Legislative Update with Chesney

​Credit unions support women business owners; credit unions are opposing S. 4943 and H.R. 9303. 

by Chesney Garnos, Director of Political & Grassroots Affairs

Norstar Sponsors SDCEO Women’s Visionary Summit
Last week, I had the opportunity to join the team at Norstar at the 3rd Annual Women's Visionary Summit: Invest in Yourself! Both Norstar and Service First were two of the main sponsors of this event, which promotes business opportunities for female entrepreneurs. I was not surprised to have our credit unions active in an event like this, as credit unions continue to step up and make an impact on thousands of lives across the Dakotas.

The keynote speaker featured Bri Fiedler, Founder & Co-Owner of BWELL Company, which started in Brookings, SD. They also have a studio in Sioux Falls. (Fun fact: this is actually where I attend various workout classes!) Better yet, the Empowerment Panel Speakers included a Britton native and credit union member, Hillarey Warner. She is the founder and owner of HH Design, who has received business funding from one of our South Dakota credit unions, Norstar.
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In 2014, Hillarey started her company, eventually making her way into leasing a space at a local shop on Main Street for a short time at the age of 23. Over the past ten years, Hillarey’s business has continued to grow in downtown Britton, SD. In 2016, HH Design started screen printing and embroidery in-house instead of outsourcing these services, which was a game changer. Hillarey shared that this was a scary shift for her business operation but made a huge difference for her growth. That growth included a new space on Main Street and more employees. It was fun hearing her story and how her credit union has gone above and beyond to support her business venture over the last 10 years!

Oppose S. 4943 and H.R. 9303. – Protecting Consumers from Payment Scams Act
New Legislation Alert: Congresswoman Maxine Waters (D-CA), ranking Democrat on the House Financial Services Committee, Senator Richard Blumenthal (D-CT), Chairman of the Senate Permanent Subcommittee on Investigations, and Senator Elizabeth Warren (D-MA), Chair, Senate Banking, Housing, & Urban Affairs Subcommittee on Economic Policy have introduced the “Protecting Consumers from Payment Scams Act” S. 4943 and H.R. 9303. 

The bill would amend the Electronic Fund Transfer Act (EFTA) to define an unauthorized transfer as one that includes a fraudulently induced transfer, requiring credit unions and other financial institutions to reimburse consumers for this type of fraud. It would also define merchant charges for undelivered goods as errors along with misdirected payments resulting from information a consumer initially provided. EFTA’s current carveout for wire transfers would also change, with the bill treating remittance transfers the same as other electronic fund transfers subject to EFTA’s framework for error resolution and consumer reimbursement. 

Dakota Credit Union Association, along with America’s Credit Unions and leagues across the country strongly opposes this bill. We have set up a grassroots action alert and encourage you to send a message to your Congressional delegation opposing this piece of legislation!

If you have any questions, feel free to reach out to me at [email protected].