Bureau Issues ANPR on Consumer Access to Financial Records
The Bureau of Consumer Financial Protection (Bureau) has issued an advance notice of proposed rulemaking (ANPR) requesting information related to consumer access to financial records.
Join your colleagues to virtually celebrate the best of the best in Minnesota credit unions. Hear from CUNA CEO Jim Nussle and see familiar faces at the Awards Ceremony, taking place on Nov. 19 at 2:00 pm.
Honor the extraordinary efforts and achievements in political fundraising, growing our grassroots, winners of the 2019 and 2020 Dora Maxwell, Louise Herring, and Desjardins Awards – and the much anticipated Professional and Volunteer of the Year.
The registration deadline is November 6, 2020. Visit the Annual Conference page to register.
As the state trade association for Minnesota’s credit unions, providing top-tier educational and professional development opportunities is one of the many ways in which the Minnesota Credit Union Network serves you. As we continue to navigate and adapt to the pandemic, we anticipate continuing to host all MnCUN events virtually until mid-year, in hopes we can meet together in person the second half of 2021.
As you work to set next year's budgets and schedules, please consider saving the date for the following events:
January 20-21: Exploring Why - an experiential training that empowers employees of all levels to understand and leverage the Credit Union Difference to drive greater value for your members and organization. Presented by the National Credit Union Foundation and sponsored by the Minnesota Credit Union Foundation.
February 1-5: CU Legislative Week at the Capitol
Feb 9, 11, 23 & 25: Data Education Program - A data analytics education series, offering tools and an education forum knowledge exchange platform to help key stakeholders fill knowledge gaps and launch their data journey with the assets they have at their credit union. Presented by Anne Legg, Thrive Strategic Services.
March 2-4: CUNA Governmental Affairs Conference
April 23: MnCUN Annual Business Meeting
September 10-12: Fall Leadership Conference
September TBD: Hike the Hill
October 11: CU Forward Day, Across Minnesota
November 17-18: MnCUN Annual Conference
Visit the Network’s Event Calendar for the full lineup of events and educational sessions throughout the year. With questions or suggestions, please contact Director of Engagement, Ben Hering, by email or by phone at (651) 288-5519.
At the October 23rd meeting, the MnCUN Board approved the dues factor and revenue projections to set 2021 Affiliation Dues. As we continue to look out for our member credit unions, and help to ensure you’re in the best position to help your members through the financial recovery, the MnCUN Board approved two measures as they relate to the dues calculations. First, recognizing June 30 financials are inflated for many credit unions, it was determined to adjust the call report date with which we calculate dues to March 31, 2020. Second, the Board approved not to increase the dues factor, and set it to be the same as 2020. Dues estimates are being sent to credit unions this week.
Membership with the Minnesota Credit Union Network (MnCUN) and Credit Union National Association (CUNA) ensures powerful credit union advocacy at state and national level and access to unparalleled compliance, training, peer networking and COVID-19 resources.
Deb Almirall Appointed to MnCUN Board
At the Network/NSC Board meeting on Friday, the Board appointed Deb Almirall to fill the vacancy created with Terri Maloney’s retirement. Deb is the CEO of Minnesota Power CU in Duluth.
This appointment (per bylaws) is until our next annual business meeting and the Board also set April 23, 2021 as the next annual business meeting. Please welcome Deb to the Network/NSC Board of Directors!
The Minnesota Credit Union Network works proactively to create the environment for credit unions to grow market share and demonstrate the CU Difference. To help achieve this goal, MnCUN has established restricted funds to strengthen our advocacy efforts on behalf of Minnesota’s credit unions.
The Credit Union Advocacy Fund provides resources to strongly position credit unions on the legislative and political fronts. The Advocacy Fund is proactive in nature, helping to create a strong credit union environment and augment MnCUN’s advocacy efforts.
Funds are employed for certain purposes, which can include grassroots mobilization and organization building; enhancing direct lobbying; influencing decision-makers through public affairs and public relations; helping to maintain Credit Union House on Capitol Hill; and supporting the National Advocacy Fund.
As a restricted fund, expenditures are governed by a committee of credit unions and MnCUN staff. Solicitation for the Advocacy Fund occurs each year in conjunction with the issuance of the Network’s annual membership dues invoice, as well as on an as-needed basis.
The Credit Union Awareness Fund is focused on increasing consumer awareness of credit unions, including but not limited to, commissioning research, working to expand media coverage and coordinating other visibility opportunities. Expenditures from this fund promote the benefits and value of credit unions, helping to spread the word that credit unions are the best financial choice for consumers.
As a restricted fund, expenditures are made in accordance with MnCUN’s strategic plan, upon recommendations by public affairs consultants, the Awareness Fund Committee members and/or the MnCUN Board. Solicitation for the Awareness Fund occurs each year in conjunction with the issuance of the Network’s annual membership dues invoice, as well as special campaign fundraising efforts.
The Minnesota Credit Union Foundation
As not-for-profit financial institutions, credit unions are focused on empowering individuals, families, and communities through financial education. The Minnesota Credit Union Foundation (MnCUF) provides grants, community partnerships, professional development and disaster relief to help the state’s credit unions and communities prosper and thrive.
Founded in 1969 by the Minnesota Credit Union Network, MnCUF is a 501(c)(3) charitable organization governed by a seven-member board of directors from various Minnesota credit unions. Solicitation for the Foundation occurs each year in conjunction with the issuance of the Network’s annual membership dues invoice, as well as special campaign fundraising efforts.
Please consider budgeting for these special funds along with dues for 2021 or contributing in 2020. We thank you for your continued support of the credit union movement, and hope you consider these important initiatives.
The State of Minnesota Credit Union webinar recording is now available. Held October 21st, Mark Cummins and Blois Olson provided a closer look at current credit union growth trends, consumer sentiments, and takeaways for the credit union industry. The recording and slide deck are available for MnCUN members to view. Please note a log in is required.
Members of Affinity Plus Federal Credit Union, Fulda Area Credit Union and Hiway Federal Credit Union were the lucky recipients of $1,000 by participating in the WINcentive program. Participating members in the WINcentive Savings program through Minnesota credit unions were eligible to win one of five $1,000 prizes and one of forty-five $100 prizes as a part of the quarterly drawings held in October.
Through September 2020, WINcentive in Minnesota has reached over 8,300 accounts open with nearly $9 million in total saved by members of credit unions throughout the state. To date, participating members have an average saved balance of $1,081.
WINcentive Savings incentivizes consumers in to save by offering risk-free rewards. WINcentive prizes are awarded on a monthly, quarterly, and annual basis, with prizes ranging from $100 to $5,000. Account holders in Minnesota qualify for up to four chances per month for each $25 increase in their month over month savings balance. The Minnesota Credit Union Network and TruLync also administer prize-linked savings programs for credit unions in Delaware, Georgia, Hawaii, Louisiana, Massachusetts, Montana, New York, New Jersey, Ohio and Wisconsin.
For details about prize-linked savings, please contact Director of Business Development, Kris Jacobsen, or Director of Engagement, Ben Hering, via email. More information about WINcentive Savings, including a list of participating credit unions, can be found at wincentivesavings.org.
Photo: Fulda Area Credit Union employees celebrate with member, Marian, a recent quarterly WINcentive Savings prize winner
The Advocacy Fund is sponsoring Congressional debates, election night results, and election coverage web pages. With all 201 state legislative races on the ballot, 8 Congressional races and a Senate race, it is critical that we educate legislators on the CU Difference. The sponsorships are branded with the "Working for Minnesota" tagline to connect to the website launched this summer to share credit union stories.
In addition, MnCUN is sending regular emails to candidates across the state providing info on credit unions. Check out the sponsorships and track election results with us at: https://www.radio.com/wccoradio/election2020 and https://www.kare11.com/voterstoolkit.
We are pleased to announce two new opportunities for attendees to engage with fellow credit union colleagues at this year’s Virtual Annual Conference. While online networking can never replace face-to-face interaction, it can provide an effective way for attendees to build their professional relationships and industry connections.
It just wouldn’t be a MnCUN Annual Conference experience without a little bit of FUN! Conference attendees are invited to join us on Wednesday, November 18, from 4:30-6:00 p.m., to relax and unwind with a friendly game of Virtual Trivia!
Coffee and Conversations:
Join your fellow CREW, Women’s Leadership Network, or Grassroots Coordinators for Coffee and Conversation on Thursday, November 19, from 9:00-9:45 a.m. These multi-person video conferences will provide an informal-type meetup, allowing members of these groups to connect on topics of interest.
Join hundreds of credit union professionals from across Minnesota for the Virtual Annual Conference – November 18 and 19th – for an interactive, online experience that delivers inspiring educational content, opportunities to network, and a virtual exhibit hall. To learn more and register, visit the Virtual Annual Conference page online. Registration deadline is November 6.
The Minnesota Department of Commerce has approved MnCUN’s proposed updates to the Standard Credit Union Bylaws. Thank you to the members of the Network’s State Charter subcommittee for providing valuable input and feedback as we worked to revise and make enhancements.
The changes include the following:
Each credit union has the option of adopting the new bylaws. These documents can also be found on the Minnesota Department of Commerce’s website: https://mn.gov/commerce/industries/financial-institutions/credit-union/
The Pulse is MnCUN's newsletter that keeps credit union professionals and board members updated on current news and information.