2020 Compliance Year in Review & Checklist Available
CUNA released its annual Year in Review and Year in Review Checklist for compliance changes that took place in 2020.
Summary of Proposed Rules Approved by the NCUA Board
At its first meeting of 2021, the NCUA Board (Board) approved a proposed rule and an advance notice of proposed rulemaking (ANPR) regarding the risk-based capital (RBC) rule as well as a proposed rule on CUSOs.
PolicyAid Quarterly Update
Access to PolicyAid is a member benefit available to all MnCUN member credit unions. The policies are templates that
should be revised by credit unions to fit their specific needs.
The entire MnCUN staff would like to thank each member for supporting the credit union system. We truly value the important work you do every day for your members, which inspires us to advocate on your behalf to make that job easier. We are also humbled by the kind words we have recently received from several members about the value of being a member of the Minnesota Credit Union Network.
“Associated Healthcare Credit Union belongs to the MN Credit Union Network because they provide many products and services specifically aligned for credit unions. They are our voice in advocacy at a local and national level. They also provide critical updates within the credit union movement, industry information and trends, education and operational resources important to our business. It is important to have an organization that supports and works on our behalf, provides expertise in areas we are not specialized in, and allows us the time needed to oversee our credit union. In some areas, you are our life-line!”
Theresa Malone, President
Associated Healthcare Credit Union
“At Ideal Credit Union, we see great value in the Minnesota Credit Union Network being our first responder at the Minnesota Capitol and in Washington DC partnered with CUNA. We rely on them to ensure our tax status is protected, the regulatory landscape is favorable for all credit unions to operate in, and the State and Federal chartering systems remain intact to give credit unions choice on how to best serve their members. When necessary, the Network mobilizes credit unions to work with legislators to ensure our message is heard, and the value we bring our membership is recognized.”
Brian Sherrick, CEO
Ideal Credit Union
“During the pandemic, the value of the Minnesota Credit Union Network became even more clear to me. They were able to organize credit unions from around the state to meet, sometimes daily, and discuss events affecting us all. This collaboration with other credit unions would not have been possible without the leadership of the Network, and was invaluable to me as a smaller CU. It allowed me to get help from others in and to navigate those challenges much more successfully than we could have on our own.
Nicholas Mathiowetz, CEO
NorthRidge Community Credit Union
“The Network takes a lead role for the important work of promoting and advocating on behalf of Minnesota credit unions. Our credit union values the hard work of the trade association on the regulatory and legislative efforts toward building strong relationships with regulators and elected officials. While we are engaged in the process, their supported efforts promote the growth of the industry and help our credit union focus on serving our members. The Network team is a highly passionate and knowledgeable group of promoters in advancing the credit union movement, philosophy, and purpose. From advocacy, education, resources, and facilitating collaboration, the Network helps credit unions join together from across the state to advance our mutual success.”
Jay Gostonczik, CEO
SouthPoint Financial Credit Union
Thank you all for your continued support of the Network and the credit union system. Together we are stronger!
The Minnesota Credit Union Network is starting the new year with a full line up of virtual Peer-to-Peer (P2P) sessions. Last year, the Network provided 19 P2P roundtables, bringing together 425 attendees representing 57 different credit unions. Attendees participated in sessions with expert panels and presenters, facilitated conversation and group discussion.
As we look forward to the new year, P2Ps will continue virtually to provide programming and networking opportunities, with an increased focus on creating forums that foster credit union collaboration. We are excited to be launching a new event platform which will assist in providing an enhanced virtual experience. Below is our list of scheduled P2Ps for the spring of 2021.
Spring 2021 P2P Sessions:
03/09 Financial Education P2P
03/10 BSA Officer and Compliance P2P
03/18 Branch Operations P2P
03/25 Accounting & Finance P2P
04/01 Collections P2P
04/14 Training & Development P2P
04/22 Data & Analytics P2P
04/28 Innovation P2P
05/06 Call Center P2P
05/11 Commercial Services & Lending P2P
Announcements coming soon for:
Here are a few things our participants have said about the sessions:
“I like that there was some time for open discussion between everyone. It's nice to hear how each place approaches different things. Brings to light things we may not have thought of.”
“Having these virtual sessions allows more people to participate without regard to location.”
“I enjoyed hearing what other CUs are doing and how they are operating through their challenges, as well as the open discussion, to be able to hear input or suggestions from other CUs.”
“Speakers had interesting topics and engaged the participants for feedback.”
With questions, please reach out to Ben Hering, Director of Engagement.
The CUNA Executive Committee has recommended the appointment of the following individuals to serve on committees and represent Minnesota credit unions.
The Network thanks Chuck Albrecht, Mid Minnesota Credit Union for his service as an outgoing member of the Advocacy Committee. Dave Boden, Hiway Credit Union will continue to serve as CULAC Trustee.
Additionally, Christine Cordell, Hiway Credit Union, has been elected to the National Foundation Board. Congratulations to everyone!
The Minnesota Credit Union Network is looking for interested candidates to serve as their credit union’s Grassroots Coordinator Program. MnCUN hosts events each year to train and educate Coordinators to continue to grow as advocates for the entire credit union industry.
With a new Presidential administration and new members of Congress and state legislators, political advocacy is critical to advancing the credit union movement. For more information about the program, please contact MnCUN Director of Government Affairs, Ryan Smith at email@example.com.
Register now for Credit Union Impact Week – the virtual version of our annual Credit Union at the Capitol Day. The week will offer multiple opportunities to engage with legislators and promote the CU Difference.
Last week, MnCUN provided a preview of the 2021 MN Legislative Session and a preview of the CU Impact Week at the Capitol. A recording of the webinar is available for viewing (log in required). MnCUN staff briefed 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.
The 2021 CUNA Governmental Affairs Conference (GAC) is March 2 to March 4 and will be taking place virtually due to COVID-19. There are two unique opportunities for participation this year. Crash the GAC will take place between March 1 and March 5.
The Cooperative Trust and Credit Union National Association are joining forces to offer 50 scholarships for Crashers at GAC in 2021. Only 50 Crashers will receive FREE conference registration from Credit Union National Association.
The Crasher’s credit union covers their registration fee and emerging leaders can simply register to participate in this year's Crash the GAC experience. Vist CUNA's website for GAC conference fees. That's right, credit unions can pay their Crasher’s registration fee so that they may attend the GAC in 2021. Crashers choosing this option will need to upload proof of registration in the application.
This is the premier credit union advocacy event of the year; Crasher spots are limited and coveted. We're looking for the brightest talent and those who are passionate about serving others through cooperative finance.
Applications accepted through 11:59pm CT on Sunday, January 31.
It’s a new year and time for more collaboration! Join NYIB for a joint webinar, featuring credit unions that focus on K-12, college, or community outreach. Credit union financial educators and universities continue to be innovative in their financial literacy initiatives and more!
The webinar is hosted by the Education Credit Union Council and the National Youth Involvement Board and will take place on January 27, 2021 at 2pm EST.
For information, contact Tina Jones, Community Outreach Administrator at Hiway Credit Union and NYIB Treasurer.
Minn. Credit Union Network Celebrates WINcentive Savings Grand Prize Winners and Nearly $10 Million Saved
First Alliance Credit Union surprised member Heather S. of Dodge Center with a $5,000 check and Financial One Credit Union will celebrate their winner this Friday at their Columbia Heights location.
As of December 2020, WINcentive in Minnesota has reached 8,400 accounts open with nearly $10 million in total saved by members of credit unions throughout the state.
WINcentive Savings incentivizes consumers in to save by offering risk-free rewards. WINcentive prizes are awarded on a monthly, quarterly, and annual basis, with prizes ranging from $100 to $5,000. Account holders in Minnesota qualify for up to four chances per month for each $25 increase in their month over month savings balance.
The Minnesota Credit Union Network and TruLync also administer prize-linked savings programs for credit unions in Delaware, Georgia, Hawaii, Louisiana, Massachusetts, Montana, New York, New Jersey, Ohio and Wisconsin. To date, the programs provide nearly 29,000 members the opportunity to win through prize-linked savings accounts, with over $40 million saved. In total, the programs have awarded over $1 million dollars to members of credit unions throughout the nation.
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.
Last week, Minnesota Credit Union Network staff presented legislative and regulatory priorities, events and initiatives, and updates credit unions can look forward to in 2021. The presentation is available to view in the Member Portal.
It’s important to us that you make the most of your membership with the Network and CUNA. Here are some ideas to further engage your credit union and maximize your membership - including professional development and training, strategic products, compliance, and news updates.
Support a favorable legislative environment
Ease your regulatory & compliance worries
Stay informed about industry updates and MnCUN opportunities
Increase awareness in the market place about credit unions
Provide robust product & service offerings to your members through MnCUN strategic partnerships
Engage in professional development and networking opportunities
For additional opportunities, visit the Get Involved page.
The Pulse is MnCUN's newsletter that keeps credit union professionals and board members updated on current news and information.