On August 7, the NCUA issued a Letter to Credit Unions providing additional guidance on the agency’s “cyber incident notification requirements rule.”
P2P sessions are virtual roundtables, providing open forums for credit union staff throughout Minnesota, for knowledge sharing, resources and connections. These events are an opportunity to meet and share with one another. Come to the session prepared with questions and discussions topics and turn your webcam on!
Webinar and call-in instructions session materials and resources will be provided to registered attendees. For a list of all P2P sessions, visit our Peer-to-Peer (P2P) webpage. With questions, please contact MnCUN Director of Engagement, Xiong Lee. By: Ronny Chapman, TruStage Senior Vice President, Fintech Solutions
In the current financial services landscape, consolidation amongst credit unions is a reality and is showing no signs of slowing down. Today, even as the total number of members and assets continues to grow, there are just over 4,700 federally insured credit unions in the U.S. [1] That is a dramatic decline over the last five decades when the industry peaked at over 23,000 institutions. [2] Significant drivers include rising costs and increasingly demanding improvements relating to digital channels, personalization, security and efficiency. Many credit unions are known as the lifeblood to their communities, serving with passion and drive to help promote financial health. The loss of small credit unions endangers the ‘local community’ model that credit unions are often known for, as well as the health and diversity of the financial services ecosystem overall. To remain a key resource to their community’s financial needs, credit unions must seek alternative collaboration strategies that offer ways to scale and grow the reach, sustainability, and impact of not only each organization, but of the credit union system as a whole. Working with large retailers and auto dealers, for instance, is an effective strategy for credit unions to help achieve scale and provide access to a new range of digitally-enabled products and services without having to merge; and most importantly, they can keep their brand. Moreover, the credit union benefits from improved customer loyalty, while also gaining a new source of revenue while retailers have the ability to build out local captive consumer finance options. Application Programing Interfaces (APIs) are the great unifier for enabling credit unions and retailers to connect, share data and functionality, while ultimately creating a more streamlined and interconnected ecosystem aimed to help better serve consumers in their moments of financing need. An API can serve as the single end point that allows individual retailers and large auto dealers to access the ‘credit union system’ and vice versa. As your credit union evaluates technology partners, it is important to consider providers who see value in serving institutions of all sizes – while many gravitate towards large asset credit unions, some recognize the importance and significance of supporting small market credit unions as a key part of the credit union system overall. This article is provided as part of the Minnesota Credit Union Network's parternship with TruStage. For more information, visit the Solutions Directory. [1] NCUA, Industry At A Glance, quarter ending December 31, 2022. [2] Credit Union National Association, United States Credit Union Statistics, 1939-2021. TruStage™ is the marketing name for TruStage Financial Group, Inc. its subsidiaries and affiliates. Corporate headquarters are located in Madison, Wis. © TruStage Is your credit union preparing an education project for the new school year? MnCUF Financial Education Grants support credit unions’ implementation of financial education projects in their credit union and communities. The application period is open so that credit unions may apply for funding at any time throughout the year.
Financial Education Grant Applications are evaluated by the Minnesota Credit Union Foundation Board of Directors and funding is based on factors such as credit union value, community impact, collaboration, and creativity. Financial education initiatives may include projects in the following areas:
For more information and to apply, visit mncun.org/apply-for-a-grant. Minnesota Credit Union Foundation Makes Donation to CUAid in Support of Hawaii Credit Unions8/16/2023
The National Credit Union Foundation (NCUF) has committed to support the credit union community impacted by wildfires devastating Western Maui. CUAid provides emergency funds to credit unions, employees, and volunteers in the event of a natural disaster. The Minnesota Credit Union Foundation recently made a donation to CUAid in support of this effort.
Individuals and organizations can contribute to CUAid at any time. The restricted nature of the fund ensures every penny donated goes directly to supporting credit unions and their people recover from catastrophic events. You can donate to CUAid here. Join us at Madden’s on Gull Lake in Brainerd, Wednesday, September 13 through Friday, September 15, 2023 for LEAD 23, MnCUN’s Fall Leadership Conference.
The conference topics will focus on all things Leadership, featuring sessions designed for both credit union professionals and board members. Additional recreation opportunities provide an opportunity to come together in person with your credit union colleagues for learning, networking, and fun! We are pleased to welcome our keynote speakers and breakout sessions:
Please note the lodging reservation deadline of Friday, August 11. Credit Union Attendee Registration closes August 23, 2023. FinTech and Third-Party Risk Management Policy: FinTech’s use many third-party service providers and other technology companies in providing their specialized products. Information security, privacy, and regulatory compliance must be every credit union’s top concern as it is not enough to rely on FinTech assurances as to your member’s NPI.
Update on CFPB Small Business Lending Rule: On July 31, the U.S. District Court for the Southern District of Texas issued a limited preliminary injunction enjoining the Consumer Financial Protection Bureau (CFPB) from implementing and enforcing its “Small Business Lending Rule Under the Equal Credit Opportunity Act (Regulation B) until the pending case before the U.S. Supreme Court challenging the constitutionality of the CFPB’s funding. E-Will Law In Effect: August is Make-A-Will month and Minnesota’s new Uniform Electronic Wills Act (§524.1-201) signed into law in April became effective August 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 second year of the program. Cassandra Sandstrom, Hiway Credit Union, Vice President of Enterprise Risk Management Why have you chosen a career in credit unions? The credit union philosophy of people-helping-people is so impactful and aligns with my personal values and beliefs. Assisting our membership with all financial services while giving back to our communities we work and live in is an amazing opportunity. Providing professional growth to staff, strong member products and services and making a difference in a culture where we want to help fulfills a greater purpose! How do you think the Trailblazer program will impact your career? The Trailblazer program has provided me with the confidence, knowledge and exposure to continue to learn, grow and expand my leadership role opportunities. It has armed me with experience in credit union operations and financials, strengthened my leadership skills, provided essential key information to continue learning about and a strong group of professionals to continue to network with! I am excited about my future professional aspirations with the information, support and confidence I have gained throughout this program. What have you enjoyed most about the program? This program has allowed me to expand my knowledge on financials, risk, strategic planning, and credit union operations. It has also provided me the ability to network with an amazing group of individuals who have similar professional goals who share my passion, drive, leadership goals and dedication to the credit union industry. It has been an invaluable opportunity that will help me achieve my professional aspirations. Michelle Nelson, Teamsters Credit Union, Vice President Why have you chosen a career in credit unions? Honestly, I just needed a job. I knew credit unions were different from banks, but I didn't really know why. After being hired I quickly learned the meaning behind "Members Helping Members." I was surprised at the level of customer service. The care and understanding that went into each transaction, from member services to the top level of management. This was so inspiring and refreshing to see, that I knew I wanted to be a part of this movement for a long time to come. How do you think the Trailblazer program will impact your career? It has already impacted my career. I'm using the strategies of the program in my current position. It has given me confidence and the ability to form stronger connections with employees, co-workers and members of the credit union. From learning my specific strengths to thinking about coaching as a way to manage, this opened up so many communication barriers. I have pushed myself in the past, but this program has given me the insight into several different aspects of what a leader should be. I am able to effectively communicate, motivate and connect on a much higher level. What have you enjoyed most about the program? I have enjoyed meeting and networking with new people. Round-tabling, learning and listening to the different ideas and strategies the other leaders in the industry have. Megan Hammack, SharePoint Credit Union, Vice President - Operations Why have you chosen a career in credit unions? I have spent 19 years in the credit union industry because I truly care about people and their financial well-being. The credit union mission of "people helping people" aligns with my personal belief that all things are possible if people work together and care for each other. Finances are personal, and a credit union's vision is to understand an individual member's story and the collective stories of the communities we serve. Our members are not numbers, but real people with hopes and dreams that often require a financial lift and I'm grateful to be a part of an organization providing more access to financial resources. How do you think the Trailblazer program will impact your career? Trailblazers has already expanded my knowledge and helped me fully understand the credit union as an organization. This program has sparked my curiosity in areas of the credit union I have less experience in and has helped me become a more thoughtful leader - specifically with the decision-making process and the impact of the decisions we make. A well-run credit union is an integral part of delivering on our value propositions and vision, so understanding how it all works together is so important. What have you enjoyed most about the program? Can I say I have enjoyed it all? I really have - but mostly I have enjoyed getting to know my fellow cohort. They are a smart, dynamic, and truly care about their organizations. The network I have built is one I'm not sure I could have found on my own. I also appreciate all the time and effort the guest speakers and MnCUN organizers have spent on this program. I would recommend it to anyone currently in or seeking a leadership role in a credit union! David Walters, Hiway Credit Union, Vice President of Lending Why have you chosen a career in credit unions? My passion is in lending, and I get great satisfaction serving members in a way to help them buy their dreams. How do you think the Trailblazer program will impact your career? The Trailblazer program has helped me build a group of peers that are like minded in the credit union space. It has also helped me collaborate at a higher level and broaden my perspective of issues and challenges in our community. What have you enjoyed most about the program? I have enjoyed problem solving with my peers and to see that we are all alike in similar ways and have issues that are very common. P2P sessions are virtual roundtables, providing open forums for credit union staff throughout Minnesota, for knowledge sharing, resources and connections. This event is meant to be an opportunity to meet and share with one another. Come to the session prepared with questions and discussions topics and turn your webcam on.
For a list of all P2P sessions, visit our Peer-to-Peer (P2P) webpage. With questions, please contact MnCUN Director of Engagement, Xiong Lee. |
The PulseThe Pulse is MnCUN's newsletter that keeps credit union professionals and board members updated on current news and information. Archives
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