​The Consumer Financial Protection Bureau (Bureau) issued a proposed rule that would expand member business lending data collection requirements under the Dodd-Frank Act (Act). Section 1071 of the Act amended the Equal Credit Opportunity Act (15 U.S.C. § 1691 et seq.) by adding a requirement for financial institutions, including credit unions, to gather certain data from members applying for a small business loan. Currently Section 1071 lists 13 data points that must be gathered as part of the process. The Bureau, via the proposed rule, has chosen to expand the number of data points required to 23. The Bureau has also set the threshold for compliance on financial institutions originating 25 or more small business loans in each of the two prior calendar years. The Bureau, despite its exemption authority, has chosen not to create any exemption what-so-ever.
 
The Minnesota Credit Union Network, with input from the Regulatory Review Committee, will submit comments opposing the proposed rule. To drive further opposition to this data expansion, we need credit union voices to join ours by submitting a comment letter on behalf of your credit union. Please follow this link to a template you can use to voice your credit union’s opposition by the January 6, 2022 deadline. Visit the Federal Register, and click the green box at the top, “Submit a Formal Comment.”
 
Please let us know when your credit union has submitted a comment. It allows us to keep track and calibrate what our next steps should be to oppose this rule. If you have any questions, concerns, or issues drafting/submitting your comment, please do not hesitate to reach out to MnCUN’s General Counsel Tim Tacheny. Remember qui tacet consentire videtur (“Silence is consent”).

​The Grassroots Coordinator Program is a network of credit union employees that help increase political awareness at their credit union, educate co-workers on legislative issues, and help boost the rate of response to action alerts. Nearly 60 Grassroots Coordinators from across the state have served as their respective credit unions’ primary source for sharing ongoing state and federal legislative activities important to credit unions. Coordinators rally staff, board and credit union members to engage in grassroots related activities and goals.
 
Coordinator efforts have led to substantial growth in the number of grassroots advocates through our GREAT system and have driven a large number of responses to action alerts. The recent IRS reporting issue is a great example of this work, as Minnesota credit union advocates have sent over 40,000 messages to our Congressional contingent to oppose the proposal.
 
As the sole organization advocating on behalf of credit unions across the state, MnCUN works with Grassroots Coordinators to ensure they have the resources and knowledge for this important role. Webinars and in person meetings aid in training these individuals and keep them up to date on current issues. Training sessions also provide opportunities for feedback and developmental strategies to increase member participation. Grassroots Coordinators receive weekly legislative email updates when the Minnesota State Legislature is in session.
 
MnCUN is continually looking for new Coordinators to help spread the message about the importance of grassroots advocacy for credit unions. Credit unions may have more than one Coordinator if approved by their CEO or manager. If you have an interest, or would like to refer a staff member, please contact MnCUN Director of Government Affairs, Ryan Smith.

​The third webinar in the Attorney’s Conference for Non-Attorneys series will take place on Tuesday January 11. The webinar will be from 9:30 a.m. to 12:30 p.m. and will cover some of the hot regulatory issues credit unions are dealing with. Attorneys from the law firm of Husch Blackwell and the CUNA Mutual Group will cover cannabis banking, Regulation E Liability, Consumer Data and Privacy and Cybersecurity. This is a live webinar so attendees will have the opportunity to engage with and ask questions of the presenter and other attendees.

​Click here for more details and to register. Contact MnCUN General Counsel, Tim Tacheny, via email or at 651-288-5517, with any questions. 

​Last week the Federal Financial Institutions Examination Council (FFIEC) released revisions to the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual. 

​The Minnesota Credit Union Network, in partnership with the Wisconsin Credit Union League, is launching the second year of the Data Education Program in January 2022. Facilitated by Anne Legg, author of Big Data/Big Climb and Founder & CEO of Thrive Strategic Services, this data analytics education series offers tools and a forum for knowledge exchange to help key stakeholders fill knowledge gaps and launch their data journey with the assets they have at their credit union.*
 
The Data Education certification program comprises of seven classes, to be held in hour-long segments starting at 9 a.m. CT January 20, 25, 27 and February 1, 3, 8 and 10, thoughtfully scheduled to maximize learning and your day job. 

For a preview of the Data Education Program, please join us at The Power of Data: An Introduction for the Data Education Program on Thursday, January 6 at 10 a.m. 
 
Data Education Program Outline
2022 Class Schedule

*You do not need to be a data expert or even a math lover to leverage your data. Any credit union leader, staff or volunteer is encouraged to attend; the only criteria to attend is that you want to improve your members lives.

With questions, please contact MnCUN Director of Engagement Ben Hering by email or by phone at 651-288-5519. 

​In 2021, our Peer-to-Peer (P2P) groups transitioned to an entirely virtual format, welcoming over 400 participants representing 53 credit unions affiliated with the Minnesota Credit Union Network. Through twenty-seven (27) sessions, fourteen different groups came together throughout the year, including a new P2P group specifically created to discuss Credit Union Foundations.
 
As we review the year, we’re hoping to gather some feedback directly from our participants. If you’ve participated in a P2P in 2021, please take a minute or two to fill out our Annual P2P Survey by Friday, December 10.
 
Looking toward to 2022, we’re excited to continue expanding on how we provide meaningful content through the P2P program. We’ve found tremendous value in keeping these facilitated conversations open while inviting in experts to join the discussion – we anticipate this to continue with next year’s programming. These sessions will be remain virtual and we will plan to further utilize the new MNCUN mobile app to facilitate ongoing connections.
 
Our spring 2022 P2P calendar will be announced in January, but until then, we hope you engage with the “groups” function of our mobile app to continue creating connections and sharing resources.
 
With questions, please contact Director of Engagement, Ben Hering, via email.

The Foundation Scholarship Council (FSC) annual scholarship application closed on Tuesday, November 30, 2021. A total of 968 applications were received from credit union members for the chance to receive one of the sixteen $1,000 scholarships. Of the available $16,000 scholarship pool, eight scholarships will be awarded to traditional applicants, the other eight will be awarded to non-traditional applicants. All applicants have been notified and will receive communications throughout the selection process.

The FSC committee will review all completed applications, read each submitted essay and select the scholarship award recipients by the end of January 2022. Scholarship recipients will be contacted by their credit union by Monday, February 28 and award recipients will be announced in March 2022.
​
The Foundation Scholarship Council (FSC) is a committee of the Minnesota Credit Union Foundation. The FSC strives to build credit union brand awareness and strengthen member relationships through their scholarship program. Since its inauguration in 1997, the FSC has awarded over $200,000 in scholarships to Minnesota credit union members.

​With questions about the scholarship program, contact the FSC.