NCUA Board Keeps Interest Rate Ceiling: On July 18, the National Credit Union Administration (NCUA) Board met and decided to keep the interest rate ceiling at 18% effective for the next 18 months from September 11, 2024 to March 10, 2026 (same interest rate ceiling since 1987) and rejected proposals for a floating interest rate ceiling. 

Proposed Rule Changing Anti-Money Laundering and Financing of Terrorism Requirements: On July 19, the National Credit Union Administration (NCUA), Office of the Comptroller of the Currency (OCC), Department of Treasury, and Board of Governors of the Federal Reserve published a proposed rule seeking comment on amending the requirements that each agency issued for Bank Secrecy Act (BSA) to establish, implement, and maintain effective, risk-based and reasonably designed Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) Programs. 

CFPB Announces Interpretive Rule for Cash Advances on Earned Wages: On July 18, The Consumer Financial Protection Bureau (CFPB) today proposed an interpretive rule explaining that many paycheck advance products, sometimes marketed as “earned wage” products, are consumer loans subject to the Truth in Lending Act. 

Labor Law Amendments for Minnesota: On July 19, the Department of Labor and Industry (DLI) provided an update on what employers and workers should know about updates to labor laws that might affect your workplace, including law changes that go into effect Aug. 1. 

Ahead of the graduation of this year's cohort of MnCUN’s Trailblazers Executive Readiness Training program in September, we will be highlighting the credit union professionals participating in the third year of the program. ​MnCUN’s Trailblazers Executive Readiness Training program is a 12-month program is designed to accelerate executive-level leadership skills and build credit union-specific knowledge needed to succeed in our industry.  

​The cohort meets the second Thursday of the month for 12 months –virtually and in person – providing participants the opportunity to build a close network of colleagues. The program runs September - September. The deadline to apply for the next cohort is July 26, 2024. ​

Sarah Kuesel, Senior Manager of Remote Services, Affinity Plus Federal Credit Union

Why have you chosen a career in credit unions?
I very intentionally moved from a career in private banking to a credit union. Knowing that I work for an organization that prioritizes member needs over profits is incredibly important to me as it aligns with my own core values as a financial professional. I find it incredibly fulfilling to be able to work in such a member focused environment, and haven't looked back since joining my credit union family! 

How do you think the Trailblazer program will impact your career?
The Trailblazer Program has expanded my understanding of credit union operations in areas I was previously unfamiliar. It has also helped me grow stronger in areas in which I was already familiar by giving me a new perspective. I am taking away new strategies for team management and project leadership as well as a stronger understanding of strategy when it comes to compliance and risk management. I've truly enjoyed the personal growth in both knowledge and perspective. This growth will certainly impact my performance and abilities moving ahead, allowing me to continue to grow in my career. 

What have you enjoyed most about the program?
I have truly enjoyed the material covered in this program. I valued the time many professionals gave to the students in this program as guest speakers, sharing their expertise and giving us a much broader perspective on both the possibilities and responsibilities of credit unions today. And of course, I've truly enjoyed building relationships with other credit union professionals I would have never otherwise met. I've learned as much from them as I have from the materials and speakers. It's been a wonderful experience.

T.J. Trembley, Director of Mortgage Services, City & County Credit Union

Why have you chosen a career in credit unions? 
I have always been in the mortgage industry in one capacity or another. When I started looking into the options available in the credit union world I was learning that it's one big family that enjoys collaborating and growing together and that appealed greatly to me. It's been a breath of fresh air. 

How do you think the Trailblazer program will impact your career? 
The Trailblazer program has helped me build my credit union specific knowledge and opened my eyes to how much more there is to gain and grow within my role and the greater credit union space.

What have you enjoyed most about the program?
Networking, collaboration and growth. Those are the three things I love about the credit union world. The trailblazer program has built a great platform to encourage and foster this for my peers, credit union, and team.

​Dixon Irwin, Data Analyst, Red Wing Credit Union

Why have you chosen a career in credit unions?
Red Wing Credit Union was a fit in many ways. Red Wing was where I was born and raised, and I saw it as an opportunity to help the community I grew up in. I've learned a lot about how a Credit Union truly helps their members and I'm happy I can be a part of that in my hometown. After interning here in college and I knew RWCU was going to be a great fit for me.

How do you think the Trailblazer program will impact your career?
The Trailblazer program will impact my career in many ways. Most importantly, I believe that it has introduced me to the network of wonderful people that work in Credit Unions around our state. The program has also given me insight into becoming a more well-rounded thinker when it comes to all the different facets of our organization.

What have you enjoyed most about the program?
I've enjoyed this program a lot. As mentioned before, the connections made here are fantastic! We all have different professional backgrounds and different viewpoints on our program's topics coming from institutions of different sizes. I've enjoyed the expertise that was brought in to lead our discussions throughout the year as well.

Michael Brine, Branch Manager AVP, TruStone Financial Credit Union

Why have you chosen a career in credit unions?
I love how Credit Unions put their members and employees first. I previously worked for a "Big Bank". I have seen firsthand the drastic difference in cultures between Credit Unions and Banks. I know that we want what is best for our members, truly care about them and want to help them achieve financial success.

How do you think the Trailblazer program will impact your career? 
This program has helped give me a holistic view of how Credit Unions operate outside my current role. Credit Unions are great at supporting each other while being competitors at the same time. I believe the knowledge I have learned during this program in addition to the connections I have made will help set me up for success in my career.

What have you enjoyed most about the program?
I have enjoyed learning more about the similarities and differences at other Credit Unions and also the connections I have made with other MN Credit Union Employees. 

The National Credit Union Foundation has $173,000 in available funding for credit unions of any asset size that have a desire to build programs designed to support children in foster care by establishing basic knowledge in budgeting, credit, and banking solutions.

Eligible credit unions will have the ability to open savings and checking accounts for this demographic while also providing timely financial education and well-being information for youth in preparation for aging out of the foster care system.

​Credit unions can apply by using this link:  www.grantinterface.com/Home/Logon?urlkey=ncuf

The deadline for applications is the close of business on Tuesday, August 20, 2024. Additional information can be found on the Foundations website:   https://www.ncuf.coop/ 

The Minnesota Credit Union Foundation (MnCUF) and Farm Credit Employees Federal Credit Union are proud to recognize Brian Lueth with a Credit Union Builder Award.

Brian retired after 39 years of serving as President/CEO/Vice President of Farm Credit Employees Federal Credit Union. Brian has dedicated his career to serving the employees and families within the AgriBank district, and during his tenure, assets of the credit union grew from about $600,000 to over $18 million today. 

Created in 2008, the Credit Union Builder Award honors an individual’s dedication to the success, growth, and vitality of the not-for-profit financial movement in Minnesota. Dedications are typically made at a time of significance to acknowledge an individual’s contributions to credit unions. 

​There are nearly 100 individuals that have been designated as Credit Union Builders since the award's inception. The names of the recipients and the contributing credit unions are permanently displayed in the Minnesota Credit Union Network’s lobby as a tribute to those who have dedicated time and energy to building the credit union movement.

The Minnesota Credit Union Network is aware of radio and social media ads that antagonize credit unions and their tax status.

The Minnesota Credit Union Foundation is pleased to announce that $1,038,377 in capital contributions was transferred from the Foundation to the newly chartered Arise Community Credit Union. The MnCU Foundation established a special fund in 2021 to receive donations from credit unions and other supporters. Donations have been held, and have now been released, to the new credit union. 

​Arise Community Credit Union was established to address the harmful effects of systemic exclusion, extraction, and disinvestment in North Minneapolis and other neighborhoods in Hennepin and Ramsey Counties, helping free members from high-cost debt, help them gain control over personal finances, and achieve economic well-being. Arise Community Credit Union is using the capital contributions to secure key vendors, onboard their core provider, and supply their office in preparation for a February 2025 grand opening, timed intentionally with Black History Month.

“It blows me away the generosity of the credit union community. Words cannot express our gratitude enough,” said Dan Johnson, CEO of Arise Community Credit Union. “This is a pivotal moment for Arise, our future members, and our community.”

Mara Humphrey, President of the Minnesota Credit Union Network and the Minnesota Credit Union Foundation said, “Arise Community Credit Union is a testament to the enduring relevance of the credit union advantage and the cooperative model. The credit union system support reflects the collaborative and cooperative nature of our movement. We are excited for Arise to be able to provide the credit union advantage with their community.” 

​“It is our commitment to be on the other side - to be able to support and give gladly back to the credit union system in the future,” continued Johnson.  

​But perhaps the simplest thing of all is your participation!  Within this resource hub, you will find everything you need to plan for and engage your credit unions in this easy and exciting, nationwide collaboration to elevate the credit union story.  You also have the freedom to personalize these materials with your branding, design your own content, and add your unique touches that will speak to your membership. 

​Just Remember – To make the biggest impact, we must post on the same day, with the same hashtag!  So, mark your calendar for Friday, July 26, 2024 and get ready to have fun raising credit union awareness with #ilovemycreditunion!
​
 Visit the #ILoveMyCreditUnion website to sign up, explore the 2024 tools, enter to win a swag box, and much more! ​