Leadership Link

​DakCU is actively advancing Dakota credit unions’ priorities in Washington, keeping federal issues front and center.

From the Dakota Credit Union Association (DakCU) and America's Credit Unions 

Your Dakota Credit Union Association continues working alongside America’s Credit Unions and the American Association of Credit Union Leagues on the national level to focus on issues that matter most to our credit unions and your membership. Here are a few key updates highlighting how these efforts support Dakota credit unions and their communities.

Congressional and Administration Update
A major legislative win advanced this week as the House passed the Housing for the 21st Century Act by a vote of 390 to 9. This comprehensive housing package includes several provisions strongly supported by credit unions, such as Credit Union Board Modernization, Supervisory Modifications for Appropriate Risk-Based Testing, a Mentor Protégé Program for small financial institutions, and expanded American Access to Banking. Scott Simpson, America’s Credit Unions president/CEO noted that these reforms help modernize outdated governance rules, strengthen board effectiveness, and broaden access to affordable financial services.

“The Housing for the 21st Century Act is an important step forward for credit unions, with several provisions that provide regulatory relief and support housing affordability. For years, America’s Credit Unions has advocated for modernizing outdated credit union governance rules that no longer reflect how institutions operate or the communities they serve. The inclusion of the bipartisan Credit Union Board Modernization Act within this package gives credit unions greater flexibility to build strong, effective boards while maintaining robust oversight and accountability. Modern governance helps credit unions focus on what matters most: expanding access to affordable financial services, supporting homeownership, and serving members during times of economic uncertainty. We appreciate the House continuing to recognize the need for these updates and urge the Senate to move quickly to advance these commonsense reforms.” - Scott Simpson, America’s Credit Unions president/CEO

In addition, Treasury Secretary Scott Bessent provided clarity on “Trump Accounts,” confirming that community financial institutions, including credit unions, will be eligible to serve as authorized providers. More guidance is expected as the July 5 launch date approaches.

NCUA Updates
The National Credit Union Administration (NCUA) Board voted to keep the federal credit union interest rate ceiling at 18 percent through September 10, 2027. This decision helps preserve access to responsible and affordable credit, particularly for working families who might otherwise be forced into higher cost alternatives. The agency also signaled that another group of proposed regulatory changes under its Deregulation Project is on the horizon, while comments on earlier proposals are due this week.

“Maintaining the NCUA’s 18% interest rate ceiling is about preserving access to responsible, affordable credit for consumers. As a result, credit unions are able to serve borrowers who would otherwise be pushed into far more expensive and less regulated alternatives. The NCUA has maintained this ceiling for decades, recognizing that allowing the cap to revert back to 15% would not lower costs for consumers. Rather, it would restrict access to credit, particularly for working families who rely on credit unions for safe, fairly priced loans. The NCUA’s authority to maintain the 18% ceiling provides stability, protects consumers, and ensures credit unions can continue fulfilling their mission as financial cooperatives that serve people, not profits.” - America’s Credit Unions President/CEO Scott Simpson.

CFPB Developments
After sustained advocacy from credit unions, the Consumer Financial Protection Bureau (CFPB) announced upcoming accuracy guardrails for its Consumer Complaint Portal. These changes are intended to strengthen fairness, improve data quality, and support a more trustworthy system for consumers and financial institutions.

Interchange and Rate Cap Advocacy
Work continues on two significant advocacy fronts. The debate over credit card mandates remains active, highlighted by a recent op ed from Scott Simpson outlining the potential risks to consumers. Conversations also continue around proposed rate caps, as Senator Marshall may introduce a revised version of the CAP Act, which would impose a 10 percent ceiling.

Your Association will continue to closely monitor these developments and advocate on behalf of our member credit unions at every step. Our team remains engaged with federal and state policymakers, national system partners, and regulatory agencies to ensure the priorities of Dakota credit unions are clearly represented. We will keep you informed as legislative and regulatory actions evolve and provide timely updates to support your strategic decision-making.
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Staying Engaged
For questions please contact DakCU Interim President/CEO, George McDonald; DakCU Director of Legislative & Regulatory Affairs, John Alexander; or Director of Political Strategy and Engagement, Kenley Lamberty.