Please join us on Thursday, January 7 from 10:00 to 11:00 a.m. for a presentation from Minnesota Credit Union Network staff on legislative and regulatory priorities, events and initiatives, and updates credit unions can look forward to in 2021.
This event is free, however, please register to receive webinar details. With questions, please contact Director of Engagement, Ben Hering, via email.
2020 has been a year like none of us have ever experienced. We truly value your commitment to your members and are proud of all we have accomplished together, in the true spirit of cooperation and people helping people.
Over the past year, we’ve met with our peers on calls, webinars, and meetings; shared best practices, documents, and policies; connected with industry experts; contributed to online forums; advocated with legislators; supported front line workers and others in our communities; and supported each other as we’ve navigated the challenges of our day. This is the value of membership in the credit union system.
While this year has shown us some challenging days, at the same time, has revealed how credit unions can be a light in your communities and in your members’ lives. Thank you for your continued support. We look forward to facing 2021 together.
There will be no Pulse on December 30, 2020 but the newsletter will resume on Jan. 6, 2021. Happy Holidays!
MnCUN is closely monitoring the impact that the SolarWinds breach may have on credit unions. CUNA has requested that the NCUA cease collecting data from credit unions until the full scope of the attack is known. CUNA also requested that the agency notify credit unions if it is determined that the agency has been impacted and also that it issue guidance for any impacted credit unions. The full scope of the data breach may not be known for some time due to the complexity of the attack.
See letter: https://news.cuna.org/articles/118857-cuna-seeks-insight-from-ncua-on-solarwinds-cyberattack
For additional resources see CISA guidance: https://us-cert.cisa.gov/ncas/current-activity/2020/12/19/cisa-updates-alert-and-releases-supplemental-guidance-emergency
Please contact Tim Tacheny, MnCUN General Counsel, if you suspect your credit union may be impacted by this cyberattack.
Late on Monday, the US House and Senate took up and passed an omnibus spending bill that would fund the federal government through September 30, 2021 and avoiding a government shutdown that could have come as early as this week.
Additionally, the legislation also includes approximately $900 billion in long-awaited pandemic relief for consumers and businesses. Since the passage of the original $2.2 trillion CARES Act back in March, CUNA and MnCUN have spent the intervening months detailing the need for continued action from the federal government and the final bill includes many credit union priorities as a result. The provisions we have advocated for that were included in the final language were:
In addition to these facets, some other highlights from the bill that will affect credit unions include:
The final bill was well over 5000 pages so a full analysis will yet take time, but we are confident that credit unions have had a hugely positive impact on the finished product.
Network staff will follow the bill as it makes it way to the President for signature or veto.
Thanks those who shared the needs of your members during the pandemic – the stories that you shared truly helped make an impact when we spoke to legislators about the importance of continued legislative relief issues.
Join the Minnesota Credit Union Network on Wednesday, January 13 at 9 a.m. for a briefing on the 2021 MN Legislative Session and a preview of the CU Impact week at the Capitol.
Longtime political insider and communications pro Blois Olson will give an insider’s view of the hot topics we can expect to see legislators working on during the 2021 MN Legislative Session. MnCUN staff will then brief attendees on the credit union-specific issues we’ll be talking with legislators about and provide a complete rundown of what to expect for CU Impact week at the Capitol.
This session is for credit union staff and volunteers that are participating in CU Impact Week or who are interested in learning more about legislative issues and how they affect credit unions.
Regulatory Advocacy Victory on Final Rule for Regulation F
On Friday (12/18) the Consumer Financial Protection Bureau (Bureau) issued a final rule amending Regulation F, which governs debt collectors.
Summary of NCUA Board Actions
The NCUA Board held back-to-back meetings on December 17 and 18 to discuss a number of items.
Bureau Adjusts HMDA Reporting Threshold
The Bureau of Consumer Financial Protection (Bureau) issued a final rule adjusting the asset-size exemption threshold for HMDA.
Start 2021 off on the right foot dedicating time to incorporating your development into a plan.
Our focus for this discussion includes:
Thursday, January 14, 2021 10:00 AM - 11:30 AM
What’s Your Plan?
Speaker: Lisa Hayes, Executive Coach and Facilitator
Join us for an engaging conversation online, connect with your Women’s Leadership Network colleagues, and receive resources from the day. For more information about the Minnesota Credit Union Women’s Leadership Network, visit the group page online.
Funding from the Financial & Audit Professionals Grant program is intended to cover or defray the costs for credit union professionals and/or volunteers to attend timely and accurate educational events, conferences and seminars on financial and audit-related topics. Applications will be accepted until Dec. 31, 2020 for use in 2021.
Reputable course providers include, but are not limited to, the following:
The Financial & Audit Professionals Grant Fund was established in 2014 through a generous contribution from Rich Gabrielson, a CPA who worked with Minnesota credit union supervisory committees, boards of directors and management throughout his 36-year career. Gabrielson retired from CliftonLarsonAllen, LLP at the end of 2013.
With questions, please contact the Minnesota Credit Union Foundation’s Executive Director Andrea Molnau.
The Pulse is MnCUN's newsletter that keeps credit union professionals and board members updated on current news and information.