Minnesota Credit Union Foundation Contributes to Capital Drive to Support Village Financial Credit Union
The Minnesota Credit Union Foundation Board of Directors recently approved a $14,000 contribution to the Village Financial Credit Union Capital Fund. The Foundation recently established a special fund to receive donations and is leading a drive to raise $1 million from the credit union community in support of the Association for Black Economic Power (ABEP) effort to establish a Black-led credit union in Minneapolis.
“In late 2019, the Foundation received a donation from the sale of the Great Minnesota Handshake – a collaboration beer sold at the Minnesota State Fair,” explained Andrea Molnau, Executive Director. “The Foundation Board felt using these funds to support Village Financial Credit Union would bring the community investment full circle.”
Credit union history and principles are rooted in serving the underserved and cooperation among cooperatives. Capital donations, Deposit Pledges and Individual Contributions are currently being sought to support this effort. To learn more, visit mncun.org/villagefinancial or contact Minnesota Credit Union Foundation President Mark Cummins or Executive Director Andrea Molnau.
Thank you for your partnership in 2021 to ensure the success, growth and vitality of credit unions in Minnesota. Our continued success as a movement depends on our ability to work together to achieve our goals. It’s what we do together that sets us apart and advances the movement.
There will be no Pulse on December 29, 2021 but the newsletter will resume on Jan. 5, 2022. Happy Holidays!
Learn more about the outstanding programs, new initiatives and well-deserved recognition received by your peers recently:
Got news of your own? Send stories, pitches, press releases and published articles to MnCUN Director of Communications Julia Miller.
Credit Unions are encouraged to complete the NCUA's Voluntary Credit Union Diversity Self-Assessment before Jan. 15, 2022. The self-assessment is a valuable tool for credit unions that want to commit to the principles of diversity, equity, inclusion, and belonging. With a set of best practices for assessing your workforce development, procurement practices, and transparency practices, the self-assessment can provide a fuller and more objective picture of how your institution is meeting its diversity objectives, or how you might improve in your inclusion efforts.
Once submitted, the NCUA aggregates the data from the assessment and without identifying any single respondent, issues an annual report on the state of diversity, equity, and inclusion throughout the credit union system. Based on the state of the credit union system, the NCUA also creates and makes available resources that credit unions can use to address challenges and opportunities in diversity, equity, and inclusion.
NCUA Provides Guidance on Credit Unions and Cryptocurrency Services: In a letter to federally insured credit unions (FICUs), the NCUA provided clarity and guidance regarding services related to digital assets (cryptocurrency).
NCUA Extends Regulatory Relief: The NCUA Board voted unanimously to extend the effective date of the temporary final rule it issued in April 2020.
NCUA Toolbox Helps CU’s Assess Cybersecurity Preparedness: Cyber attacks are one of the biggest threats to credit unions and other financial institutions.
Sixth Circuit Lifts Stay of OSHA ETS for Large Employers: Last Friday the U.S. Court of Appeals for the Sixth Circuit issued an order lifting the stay on OSHA’s Emergency Temporary Standard requiring larger employers to implement mandatory vaccination policies (ETS).
President Biden’s Build Back Better plan is in jeopardy with Senator Joe Manchin (D-WV) announcing he was a "No" vote, preventing the Senate Democratic majority enough votes to pass the bill through the budget reconciliation process.
Aside from the politics and general policy ramifications, it should be noted that the IRS reporting requirement provision has been left out of the most recent versions of the BBB.
“While the IRS reporting provision is currently being omitted from ongoing conversations, credit unions can’t let their guard down on this issue,” MnCUN Chief Advocacy and Engagement Officer Mara Humphrey said. “MnCUN will continue our opposition to this misguided idea.”
In January, the WINcentive Savings program will announce two prizes of $5,000 each as a part of the annual prize drawing. Participating members of all 21 Minnesota-based credit unions offering WINcentive will be eligible for the monthly, quarterly and annual statewide prizes for 2021. Stay tuned for special announcements and for the grand prize winner celebrations!
For details about prize-linked savings, please contact 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.
12 credit union professionals recently received their Certified Credit Union Financial Counselor (CCUFC) designation by completing the Minnesota Credit Union Foundation’s Enhanced Financial Counseling Certification Program (FiCEP). As of December 2021, Minnesota has 100 CCUFC designated staff in credit unions across the state.
“Completion of the Enhanced Financial Counseling Certification Program shows the dedication of participants and their credit unions to improving the financial lives of their members,” said MnCUF Executive Director Andrea Molnau. “The graduates have spent months learning, studying, and testing to help members strengthen their financial futures.”
2021 MnCU Foundation Enhanced Financial Counseling Certification Program graduates include:
As a central part of its mission to provide resources for credit unions and communities to prosper and thrive, MnCUF has generously committed funding to help support the cost of the program. The program is provided in partnership between the MnCU Foundation, CUNA's Center for Professional Development (CUNA CPD), and CU Difference. Information on the 2022 program will be available next spring.
The Minnesota Credit Union Foundation is pleased to announce recent grant recipients for the Financial & Audit Professionals Grant and GAC scholarships.
Financial & Audit Professionals Grant: Lindsey Dow, Accounting Associate, and Alex Nyberg Accounting Specialist at NorthRidge Community Credit Union are the recipients of the 2021 Financial & Audit Professionals Grant. 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.
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. The grant is available annually, with applications open in November of each year.
GAC Scholarships: The GAC Scholarship was created to provide financial assistance to credit union staff and/or volunteers who are members of the Minnesota Credit Union Network (MnCUN) and wish to participate in CUNA’s Governmental Affairs Conference. The following applicants were awarded scholarships:
For more information on professional development grant opportunities, visit www.mncufoundation.org.
The Pulse is MnCUN's newsletter that keeps credit union professionals and board members updated on current news and information.
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