The 2024 Minnesota Credit Union Advantage campaign will shift our strategies to a more grassroots effort to engage and share stories about how Minnesota credit unions give Minnesotans an advantage. One of the most important elements of the campaign is storytelling from members about how key products and services helped them in their financial lives. We need your help to gather these stories! The topic areas we are looking for are as follows:
We want to amplify and highlight these stories in multiple channels that include the Minnesota Financial Advantage podcast presented by MN Credit Unions, as well as streaming audio ads across the state. Our podcast will be featured on the PodMN network, and our streaming ads will run across multiple podcast and radio streaming platforms in Minnesota. In order to do this, our team asks that you share your member story and possible interviewees, so we can build a schedule of in-person or zoom interviews and discussions about topics. Those conversations and stories will then be produced and distributed to our targeted audiences beginning in June. Please complete this form by June 14 to have your member story considered. If you have questions or want to discuss further, please reach out to Andrea Molnau, VP Communications and Engagement. Minnesota Credit Union Network committees are made up of credit union professionals who volunteer their time to serve the Minnesota credit union movement. Representing credit unions of all sizes and from across the state, committee members help to further a variety of objectives from political and regulatory advocacy to awareness and recognition. The following people have been appointed to serve on MnCUN Committees following the application process: Advocacy fund Commitee
AHP Board of trustees
audit committee
awards committee
Awareness fund committee
crew advisory committee
political involvement committee
regulatory review committee
state charter subcommittee
WOMEN'S LEADERSHIP NETWORK ambassadors
Department of Commerce Updates: The Minnesota Credit Union Network recently met with Director of Credit Unions, Aeton de Long-Hersh, and he noted that the following remain examination priorities for the Department.
CFPB Late Fees Rule Halted: On May 10, the U.S. District Court of North Texas enjoined the CFPB’s rule reducing the safe harbor amount for credit card late fees from $32 to $8 by issuing an order for preliminary injunction. DEA Cannabis Reclassification: On April 30, the U.S. Department of Justice’s Drug Enforcement Administration (DEA) announced it will proceed with reclassifying cannabis from a Class I to a Class III drug under the Controlled Substances Act (CSA). Last week, an attempt to add the Credit Card Competition Act to the FAA reauthorization bill failed with an 85 to 12 vote on Wednesday.
Those who have obtained the Certified Credit Union Financial Counselor (CCUFC) designation are required to recertify every three years to ensure that knowledge about financial counseling is current.
CCUFC professionals in Minnesota can receive re-certification with the MnCU Foundation. This opportunity includes a virtual refresher training provided by CU Difference on September 12 from 2:30-4:40 pm, and a copy of the CUNA Financial Counseling Certification Program Update ebook. With questions contact Andrea Molnau, Executive Director MnCU Foundation. By Brian Bodell, VP Fintech Solutions at TruStageTM
This article is provided through MnCUN's Strategic Alliance with TruStage. For more information visit the Solutions Directory. Fintechs have disrupted the status quo by offering streamlined digital solutions that challenge traditional banking models, empowering individuals and businesses with greater control over their finances and democratizing access to financial services. With a focus on user experience, innovation and agility, fintechs continue to reshape the financial landscape by driving increased competition, efficiency and inclusion within the industry. Which is why the relationship between fintechs and credit unions is tricky. While there can be direct competition with credit unions, there’s also a great opportunity for partnership and collaboration with the right fintechs that focus on empowering credit unions. How credit unions can partner successfully with a fintech today There are many fintechs in the market today, nearly 30,000 worldwide to be exact, which makes the decision of who to partner with a challenge. Many factors need to be considered, so having a framework and process in place to determine who to partner with is essential. The Minnesota CU4Kids Karaoke for Kids event, held during ACCELERATE 24, was another successful event raising a record $16,900. All proceeds from the event to benefit Gillette Children's Specialty Healthcare.
The annual karaoke fundraising event welcomed credit union professionals and sponsors to join in for a fun-filled night of singing and socializing. The CU4Kids committee would like to thank the supporting sponsors who make this event possible! Registration is now open for the Minnesota Credit Unions for Kids Committee 29th Annual Best Ball Golf Tournament! Join and support the CU4Kids on Thursday, June 13, 2024, at the Refuge Golf Club in Oak Grove. Federal Update: There aren’t many must pass items left in this Congress since nobody expects a budget or an extension of the farm bill to get done in an election year.
State Issues Update: Last week’s update mentioned turmoil in the state Senate after the arrest of Senator Mitchell (DFL-Woodbury), and whether or not she would cast votes and how the Senate would proceed. Third Party Risk Management Practices Guide: On May 3, the Federal bank regulatory agencies Federal Reserve Board of Governors, Office of the Comptroller of Currency (OCC), and Federal Deposit Insurance Corporation (FDIC) released a guide to support community banks in managing risks presented by third-party relationships.
What Happens with a PII Security Breach: Whether data security incidents are internally caused at your credit union or by a third-party vendor having access to personally identifiable information (PII), preparation by having policies with procedures implementing applicable federal regulations and guidance before such an incident occurs are critical best practices. CFPB Action Against Student Loan Servicing Failures: On May 6, the Consumer Financial Protection Bureau (CFPB) took corrective action against the National Collegiate Student Loan Trusts (the Trusts) and Pennsylvania Higher Education Assistance Agency (PHEAA) for failures to respond to consumer requests seeking relief from student loan payments. |
The PulseThe Pulse is MnCUN's newsletter that keeps credit union professionals and board members updated on current news and information. Archives
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