MN Credit Union Industry Raises Over $1 Million to Support De Novo Arise Community Credit Union7/16/2024
The Minnesota Credit Union Foundation is pleased to announce that $1,038,377 in capital contributions was transferred from the Foundation to the newly chartered Arise Community Credit Union. The MnCU Foundation established a special fund in 2021 to receive donations from credit unions and other supporters. Donations have been held, and have now been released, to the new credit union. Arise Community Credit Union was established to address the harmful effects of systemic exclusion, extraction, and disinvestment in North Minneapolis and other neighborhoods in Hennepin and Ramsey Counties, helping free members from high-cost debt, help them gain control over personal finances, and achieve economic well-being. Arise Community Credit Union is using the capital contributions to secure key vendors, onboard their core provider, and supply their office in preparation for a February 2025 grand opening, timed intentionally with Black History Month. “It blows me away the generosity of the credit union community. Words cannot express our gratitude enough,” said Dan Johnson, CEO of Arise Community Credit Union. “This is a pivotal moment for Arise, our future members, and our community.” Mara Humphrey, President of the Minnesota Credit Union Network and the Minnesota Credit Union Foundation said, “Arise Community Credit Union is a testament to the enduring relevance of the credit union advantage and the cooperative model. The credit union system support reflects the collaborative and cooperative nature of our movement. We are excited for Arise to be able to provide the credit union advantage with their community.” “It is our commitment to be on the other side - to be able to support and give gladly back to the credit union system in the future,” continued Johnson.
But perhaps the simplest thing of all is your participation! Within this resource hub, you will find everything you need to plan for and engage your credit unions in this easy and exciting, nationwide collaboration to elevate the credit union story. You also have the freedom to personalize these materials with your branding, design your own content, and add your unique touches that will speak to your membership.
Just Remember – To make the biggest impact, we must post on the same day, with the same hashtag! So, mark your calendar for Friday, July 26, 2024 and get ready to have fun raising credit union awareness with #ilovemycreditunion! Visit the #ILoveMyCreditUnion website to sign up, explore the 2024 tools, enter to win a swag box, and much more! Final Rule to Ensure Credibility and Integrity of Automated Valuation Models: Today, the National Credit Union Administration (NCUA), Federal Reserve Board, Consumer Financial Protection Bureau (CFPB), Federal Housing Finance Agency (FHFA), and Office of the Comptroller of Currency (OCC) issued a final rule, pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act, designed to help ensure the credibility and integrity of models used in valuations for certain mortgages secured by a consumer's principal dwelling
CFPB Proposes Rule for Mortgage Servicers: On July 10, the Consumer Financial Protection Bureau (CFPB) issued a proposed rule to amend 2013 regulations regarding the responsibilities of mortgage servicers. CFPB Publishes Open Banking Standard Setter Process: On July 10, the CFPB also published its Personal Financial Data Rights (Open Banking) process for applying to become a standard setter as a part of Section 1033 of the Dodd-Frank Act in Appendix A. FFIEC Publishes 2023 Data on Mortgage Lending: On July 11, the Federal Financial Institutions Examination Council (FFIEC) released its Snapshot National Loan-Level Data which contains the national HMDA datasets as of May 1, 2024. Federal Reserve Releases Distressed and Underserve Communities List: The Federal Reserve recently released their list of distressed and underserved non-metropolitan counties in its oversight of performance by banks under to the requirements of the Community Reinvestment Act.
The CREW Young Professionals Summer Social is scheduled for Thursday, August 8th from 4:00 p.m. - 8:00 p.m. at Blacklight Adventures in St. Cloud.
The CREW is excited to bring together credit union young professionals for an evening of fun and networking. This event will include meeting with peers and learning credit union industry updates. This event comes at no cost for attendees and includes escape rooms, laser tag, virtual reality, and food. Space is limited. Registration ends Wednesday, July 31! Agenda: 4:00 p.m. Registration 4:30 p.m. Networking/Dinner 5:00 p.m. Network update/Alloya and Velera Presentation 5:30 p.m. Collaboration Games and Open Forum With questions, please contact MnCUN Director of Engagement Xiong Lee The Minnesota Credit Union Foundation held its Annual Meeting on July 11, 2024.
Board Chair Doug Ralston, of Centricity Credit Union, reported on the efforts of the Foundation in 2023. Focused on financial education and professional development initiatives, the Minnesota Credit Union Foundation provides the resources for credit unions and communities to prosper and thrive. The Foundation’s efforts focus on Financial Education for members and communities, Professional Development for credit union employees, and Disaster Relief for the wider credit union community. The following highlights the Foundation’s efforts in 2023:
In addition, the Foundation implemented a new Grant Management software program and updated the professional development grant application process to create efficiencies and further awareness of grant programs. The Board Election was held. Doug Ralston, Centricity CU, Caitlin Brama, Farm Credit Employees CU, and Sue Palen, Mayo Employees FCU were each elected to serve three-year terms. As a 501(c)(3) tax-exempt charitable organization, the Foundation is dependent on the support of Minnesota credit unions, employees, partners, and community organizations. For more information on the work of the Foundation, please see the 2023 Annual Report. As MnCUN continues to roll out Minnesota's Credit Union Advantage Initiative, we have several updates and calls to action for credit unions. Please review the information below. We will also be hosting a webinar on Monday, July 22, to share more information about the campaign. Register now! These opportunities are available for all MnCUN member credit unions. With questions, please reach out Andrea Molnau or Julia Miller. New Consumer-Facing Page and Credit Union Directory
Minnesota Credit Union Day at the Minnesota State Fair 2024
The deadline for members to order tickets is Wednesday, July 31st. Tickets will be delivered by August 15th to credit unions for members to pick-up at the branch they indicate on their order form. A link to the order form will be sent to credit unions to share with members by Friday, July 12th. Please note that quantities are limited – we’ve secured up to 3,500 tickets for this giveaway. We will be marketing the event up with ads and sponsorships at the Fair. Action: Promote this opportunity to your members. Consider adding your own swag to your members’ swag bags. Communicate with staff – share the website link with them to direct members to order and be prepared for members to pick up tickets in your branch offices after Aug. 15. Coming Soon: Regional Event OpportunitiesNext week we’ll be sharing the calendar of events to promote the Credit Union Advantage with Minnesotans in other regions of the state. We will be reaching out with the event dates to chapter and opportunities to get involved. Action: Encourage your teams to watch for and participate in upcoming event opportunities. Member Stories
In 2023, 300 credit unions in eight states participated in coordinated service events on the second Monday in October. In addition to collective volunteering, the annual kindness day initiative raised over $260,000 impacting over 1,000 organizations with 12,000 people volunteering.
CU FORWARD Day will be held on Monday, Oct. 14, 2024. The Minnesota Credit Union Network is excited to kick off another year of coming together to give back on one day. Please join MnCUN and partners for the kick-off webinar on Wednesday, July 31 from 10:00 AM - 11:00 AM. To register your credit union's participation and to receive log-in information for the webinar, please fill out this form: Minnesota Credit Union Network (mncun.org) We'll discuss volunteer opportunities and logistics to help your credit union start planning. Please reach out to Xiong Lee with any questions! Federal Regulators Unified Agenda Spring 2024: The National Credit Union Administration (NCUA), Consumer Financial Protection Bureau (CFPB), and Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) and other federal agencies released their unified agenda for Spring 2024 highlighting potential timelines for upcoming agency actions.
Free Senior Fraud Prevention Education: Marty Fleischhacker, with the Minnesota Department of Commerce, supervises the Senior Safe Program and serves as senior financial fraud ombudsperson for holds on transactions and delayed distributions under Minnesota Statute Section 45A.06. |
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