CU Day at North Dakota State Capitol

​Credit union professionals gather in Bismarck in a show of support for our field of membership modernization bill SB 2266.  

by Jay Kruse, Chief Advocacy Officer

Good morning! It has been a while since North Dakota credit union professionals filled the halls and House Chamber of the State Capitol building in Bismarck – that is until yesterday!

DakCU hosted our 2023 North Dakota Credit Union Legislative Day, welcoming over 35 credit union professionals from across the state to the Capitol to discuss the credit union difference and the importance of passing HB 2266, to expand financial services access to more rural North Dakotans.

More access means more rate competition and product offerings. For example, people that live in the city of Bismarck have access to at least 7 credit unions and upwards of 17 different banks. At a minimum, that is 24 different financial institutions to shop around for the best rates on auto loans, mortgages, and small business loans. Compare that to the Bowman community, located in the NW corner of the state, where they have access to just 3 credit unions but are free to do business with the 17 banks in Bismarck and any other bank in the state, if they are willing to do the long drive to an urban area. Is that how we want to treat our rural North Dakota citizens? We don’t believe it is.

Did you know that since the last Field of Membership bill was pushed on us by the banks and legislature back in 2005, our neighboring states’ credit union growth has far outpaced ND credit unions. Since 2005, North Dakota credit unions have grown roughly 9%, while MN CUs have grown by 25%, MT by 25%, NE by 33%, SD by 35% where there are only federally chartered credit unions, and IA by a whopping 81%!

FOM restrictions are the main contributing factor to these lopsided growth rates. Can you believe that just since 2012, ND state chartered banks have grown 173%. The numbers speak for themselves; there is an uneven playing field, and ND State Chartered banks are the ones reaping all the benefits at the expense of hard working North Dakotans. Farmers and rural residents in this state need more financial services options, and HB 2266 provides a great solution!

I want to send a huge "thank you" to all the CU professionals that joined us yesterday as well as the legislators and legislative leadership for allowing us to tell our story and talk about ways we can continue to improve the financial well-being for all North Dakotans, not just the ones that live in the most populous urban areas of the state!    

Credit union advocates from Capital CU; First Community CU; Flasher Community CU; North Star Community CU; Railway CU; Town & Country CU; Vue Community CU; and Western Cooperative CU in Bismarck yesterday.