Don't miss out on our celebration of a century of credit unions in Minnesota! Join us this Wednesday, February 12, from 1:30 to 2:30 p.m. in the Capitol Rotunda.
Come together with legislators, industry leaders, and advocates as we recognize the incredible influence of credit unions in our state and explore what lies ahead for the movement. It's a great chance to connect with peers and show our united support for the industry. Remember, attendance is free, and all attendees will receive a special scarf to honor this historic milestone. Make your voice heard by taking action on critical credit union issues. Through America's Credit Unions Take Action Tools, you can help ensure credit unions are top of mind with lawmakers and regulators.
We appreciate your support in ensuring that all credit union voices are represented when decisions being made. Contact Cynthia Callais, MnCUN Director of Political Advocacy with questions. Last week, Governor Walz proposed a two-year budget that, among other things, includes a cut in the sales tax rate but expands it to cover more services, including those at financial institutions.
100 Years of Credit Union Impact: Rally at the RotundaTo celebrate this milestone, the Minnesota Credit Union Network will hold a rally for legislators and industry leaders and credit union members from 1:30-2:30 pm in the Capitol Rotunda.
If you are unable to attend the entire day of programming, you can register for the rally only. Please share this invitation with your members as well! Minn. Congressional Delegation Appointed to Leadership, Committee Positions: The U.S. House and Senate have begun to organize themselves for this term with leadership and committee appointments.
Today, the Minnesota Credit Union Network (MnCUN) joined 17 credit union leagues and associations in filing an amicus brief in support of America’s Credit Unions’ recent federal lawsuit challenging the Consumer Financial Protection Bureau’s (CFPB) final rule that sets a fee cap on overdraft protection programs. Collectively, leagues and associations that filed the amicus brief represent 3,237 credit unions and 105,000,000 credit union members.
The amicus brief highlights the significance of credit unions’ unique member-owner relationship that is fundamental to their mission of serving their communities. The CFPB’s final rule focuses on calculating costs and assessing fees, failing to account for credit unions’ unique capital and operational realities. The final rule was developed with data from five financial institutions that does not represent the diversity of the financial services industry. “Many consumers chose overdraft protections as a financial service and credit unions are providing that option transparently in response to the needs of their members. Existing regulations ensure overdraft protection products do not cause unnecessary consumer harm," said MnCUN President and CEO Mara Humphrey. “The CFPB’s finalized rule disregards decades of precedent set by the Federal Reserve Board and they have overstepped their statutory authority by classifying overdraft services as credit under the Truth in Lending Act, completely failing to consider the broader economic and operational impacts of the rule. Ultimately, the rule threatens to reduce access to financial services in rural areas and underserved communities which directly goes against the mission of credit unions.” Contact MnCUN Chief Advocacy Officer Ryan Smith with questions.
In Washington D.C,. both the House and Senate are working hard to complete their tasks before funding runs out on Friday.
Congress needs more time to address several pressing issues before the December 20th funding deadline to prevent a government shutdown.
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February 2025
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