The second quarter DakCU virtual CEO Town Hall was held on Tuesday afternoon, June 22 with nearly 40 credit union leaders in attendance. DakCU President/CEO Jeff Olson opened the meeting with several important points of interest, including:
Jim Nussle is coming to Bismarck on Wednesday, August 25th! Meet Jim Nussle at the National Energy Center of Excellence on the BSC Campus. This is his first visit post-COVID! This will be tied into the CU Professionals Forum also on the 25th and the Foundation Golf Scramble on August 26th.
If you haven’t heard about the #ILOVEMYCREDITUNION social media blitz coming on July 30, be sure to check out the resources available here. The plan is to flood all social media platforms that day with one united message. This is the brainchild of our friends at Illinois CU League and we also have a chance to win $25,000 that we can then donate to a CMN Hospital right here in the Dakotas!
Advocacy Update – last week DakCU joined other leagues in urging the NCUA Board to engage Congress in pursuing changes to the Federal Credit Union Act to provide aid to healthy credit unions that encounter crisis-induced PCA.
Interchange debate is once again alive in North Dakota, as ND Retailers and Petroleum Marketers filed a lawsuit in Federal Court against the Federal Reserve on its 2011 rule on debit card interchange rates. Senator Cramer is being targeted by the Retailers to sponsor legislation reducing interchange fees on credit cards, which would be detrimental to financial institutions like credit unions that issue these cards.
Pace Bradshaw, VISA VP Head of Federal Government Engagement in Washington, DC, attended our Town Hall and reported that they have already had many conversations with Cramer’s office regarding the interchange issue, and how it may affect electronic payment users, consumers, and card issuers in general. VISA is working to ensure other “gate-keeper” members of Congress are informed about the potential impact of these interchange fee adjustments. Reduction in the amount of interchange fees financial institutions will receive will negatively impact rewards programs and other services supported by those fees. He emphasized how important face-to-face meetings are with our congressional representatives and encouraged our credit unions to keep up the great work with our Hike the Hill visits in DC.
Amy Kleinschmit, Chief Compliance Officer, reminded attendees that interchange comments to the Federal Reserve are due by July 12 and Normal Operation Level comments to the NCUA are due by July 26. Be sure to contact Amy if you need assistance or guidance in submitting a comment letter. Amy also reminded attendees of the compliance solutions available to members, including CU PolicyPro, InfoSight, and AffirmX – be sure to contact Amy with any questions on any of these products. Finally, if you are interested in attending our next fall Hike the Hill in September 13-16 to contact her ASAP as space is limited.
Next up, Kayla Pulvermacher provided an update on the Dakota Credit Union Foundation. Don’t forget to register soon for the Annual Golf Scramble on Thursday, August 26 at the Apple Creek Country Club in Bismarck. The Foundation has also organized a “Credit Union Night” with the Bismarck Larks. This will be a great evening with food, drinks, and entertainment all for just $40 per person. Contact Kayla to reserve your tickets but don’t wait too long, as space is limited!
Last but not least, be sure to keep these upcoming events in mind as your summer calendar is filling up! Thank you to everyone who attended our virtual Town Hall.
The Memo is DakCU's newsletter that keeps
Want the Memo delivered straight to your inbox?