Ahead of the election, now is the time to remind members and credit union employees why being engaged in advocacy is essential to protecting our industry. We’re challenging all our member credit unions to increase the number of advocates during the GREAT Month. The resources in the GREAT toolkit can help engage new staff and members in the effort.
NCUA Updated CECL Tool: On September 23, the National Credit Union Administration released the September 2024 update of its Simplified CECL Tool which provides the latest life-of-loan or Weighted Average Remaining Maturity factors and includes refinements on the factors for unsecured credit cards loans, payday alternative loans, and leases receivable.
NCUA Incentive Based Compensation Rule: The Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, Federal Housing Finance Agency, and National Credit Union Administration seek comment on a proposed rule to implement section 956 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The National Credit Union Foundation’s (NCUF) CUAid disaster relief program is the People Helping People philosophy in action. Every penny donated to CUAid goes directly to credit union volunteers and employees affected by natural disasters.
CUAid is now always open for donations and the NCUF is in contact with impacted leagues and has been working to see if they need CUAid support. The Minnesota Credit Union Foundation has made a donation to CUAid to support credit unions in need. CUAid was developed by the Foundation in cooperation with state credit union foundations, state credit union leagues, and the Credit Union National Association’s Disaster Preparedness Committee in 2006.  It begins with the 2024 GWLN Virtual Executive Readiness Summit! Two days, two languages, four sessions and multiple connections! Don't miss learning from women in credit union leadership and in other industries with diverse backgrounds, across the globe!
Learn more and register for the virtual event today! MnCUF Financial Education Grants support credit unions’ implementation of financial education projects. Applications are evaluated by the Minnesota Credit Union Foundation Board of Directors and evaluated on factors such as credit union value, community impact, collaboration and creativity. The application period is open so that credit unions may now apply for funding at any time throughout the year. Financial education initiatives may include projects in the following areas:
For more information, visit the MnCUF Apply for a Grant webpage. Update on Personal Financial Graduation RequirementMinnesota’s Personal Finance Working Group (PFWG) has been meeting regularly since June and is working towards developing guidance to support the implementation of the personal finance graduation requirement statewide.
The PFWG recently solicited public feedback to their draft guidance recommendations. The finalized plan will be available later this fall.  Nearly 150 credit union professionals, board members and sponsors are attending LEAD 24 at Madden's on Gull Lake in Brainerd. Sessions throughout the event were designed for both credit union professionals and Board members plus formal and informal opportunities for networking with your colleagues.
Speakers and sessions include:
Additionally, the 2023-2024 Trailblazer Executive Readiness cohort presented their credit union case studies while the new cohort kicked off the 12-month program. MnCUN’s Trailblazers Executive Readiness Training program is designed to accelerate executive level leadership skills and build credit union specific knowledge needed to succeed in our industry. 2024 Minnesota Credit Union Marketing Awards
The Minnesota Credit Union Network Marketing Awards acknowledges the outstanding programs credit unions have created to grow brand awareness and market to members and nonmembers alike. There is no cost to submit entries for Minnesota Credit Union Network-affiliated credit unions and submissions are open through 11:59 p.m. Central Standard Time on Monday, October 7, 2024. Winners will be announced by mid-December 2024. Visit the Submission Portal to get started. Contact MnCUN Director of Communications Julia Miller with questions. 2024 Minnesota Dora Maxwell, Louise Herring, Desjardins Awards The Minnesota Credit Union Network is accepting submissions for the state-level Dora Maxwell, Louise Herring, and Desjardins awards. Submissions are open through Monday, October 7 and winners will be announced by mid-December 2024. Visit the Awards Page for descriptions on each award category and visit the Submission Portal to get started. As a reminder, America’s Credit Unions has announced plans to temporarily suspend the national awards program in 2024. American's Credit Unions is enthusiastic about establishing fresh recognition opportunities in 2025 and will keep you informed as more details unfold. For questions on the state-level programs, contact Julia Miller, MnCUN Director of Communications. The House Financial Services Committee had two hearings last week, one of which was on the economic impact of the multibillion-dollar romance scheme industry.
NCUA Final Rule Simplifies Share Insurance Regulations; Aligns with FDIC Coverage of Trust Accounts: On September 19, the National Credit Union Administration (NCUA) board met and unanimously approved a final rule that simplifies the NCUA’s share insurance regulations by establishing a “trust accounts” category.
CFPB Proposes Amendment to Remittance Rule: On Thursday, September 20, Consumer Financial Protection Bureau (CFPB) issued a proposed rule with a narrow amendment to disclosure requirements for certain international money transfers, or remittances. |
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