all over the state help with clean-up efforts and supply donations; revisiting of DE&I policies; having discussions with staff; and reaching out to members.

The Minnesota Credit Union Network itself has had thoughtful conversations with our own staff, our credit union CEOs, and fellow League colleagues, as we work to build a long-term response to difficult challenges. MnCUN has signed onto the CU DEI Collective pledge for a commitment to change. We are supporting the African American Credit Union Coalition (AACUC) and joining with Leagues across the country to help fund scholarships through AACUC’s Commitment to Change Fund.  We will also continue to support initiatives like the Global Women’s Leadership Network to help ensure diverse voices are heard and represented in credit unions. 
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Systemic racism will not go away overnight, but will need a commitment to change from many and multiple issues addressed. Input and dialog with each other and with the African American community is an important initial step - to both understand these issues and explore how our values and the credit union model positions us as an active participant in the solution. I look forward to partnering with credit unions to continue these important discussions.

The Minnesota Credit Union Network is proceeding with the 2020 Fall Leadership Conference as an in-person event. The Conference is scheduled for Friday, September 11 through Sunday, September 13, 2020, at Madden's Resort in Brainerd.

​With the COVID-19 situation still in flux, we will continue to monitor that status closely and adjust appropriately. However, we do intend to open registration for credit union attendees and sponsor organizations next week.
  
Events will need to be different this year to ensure everyone’s safety and compliance with current facility restrictions. Expect a few changes. However, we are committed to providing thought-provoking educational sessions, recreation, and networking opportunities. 

Watch for a detailed agenda, sponsorship opportunities, and registration details coming soon. With questions, contact Andrea Molnau, VP Communications & Engagement by email. We look forward to seeing you in Brainerd!

Catholic United Financial Credit Union named Maureen Daehn as incoming CEO upon the retirement of Terri Maloney. Daehn has worked at Building Trades Federal Credit Union and Minnco Credit Union.

Maloney, who is retiring in July, has worked in the credit union movement for 50 years; over 10 of them with Catholic United Financial. She also serves on the Board of the Minnesota Credit Union Network. 

NCUA

Letter to Credit Unions:  Phased Approach to On-site Operations – June 18, 2020
 
Press Release: Agencies Issue Examiner Guidance for Assessing Safety and Soundness Considering the Effect of the COVID-19 Pandemic on FIs – June 23, 2020
 
CFPB
 
Interim Final Rule:  Bureau Issues Interim Final Rule Regarding Loss Mitigation Options for Homeowners Recovering from COVID-19 Related Hardships – June 23, 2020

Although credit union giveback may look different this year, please save the date for CU Forward Day 2020 on Monday, October 12 and plan to join us in spreading kindness as a celebration of our people-helping-people industry. Stay tuned for updates, event details and sign-up instructions to come in July!

CU Forward is a state-wide initiative through the Minnesota Credit Union Network of credit unions coming together to do one simple thing – spread kindness. On CU Forward Day, credit union employees, members and partners join one another to volunteer with local organizations, give back to our communities, commit random acts of kindness and generally just say “thank you” to the people who deserve it most. It’s really at the heart of what credit unions represent.

Last year, a total of 58 credit unions and organizations dedicated over 20,000 hours of service to the community as a collective whole with 4,000+ volunteers. The concept spread outside of Minnesota across our nation, as well, with the Illinois Credit Union League launching CU Kind Day, a credit union driven kindness day, and Mississippi credit unions piloting a giveback day through their young professional’s group, LEAD. 

Did you know that the NYIB is the only credit union organization that maintains standardized reporting of financial education presentations to youth in the U.S.? It’s true! The reporting information is used by national and state legislators who lobby for mandated financial literacy programs in schools. Data is used locally by leagues and credit unions to promote community service efforts and demonstrate the CU difference. That’s why it’s so important that ALL credit unions that do either in-school or online classroom presentations, including Financial Reality Fairs, Mad City Money, Junior Achievement, NEFE, etc., and/or any internal programs your credit union may have.         

Reporting is easy! Just visit www.nyib.org and log into your NYIB account (or create one if you’ve never reported before). Then click the report button and complete the online form. Or, if you have multiple presentations to report, consider utilizing the Excel spreadsheet provided. Once you have the spreadsheet filled out, just upload it to the site. And voila! Your presentations have been reported!
 
Have questions about what qualifies as a “presentation?” Check out the Reporting page on NYIB’s website (http://www.nyib.org/reporting). Or check out the FAQ section!
 
The NYIB reporting year runs from July 1, 2019 thru June 30, 2020. So any presentations you/your credit union did during that time should be reported.
 
Have questions? Feel free to reach out to, your Minnesota State Delegate, Jodi Slais or Tina Jones, North Central Regional Coordinator.

PolicyAid Quarterly Update
PolicyWorks has updated five PolicyAid policies

Bureau Initiates Advisory Opinion Pilot Program
The Bureau of Consumer Financial Protection (Bureau) is establishing a pilot program through which it will issue advisory opinions (AOs). 

FFIEC BSA/AML Examination Webinar this Friday             
The Federal Financial Institutions Examination Council (FFIEC) is hosting an interagency webinar Friday, June 26 beginning at 12 p.m. CT. 

​Bureau Issues Proposed Rules Affecting Qualified Mortgages
Under Regulation Z, a loan that meets the requirements for a “qualified mortgage” (QM) obtains certain liability protections. 

Through credit unions’ impact investing, the Community Investment Fund (CIF) has generated millions of dollars to fund and support local and national financial literacy, development and scholarship initiatives. Started in 1999, the CIF was designed to leverage the interdependence of the credit union system for the greater good. It provides credit unions the opportunity to donate a portion of the dividends earned on certain investments to the both the Minnesota Credit Union Foundation and the National Credit Union Foundation.

The CIF provides a unique vehicle to support financial education, professional development, community outreach and emergency assistance, not only in Minnesota, but across the country as well.

For more information on how the CIF works, 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.

Join the Minnesota Credit Union Network and Strategic Alliance Partners, CU Rise Analytics,  for a presentation and open discussion our new peer analysis and forecasting tool, CUCompare, on Thursday, June 25 at 11 a.m.

Credit unions need a flexible, intelligent, and easy-to-use tool that helps them understand how they are performing against not only their peers but also the best in their peer class. Currently available peer analysis tools don’t offer all of the features credit unions need for more informed decision-making, such as the ability to view essential performance metrics, perform custom queries, and save multiple searches and comparisons.

To fill the gap, CU Rise Analytics and Minnesota Credit Union Network  has launched a proprietary new online tool, CUCompare, which allows credit unions to ‘Compare with Confidence’. It offers CUs an easy to use method to benchmark and track performance through a variety of defined and customizable metrics, and perform national, state, and asset-band comparisons. CUCompare runs on data obtained from NCUA on all federally insured credit unions and is updated every quarter.

The webinar is free and will be recorded, however we do ask that you please register. Please provide us your questions in the registration form. Registered attendees will receive webinar and call-in instructions prior to the session.
With questions, please contact Director of Engagement, Ben Hering, via email or by phone at (612) 239-0026.