Did you know that the NYIB is the only credit union organization that maintains standardized reporting of financial education presentations to youth in the U.S.? It’s true! The reporting information is used by national and state legislators who lobby for mandated financial literacy programs in schools. Data is used locally by leagues and credit unions to promote community service efforts and demonstrate the CU difference. That’s why it’s so important that ALL credit unions that do either in-school or online classroom presentations, including Financial Reality Fairs, Mad City Money, Junior Achievement, NEFE, etc., and/or any internal programs your credit union may have.
Reporting is easy! Just visit www.nyib.org and log into your NYIB account (or create one if you’ve never reported before). Then click the report button and complete the online form. Or, if you have multiple presentations to report, consider utilizing the Excel spreadsheet provided. Once you have the spreadsheet filled out, just upload it to the site. And voila! Your presentations have been reported!
Have questions about what qualifies as a “presentation?” Check out the Reporting page on NYIB’s website (http://www.nyib.org/reporting). Or check out the FAQ section!
The NYIB reporting year runs from July 1, 2019 thru June 30, 2020. So any presentations you/your credit union did during that time should be reported.
Have questions? Feel free to reach out to, your Minnesota State Delegate, Jodi Slais or Tina Jones, North Central Regional Coordinator.
PolicyAid Quarterly Update
PolicyWorks has updated five PolicyAid policies
Bureau Initiates Advisory Opinion Pilot Program
The Bureau of Consumer Financial Protection (Bureau) is establishing a pilot program through which it will issue advisory opinions (AOs).
FFIEC BSA/AML Examination Webinar this Friday
The Federal Financial Institutions Examination Council (FFIEC) is hosting an interagency webinar Friday, June 26 beginning at 12 p.m. CT.
Bureau Issues Proposed Rules Affecting Qualified Mortgages
Under Regulation Z, a loan that meets the requirements for a “qualified mortgage” (QM) obtains certain liability protections.
Through credit unions’ impact investing, the Community Investment Fund (CIF) has generated millions of dollars to fund and support local and national financial literacy, development and scholarship initiatives. Started in 1999, the CIF was designed to leverage the interdependence of the credit union system for the greater good. It provides credit unions the opportunity to donate a portion of the dividends earned on certain investments to the both the Minnesota Credit Union Foundation and the National Credit Union Foundation.
The CIF provides a unique vehicle to support financial education, professional development, community outreach and emergency assistance, not only in Minnesota, but across the country as well.
For more information on how the CIF works, please visit the National Credit Union Foundation website or contact Andrea Molnau, Executive Director, Minnesota Credit Union Foundation by email or by phone at 651-288-5527.
Join the Minnesota Credit Union Network and Strategic Alliance Partners, CU Rise Analytics, for a presentation and open discussion our new peer analysis and forecasting tool, CUCompare, on Thursday, June 25 at 11 a.m.
Credit unions need a flexible, intelligent, and easy-to-use tool that helps them understand how they are performing against not only their peers but also the best in their peer class. Currently available peer analysis tools don’t offer all of the features credit unions need for more informed decision-making, such as the ability to view essential performance metrics, perform custom queries, and save multiple searches and comparisons.
To fill the gap, CU Rise Analytics and Minnesota Credit Union Network has launched a proprietary new online tool, CUCompare, which allows credit unions to ‘Compare with Confidence’. It offers CUs an easy to use method to benchmark and track performance through a variety of defined and customizable metrics, and perform national, state, and asset-band comparisons. CUCompare runs on data obtained from NCUA on all federally insured credit unions and is updated every quarter.
The webinar is free and will be recorded, however we do ask that you please register. Please provide us your questions in the registration form. Registered attendees will receive webinar and call-in instructions prior to the session.
With questions, please contact Director of Engagement, Ben Hering, via email or by phone at (612) 239-0026.
As part of our ongoing commitment to providing you with the highest level of value and engagement, we've recently launched a new website! The new site features a new design, easier navigation, and simplified event registration. In addition, members will have access to an updated Member Portal which includes exclusive access to content and more self-service options.
Our website address has not changed: www.mncun.org.
We encourage you check out our new Member Resources menu item, enhanced Solutions Directory, and new Job Board features. In addition, the Minnesota Credit Union Foundation website has been incorporated into the new MnCUN.org.
MnCUN members should visit our Members Only Portal so you can set up a new login and update your profile. Simply click “forgot password” and enter the email address you currently have on file with MnCUN. You will receive a Password reset link sent via email from firstname.lastname@example.org with instructions to set a password. If log in assistance is needed, please contact Ben Hering.
Once signed in, you’ll be able to manage your username/password, update your contact information, update your preferences, pay invoices and take a survey to tell us what you think of the new site.
With questions or feedback, please contact Julia Miller.
On Thursday, June 18, at 3:00 pm, credit unions are invited to meet for a virtual Town Hall with National Credit Union Administration Chairman Rodney Hood. All MnCUN members are encouraged to attend.
The Town Hall will cover a range of topics, including updates from the NCUA, Hood’s priorities for his term as chair, and an opportunity for attendees to ask questions.
The event is free, however we ask that you please register .
With questions, please contact Mara Humphrey.
CUNA Mutual Group Webinar - Moving Forward Forum: Insights and Strategies for the Credit Union New Frontier
No one could have predicted the course of 2020 so far, and we’re all called to leverage the very best that we can bring to the table. Change is accelerating faster than ever. Plans are out of whack. Budgets are tight(er). As we look into the future, finding a new normal feels like both a tremendous responsibility and a giant guessing game.
That’s where being part of the credit union system makes a difference; we know how to pull together to share resources that help you make more informed decisions based on best practices across our industry.
Join CUNA Mutual Group on Thursday, June 25 for the Moving Forward Forum: Insights and Strategies for a New Frontier for these three sessions hosted by credit union industry experts at CUNA Mutual Group to provide ideas to help you increase agility, increase revenue, and effectively serve the growing multicultural consumer population.
Date: Thursday, June 25, 2020 – 11:30 am Eastern/8:30 am Pacific
Sessions: Three sessions by top industry experts
Length: 45 minutes per session
Where: Online – Register now!
Five Minnesota Credit Unions were honored by the CUNA Marketing & Business Development Council Diamond Awards, picking up 11 awards including several with the Category’ Best distinction. Overall, out of 1,295 entries submitted six credit unions won Best of Show Awards, 93 won Category’s Best Awards and 255 won Diamond Awards.
Full list of award winners and categories
City & County Credit Union:
First Alliance Credit Union:
Hiway Federal Credit Union:
Royal Credit Union
SPIRE Credit Union:
The Minnesota Credit Union Foundation has established a $65,000 Grant Pool for the purpose of pandemic relief fund to support MnCUN affiliate members under $100M in assets.
Credit unions may apply for funding to address a past, current or future expense as they transition to address the challenges that the COVID-19 crisis has created for the industry. Pandemic-related expenses that have been incurred after March 15th, 2020 will be considered.
Credit unions may apply beginning immediately and the Foundation will accept applications as funding permits or until December 1, 2020. A portion of the available funds were provided by a generous donation from Alloya Corporate Credit Union.
Grant requests can be up to $2,500 and must be used to support expenses directly related to the pandemic including but not limited to:
How to apply: Complete the application form, which includes a description of the fund use, proof of expense or detailed proposed budget, and credit union CEO approval. With questions, contact Andrea Molnau, MnCU Foundation Executive Director.
The Pulse is MnCUN's newsletter that keeps credit union professionals and board members updated on current news and information.