As Congress considers critical new infrastructure spending, policymakers are eyeing unconventional sources of revenue to fund their plans.
One proposal under consideration would require credit unions and other financial institutions to report to the Internal Revenue Service (IRS) how much money has gone into and out of accounts holding more than $600. This unprecedented access to consumers’ personal financial data raises several alarms for credit unions and their members:
Last week, the Minnesota Credit Union Network issued a GREAT alert: Tell Congress to Oppose New IRS Reporting Provisions. If you haven't already done so, please take a minute and to contact your Representatives and Senators and tell them not to jeopardize consumers’ personal financial privacy by allowing the IRS to access nontaxable deposit account information from credit unions and banks. The House Ways and Means Committee will be considering this proposal in the next two weeks. MnCUN worked with Congressman Emmer’s office on a sign-on letter in opposition to financial institutions reporting to the IRS. Additionally, CUNA issued an action alert and the Member Activation Program has templates and resources MAP credit unions can use to activate members to contact Congress. President Biden’s COVID-19 Action Plan Could Mean Vaccine Mandates for Credit Unions: Last Thursday President Biden announced a multi-faceted plan that could mean vaccine requirements for credit unions.
Class Action Lawsuit over ACH Transfer Fees: The CUNA Mutual Group recently issued a Risk Alert regarding a class action lawsuit over ACH transfer fees. Join the upcoming Data & Analytics Peer-to-Peer (P2P) on Tuesday, October 5 starting at 1:00 p.m. via webinar and video conference.
For the second Data & Analytics P2P, please bring an example, idea or update to share regarding what you have been working on and what you will be working on for 2022. Its a been a busy year, and let's take a moment to celebrate all that we done in our respective data worlds! Anne Legg, founder of THRIVE, a data education and strategy development firm, will help facilitate the learning session and will bring a few things to share as well. We will also have a deep-dive into a project currently being worked on by Novation Credit Union. Date: Tuesday, Oct. 5 Time: 1:00 p.m. - 3:00 p.m. Location: Webinar/Video Conference Cost: $39 Join the Credit Union Financial Education Network (formerly known as the National Youth Involvement Board) in October for a virtual financial education conference created just for credit union professionals.
From student education, adult education, high school branches and professional development, there will be something for everyone! No overlapping of sessions and you are welcome to attend as many sessions as you choose. The agenda and session topics will be coming soon! The cost is $200 per person with a $100 credit towards the 2022 conference registration fee. 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, 79 individuals have been designated as Credit Union Builders over the past nine years. The name of the recipients are permanently displayed in lobby of the state trade association, 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. With questions, contact Andrea Molnau, Executive Director of the Minnesota Credit Unions Foundation. Now is your chance to nominate a colleague for the 2020 Outstanding Professional of the Year or Outstanding Director (formerly Volunteer) of the Year. Nominations for the awards must be received by the Network by by 5 p.m. on Friday, Sept. 17.
Nominations should recognize an individual's service and achievements taken place during the 2020 calendar year. The winners of these awards will be recognized during the Minnesota Credit Union Network's annual conference - the Accelerate 21 Conference, which will take place November 18-19 at the Radisson Blu Mall of America in Bloomington. Nominations for the 2021 Professional and Director of the Year will open in January and recipients will be honored at the following annual meeting - Accelerate 22 Conference in April 2022.
Join the Hiawatha Valley chapter of credit unions for the 35th Annual Southern Minnesota Credit Union Open hosted by Red Wing Credit Union, First Alliance Credit Union, Accentra Credit Union, and HomeTown Credit Union on Thursday, September 30th at Mississippi National Golf Links in Red Wing, Minn.
Please see the event flyer for more details and to register. Sponsorship opportunities are available - see sponsorship flyer to support! Registration is limited. Registrations will be accepted on a first-come, first-serve basis. Payment must be included in your registration. Deadline is September 15, 2021. Foursomes will be assigned. Best Shot Scramble 10:00 a.m. Registration and Lunch 11:30 a.m. Shot Gun Start 5:30 p.m. Dinner Despite the fact that the legislature is not in session, Minnesota legislative leaders have been making news recently.
NACHA Amendments Become Effective September 17: The National ACH Association (Nacha), has approved five amendments to the ACH rules that become effective on Sept. 17, 2021.
Federal Reserve Increases IORB Rate: The Board of Governors of the Federal Reserve System (Board) is issuing a final rule to increase the “rate of interest paid on balances" maintained at Federal Reserve Banks by or on behalf of eligible institutions (IORB Rate). |
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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