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The Women’s Leadership Network invites female credit union colleagues to our next event on November 17, from 4:00 – 6:00 pm at the Radisson Blu Mall of America. This is a special pre-event option prior to ACCELERATE 21.
We are pleased to welcome Dr. Jennifer Esperanza, Director of Diversity, Equity, and Inclusion (DEI) at Coopera Consulting, a firm that focuses on financial inclusion for a variety of underserved populations. She is a trained cultural anthropologist with two decades of research and teaching experience on the intersections of culture and economics. You are encouraged to wear your Women’s Leadership Network pink scarf, tie, or pashmina. They will also be available to purchase for $20 at the event. All proceeds support the Global Women’s Leadership Network. Registration is now open and available until Nov. 10. ACCELERATE 21 Conference attendees do need to register separately for this event. Conference attendance is encouraged but not required to join the Women’s Leadership Network session. For more information about the Minnesota Credit Union Women’s Leadership Network, visit the group page online. For more information and to register for ACCELERATE 21, visit mncun.org/accelerate21. Early bird registration closes October 20th!
“Mentoring is a cost-effective, valuable tool for developing the credit union movement’s most important asset, our people,” said Mark Cummins, President of the Minnesota Credit Union Network. “We are excited about the opportunity to bring our collective credit union employees in all three states an opportunity to network and grow.” “This program has generated a ton of excitement in Montana, especially since we’ve been working with two other leagues,” said Ranel Smith, Vice President-Relationship Management for Montana’s Credit Unions. “That partnership means we have a larger pool of talented mentors and eager-to-learn mentees that we can match. It’s a great collaboration that will grow the talent in our industry.” Brett Thompson, President & CEO of The Wisconsin Credit Union League, echoed these statements, adding, "The Tristate Mentorship Match program has been an excellent opportunity to tap into the talents and resources of our Movement across state lines, and we look forward to seeing the fruits of this collaboration." 32 pairs will meet monthly for the next year, supported by a program guide, check-ins from league staff, and additional resources to help maximize the experience for both the mentee and mentor. The Tristate Mentorship Match is sponsored in part by Alloya Corporate Federal Credit Union, Corporate Central Credit Union, and Millennium Corporate Credit Union. Congratulations to the following participants:
 On October 21, 2021, over 56,000 credit unions around the world will celebrate International Credit Union (ICU) Day. The theme of ICU Day 2021 is "Building financial health for a brighter tomorrow."
ICU Day highlights the many ways that credit unions across the world help members improve their financial health and well-being. Credit unions were built on the principle of "people helping people." We've seen that philosophy in action for more than 100 years, with credit unions providing access to affordable financial products and striving to meet the needs of underserved communities. Share member stories and event highlights on social media using #ICUDay. Have big plan for ICU Day? Email MnCUN Director of Communications Julia Miller with details. Official ICU Day 2021 posters and logos are available from the World Council of Credit Unions and information about additional ICU Day 2021 items for purchase from CUNA. As of October 8, 2021, ViClarity has updated PolicyAid as follows:
Yesterday afternoon, House Speaker Nancy Pelosi indicated that the proposal to require credit unions and other financial institutions to report gross inflows and outflows in accounts with over $600 to the IRS would be included in a final reconciliation package.
The Biden administration has said that the proposal would strengthen the IRS's ability to crack down on wealthy tax cheats. The Treasury Department has estimated the measure would raise about $460 billion over 10 years that could be used to help offset the cost of new spending aimed at strengthening the social safety net. CUNA and state credit union leagues across the country, including MnCUN, have mobilized to voice strong opposition to any such measure being included in a spending bill. Those efforts have led to more than 500,000 communications to members of Congress, including over 10,00 from Minnesota alone. “Credit unions already churn out many federal tax information reporting forms. This new requirement puts credit unions in the position of policing their members and account holders,” said MnCUN Chief Advocacy and Engagement Officer Mara Humphrey. “MnCUN remains staunchly opposed to any new IRS reporting requirement and has made the case repeatedly with the Minnesota Congress delegation what a negative effect this proposal would have on credit union members.” MnCUN and CUNA have several tools for credit union staff and members to engage with their Congressional Representatives on the issue. It is imperative for our member credit unions to encourage their staff and members to take action to head off this misguided proposal. GREAT – MnCUN’s action alert to send messages directly to members of Congress CUNA’s Member Activation Program – email templates to include in newsletter and communications directly to members. Congressman Dean Phillips (D-MN) has joined a bipartisan group of legislators and has signed on as a co-sponsor of H.R. 2311, the Credit Union Governance Modernization Act of 2021.
Although an extremely rare occurrence, there have been instances where credit union members have posed to be a threat to staff or engage in dangerous or illegal conduct. MnCUN has collected stories from federally chartered credit unions across the state of members threatening staff with physical violence, inflicting damage to property, engaging in racist or offensive behavior and fraud. Under current law, a two-thirds vote of the full credit union membership is required to expel a credit union member. In these cases, the time and resources required for a full vote are simply not practical nor effective. H.R. 2311 would amend the Federal Credit Union Act to allow a more efficient process by requiring a majority vote of the board of directors of a credit union while at the same time providing an appeal process for the credit union member. “MnCUN, in partnership with CUNA, strongly supports H.R. 2311 which would allow credit unions the ability to better protect members and employees,” MnCUN Chief Advocacy and Engagement Officer Mara Humphrey said. “We want to thank Congressman Phillips for his support and joining the list of co-sponsors for this important bill.” Congressman Tom Emmer (R-MN) is the lead author on the bill in the House, while Senator Tina Smith (D-MN) is the lead sponsor of the Senate version, S. 1767. The second Accounting & Finance Peer-to-Peer (P2P) of the year will continue with an open format conversation with peers. This event is meant to be an opportunity to meet and share with one another. Details regarding content and presentations will be announced via email soon.
The Fall 2021 P2P sessions will continue to be held as virtual sessions to provide open forums for credit union staff throughout Minnesota, to create forums for conversations conducive to credit union knowledge sharing, resources and connections. This event will be made only via webinar/conference call. Webinar and call in instructions 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 Ben Hering by email or by phone at 651-288-5519. Ransomware developers and affiliates have been telling victims that they must pay the ransom or stolen data and internal company secrets would be publicly released. Unfortunately, six- and seven-figure demands have become routine among ransomware attacks.
"These cyber attacks have no boundaries and are truly a global issue. Ransomware has grown in frequency and severity and extortion demands have risen significantly. A ransomware incident is one of the most disruptive and costly attacks your organization can suffer,” according to Derek Laczniak, CIC, Director-Cyber Liability at M3 Insurance. Laczniak, who leads the cyber liability strategic relationship with M3 and CUNA Mutual Group, adds, “There’s no foolproof way of preventing ransomware attacks from occurring; however, there are a number of things to know to help you be prepared.” Review “Ransomware: A Checklist of Things to Know” to learn more about how your credit union should prepare. If you’d like to discuss ransomware or cyber risks in more detail, simply schedule a no-cost personalized discussion with a CUNA Mutual Group Risk Consultant or contact us at [email protected] or at 800.637.2676. This article is provided as part of our partnership with CUNA Mutual Group. Contact John Ferstl, MnCUN Chief Operations Office, for more information.
“Additionally, Minnesota credit unions outperformed national median indicators once again in the second quarter, demonstrating that credit unions are the best financial institution of choice for consumers,” said Cummins. The NCUA Quarterly U.S. Map Review shows that Minnesota credit unions experienced solid performance along key indicators including:
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