NCUA Regulatory Alerts
NCUA Board approves exemption from Patriot Act requirements for loans extended to facilitate the financing of property and casualty insurance policies – September 17, 2020
NCUA approves Final Rule Temporarily deferring the requirement for an appraisal or written estimate of value for certain real estate-related transactions – September 17, 2020
At their core, effective insurance products and financial services must be customer-centric, benefiting both credit unions and their members. Offerings need to be easy to understand and simple to apply for and administer. Most importantly, coverages need to protect customers in their time of need. We know that credit unions work hard to ensure the products they offer are the right match for the members they serve. And the events of this year have made the need for that focus even more clear: To serve members best, we must further emphasize a consumer needs-based approach to developing the solutions we offer.
As chief financial and product officer at CUNA Mutual Group, I’m charged with leading a diverse product portfolio. Through what we’ve learned in today’s environment, we must ask ourselves, “How do our products level the playing field?” “Do we provide access and opportunities to protect all families and individuals, regardless of their backgrounds?” and “Where can we break down the barriers that prevent us from serving more members, and making financial security accessible to all?”
MnCUN Signs onto League Letter Urging Congressional Action on PPP Loan Forgiveness
On Monday, MnCUN joined CUNA and 34 other state credit union leagues in sending a letter to the Democratic and Republican leaders in both the US House and Senate to urge them to take up and pass S. 4117 and H.R. 7777, the Paycheck Protection Program Small Business Forgiveness Act.
Minn. Senate Rejects Appointment of Gov. Walz’s Commerce Commissioner
Last Friday, in a move that had been rumored for weeks, the GOP-controlled body voted to not confirm the appointment of Commerce Commissioner Steve Kelley.
CUNA and its League partners are the most influential financial services organization and one of the top ten most effective advocacy organizations in Washington, D.C., according to an independent study conducted by Ballast Research (formally National Journal Research) earlier this year.
For the fifth year in a row, the CUNA-League system earned the distinction as a leading association at representing the interests of its members by creating the credit union narrative and sharing the movement’s story among Washington policymakers.
"The Minnesota Credit Union Network is proud to work alongside CUNA to amplify credit union voices on Capitol Hill," said MnCUN President & CEO Mark Cummins. "Now more than ever, it is critical the Members of Congress understand the CU Difference and MnCUN is pleased that our message is well-received and respected."
Key findings of the study include:
According to the Ballast study, one policy advisor serving in the U.S. Senate noted: “CUNA has a competitive advantage in showcasing local voices. They have more civic engagement, they have more members, they try to do more in the community.”
CU FORWARD Day, the annual celebration of credit unions spreading kindness, will be held on Monday, October 12, 2020. So far, 39 credit unions and organizations have committed to give back to their communities on the traditional bank holiday.
What can we accomplish for 2020?
There are many opportunities to take part at home, virtually or in socially-distant small groups.
Visit the CU FORWARD Day Resource page (Member Login required) for ideas and resources to help plan.
To register for CU FORWARD Day, contact Director of Engagement, Ben Hering, by email.
Webinar on CCPA Next Week
On September 21, the Minnesota Credit Union Network is hosting a webinar giving an overview of the California Consumer Privacy Act (CCPA) and its accompanying regulations.
FFCRA Leave Rules Updated
The U.S. Department of Labor (DOL) issued revised regulations on the Families First Coronavirus Response Act’s (FFCRA) paid sick leave and paid family leave provisions.
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 special time of significance to acknowledge their contributions to credit unions.
In total, 72 individuals have been designated as Credit Union Builders. The name of the recipients are permanently displayed in lobby of the Minnesota Credit Union Network as a tribute to those who have dedicated time and energy to building the credit union movement.
The honorees (or their families, in the case of a memoriam contribution) receive acknowledgement from the Minnesota Credit Union Foundation, and donors are also listed online and in the Foundation’s annual report. A minimum $1,500 contribution is required to designate a Credit Union Builder Award.
Visit the CU Builder page for more information. With questions, contact Andrea Molnau, Executive Director of the Minnesota Credit Unions Foundation.
Member expectations and financial needs are changing in ways credit unions could not have anticipated at the beginning of 2020. Join us for the Innovation Peer-to-Peer (P2P) on Tuesday, September 29 at 1 p.m. via webinar and video conference to discuss what innovation at credit unions looks like during and as a result of the pandemic.
Join the Minnesota Credit Union Network's Strategic Alliance partner, Credit Union Loan Source (CULS), on Thursday, September 24 at 10 a.m. to learn about ways in which their services can support your auto loan portfolio needs. The Network has partnered with CULS to provide state-chartered credit unions the opportunity to supplement direct auto loan growth by investing in indirect auto loan participations.
The Minnesota Credit Union Foundation seeks your feedback! As we look ahead to 2021 and beyond, your feedback and input will help guide the Foundation as it strives to provide resources for credit unions and communities to prosper and thrive.
Founded in 1969 by the Minnesota Credit Union Network, the Foundation is governed by a seven-member board of directors from various Minnesota credit unions and is a 501(c)(3) charitable organization.
Please provide your response to our 2020 survey by Friday, September 25. This survey will take 5 minutes of your time, and all comments and suggestions are welcome.
The Pulse is MnCUN's newsletter that keeps credit union professionals and board members updated on current news and information.