CFPB New Rulemaking on Personal Financial Data: Yesterday, the Consumer Finance Protection Bureau issued a final rule to carry out the personal financial data rights established by the Consumer Financial Protection Act of 2010 and move the American banking system to what they deem a more “open banking system.” 

​NCUA Guidance on Board of Director Engagement in Cybersecurity Oversight: Earlier this week, the NCUA issued guidance to credit union Boards of Directors and Chief Executive Officers on the importance of maintaining diligence in cybersecurity efforts. 

​CFPB Circular on Improper Opt-In Overdraft Fees Clauses: On September 17, the Consumer Financial Protection Bureau (CFPB) issued a circular its 2024 – 2025 for improper opt-in overdraft fees clauses for financial institutions of $10B or more in assets to prohibit so-called ‘phantom’ opt-in agreements. 

NCUA Board Meeting Thursday: The Board of Directors of the National Credit Union Administration (NCUA) will meet Thursday October 24, to consider to agenda matters involving updates on cybersecurity and new chartering and field of membership updates. 

The Minnesota Credit Union Network is pleased to announce the dates for the new Directors Conference - October 3 & 4, 2025 to be held at the Radisson Blu MOA.

​The event is designed to connect board members to share insights and best practices. Check the Professional Development page and stay tuned for updates and speaker announcements! 

The Minnesota Credit Union Employee Benefits Plan is an association health plan that allows Minnesota credit unions and credit union service organizations (CUSOs) to provide health benefits to their employees.

The plan uses the cooperative model, enabling eligible credit unions and CUSOs to unite as a single large employer to purchase and offer benefits. This collaborative approach gives credit unions and CUSOs greater bargaining power, the ability to reduce costs and risks by spreading them across a larger group, and more options to offer their employees and families. 

The average increase to small group, community rated, plans is 13.5% Take action now so you don’t miss out on the opportunity to join the Benefits Plan for 2025! 

​For more information and to request a quote, visit the Minnesota Credit Union Employees Benefits Plan page. 

Credit unions employees who are over 65 and still working can take advantage of free consultation with TruLync Medicare Advisors. 

We'll help you compare your Medicare options with your employer’s health plan to see which offers you the best combination of savings, coverage, and flexibility. Let us guide you to the plan that fits your needs!

Visit TruLync Medicare Advisors to schedule a meeting or call 1-800-477-0764.
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By calling this number, you agree to speak with an independent health insurance agent about Medicare insurance products. We are not affiliated with Medicare or any government agency. We do not offer every plan available in your area. Currently we represent 8 organizations which offer 61 products. Please contact Medicare.gov or 1-800-MEDICARE, or your local State Health Insurance Program to get information on all of your options. This is an advertisement.

This article is provided through MnCUN's relationship with Optimize Cyber. Visit the Solutions Directory for more information.

​Let's make one thing clear - there is no such thing as being "completely secured". Criminal organizations know this, but are just as concerned with their operational efficiency as you are. They go after easy prey because it makes more money, more quickly. By taking the steps below, you'll make your business a less appealing target to them.

​Follow These Four Steps:

1. Keep ALL of your systems patched. All computer systems and mobile devices that touch your business data need to be kept current on application and operating system updates. This is a critical component of not being an easy target for the bad guys.
2. Use Full-Disk and Device Encryption. For PCs, we recommend Microsoft's built-in BitLocker. For Macs, use FileVault. For mobile devices, set up a device pass code and investigate if your phone, tablet, or watch can encrypt all the data stored on it.
3. Get a real EDR/XDR/Endpoint protection solution. Choose an endpoint solution that will alert you the second something unwanted or suspicious happens. The best providers give you a cloud portal to control everything from, and allow you to conduct threat hunting, take active response measures on an affected system, and even identify and manage vulnerabilities and other risks on your endpoints.
4. Leverage Multi-Factor Authentication everywhere you can. Does a hacker have your staff member’s username and password? Multi-factor authentication adds an additional layer of defense for them to go up against. Don't rely on passwords and battle against human nature when you’re trying to protect your business. In almost all cases, once money is wired out of the country, you aren't getting it back.

Need help getting any of the above steps locked down? Get in touch with Optimize Cyber at www.optimizecyber.com! We’ll give you tailored recommendations that fit within your resources, budget, and make sense for your organization.

Following the success of Minnesota Credit Union Day at the State Fair, the Minnesota Credit Union Network is bringing the message of the credit union advantage statewide by sponsoring a series of live trivia events. Open to the public and held at local breweries or pubs, the trivia games will tie-in personal financial and credit union-related questions to help spread the advantage to consumers in a fun, relaxed environment. 

​MnCUN is partnering with Trivia Mafia to host the events, and will provide signage, promotion, and credit union advantage theme giveaways (CU Advantage bag and proud CU Member button). Local credit unions are encouraged to participate by sending staff teams in logo wear to help out, promote the events, and provide credit union information and swag for prizes. Please fill out this brief form to participate and you will receive a media kit to help promote the events. 

Each event will run from 6:00 pm - 8:00 pm and will include a free 60-minute Trivia Game and prizes. Mark your calendars and plan to join when Minnesota Credit Unions Trivia Night comes to your area!

• 11/5 Sawmill Saloon & Restaurant (5478 Mountain Iron Dr, Virginia, MN  55792)
• 11/6 Hoops Brewing Company (325 S Lake Ave, Duluth, MN  55802)
• 11/12 Yesterday's Gone Bar & Grill (219 S 9th St, Brainerd, MN  56401)
• 11/13 Charlies Eatery & Pub (1654 Highway 52 N, Rochester, MN  55901)* note date change
• 11/20 Mankato Brewery (1119 Center St, North Mankato, MN  56003)

Contact Andrea Molnau, MnCUN VP of Communications & Engagement or Julia Miller, MnCUN Director of Communications with questions.

The November General Election is less than three weeks away and early in-person voting is underway! The 2024 election is on Tuesday, November 5th and the following offices will be on the ballot:

• one US Senate seat,
• all Congressional seats,
• the State House and
  
• a special election for a State Senate seat that will determine partisan control of the Senate.

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This summer, MnCUN contacted all candidates running for elected positions in Minnesota to inquire about their views on credit union issues. Review the survey results and see where the candidates stand. If you are unsure which elected officials represent your credit union, visit the GREAT website. 

CreditUnionsVote.com is a website that helps credit union members check registration status, request an early ballot, look up polling locations, and more. 

Ahead of the election, now is the time to remind members and credit union employees why being engaged in advocacy is essential to protecting our industry. ​We’re challenging all our member credit unions to increase the number of advocates during the GREAT Month. The resources in the GREAT toolkit can help engage new staff and members in the effort.

FinCEN Renews Real Estate Geographic Targeting Orders
On October 15, the Financial Crimes Enforcement Network (FinCEN) announced the renewal of its Geographic Targeting Orders (GTOs) that require U.S. title insurance companies to identify the natural persons behind shell companies used in non-financed purchases of residential real estate effective beginning October 16, 2024, and ending on April 14, 2025. 

​America’s Credit Unions Challenges CFPB’s 2022 Exam Manual Update
On October 14, America’s Credit Unions challenged the Consumer Financial Protection Bureau’s (CFPB) 2022 lawsuit over Exam Manual updates which would create substantial burden and costs by filing an amici curae brief with the United States Court of Appeals for the Fifth District.