Legislative Update with Chesney

Basketball season is here, and so are deadlines and upcoming events. Plus, apply now for a Roger Heacock GAC Scholarship; and interchange battle continues!

by Chesney Garnos, Director of Political & Grassroots Affairs

Shoot Your Shot for the Roger Heacock GAC-HTH Scholarship
 
Take a shot and apply for the Roger Heacock GAC-HTH Scholarship! If you're gearing up to join us for the Governmental Affairs Conference (GAC), let DakCU assist you. This scholarship was created to honor Roger Heacock’s servant leadership and longtime commitment to credit union advocacy and grassroots engagement by providing financial assistance to credit union professionals who are members of DakCU and wish to attend the GAC or the DakCU Legislative/Regulatory Hike the Hill (HTH).
 
It’s game time in Washington D.C. from March 3 to March 7, 2024. Remember, the shot clock's ticking – applications close December 1. For the playbook on the 2024 GAC and to snag your scholarship application, dribble over to our website HERE and apply! Seriously, don't pass up this assist!
 
Don't Miss South Dakota Legislative Day
Don’t forget this game day on your schedules! Make sure Wednesday, January 24th is blocked out for our South Dakota Legislative Day in Pierre. This year, we’re stepping up our game with some major league additions.
 
Get ready for an exclusive play-by-play tour of the South Dakota Capitol Building with Marshall Damgaard, seasoned legislative aide and historian. Post-tour, we’ll huddle at the Ramkota for a strategic timeout session with a former Senate Majority Whip, Cooper Garnos, who’ll coach us on political relationship building. Then, cap off the day with a social gathering that’s sure to be a slam dunk for networking and camaraderie. Lace-up for a day of advocacy by registering HERE!
 
Other Upcoming “Game Days” to Keep on your Radar
MonDak Roundtable: January 17-18, 2024 – Las Vegas, NV - The Vegas showdown.
DakCU Summit: May 14-16, 2024 – Near Sioux Falls, SD - The home-court conference.
 
It’s Time to Put in the Full-Court Press Against Interchange Legislation
In a Miami Herald op-ed, CUNA President Jim Nussle took a strong defensive stance against pending interchange legislation like the Durbin Amendment, likening it to a foul against consumers. He highlighted key issues such as retailers not passing cost savings to consumers and potential risks to data security and accessibility, much like a blocked shot in consumer protection. Similarly, in a play-by-play coverage by Spectrum News NY1, Nussle slammed the Credit Card Competition Act as a turnover that harms consumers and small businesses, especially in an economic game already challenged by inflation.
 
Trades Call for a “Challenge” on Fed’s Interchange Proposal Deadline
In a letter sent Wednesday, CUNA, NAFCU, and various other financial services organizations urged the Federal Reserve to prolong the comment period for its interchange proposal by a minimum of 90 days. The Fed initially introduced these changes at a meeting in October, with the current deadline for comments set for February 12.

On the “Court” Floor
This week on Capitol Hill is bustling with activity. The House of Representatives is set to consider S.J. Res. 32, a resolution supported by CUNA. This resolution seeks congressional disapproval of the rule proposed by the Bureau of Consumer Financial Protection regarding Small Business Lending under the Equal Credit Opportunity Act (Regulation B). Simultaneously, the Senate, which convened for its legislative session on Monday, will continue deliberations on the appointment of Jeffrey M. Bryan as a U.S. District Judge for the District of Minnesota.
 
We are also keeping our eye out in the House this week, as they are expected to vote on a resolution of disapproval for the Consumer Financial Protection Bureau’s section 1071 rule.  
 
In the Team Huddle (Committee)
This Wednesday, the action continues with the House Committee on Financial Services holding a crucial hearing: “The Semi-Annual Report of the Bureau of Consumer Financial Protection.” The discussion will continue into Thursday when the Senate Banking, Housing and Urban Affairs Committee steps into the arena for a full committee hearing on the same topic. Adding to the lineup, CFPB Director Rohit Chopra will take center court to testify before both the House and Senate committees.
 
Back in Our Home Court
Back in South Dakota, we are inching closer to our Legislative Session. Our Government Affairs Committee (GAC) and I have been preparing for the upcoming session, flagging potential issues and bills that might arise. If you have any legislative questions, please feel free to contact me!
 
I hope you have a wonderful week ahead.  Best “swishes!”