Legislative Update with Chesney

​Last chance to sign up for SD Par for the PAC; NDAA makes significant progress in the House; and America’s Credit Unions endorses Home of Your Own Act. 

by Chesney Garnos, Director of Political & Grassroots Affairs

​Last Call for SD Par for the PAC!
Last call to sign up for our first-ever advocacy golf event, Par for the PAC, being held on Thursday, July 18, at Lead Country Club beginning at 12:00 p.m. (MT).

There is only ONE team spot available for golfers and a few sponsorship opportunities remaining! Don’t miss out on this amazing event with key leaders from across our state. Reach out to me to fill the final spots today at [email protected].

National Update
National Defense Authorization Act (NDAA) for FY2025
This past week marked significant progress for the National Defense Authorization Act as the House Rules Committee advanced the bill. Among over 1,300 proposed amendments, more than 250 were approved for consideration. Notably, an amendment concerning adjustments to the Federal Credit Union Act and the Overseas Military Banking Program (OMBP) did not advance. The House passed the NDAA, including two significant amendments authored by Representative Johnson aimed at enhancing global supply chain security and understanding the shipping container production monopoly held by the People's Republic of China (PRC). This legislation is set to significantly improve the quality of life for servicemembers by enhancing housing, healthcare, spousal support, and child care access, and includes a 19.5% pay raise for junior enlisted personnel. It also strengthens American deterrence capabilities against global threats and enhances domestic security.

Home of Your Own
America’s Credit Unions has endorsed new legislation, the Home of Your Own Act, introduced by Rep. Teresa Leger Fernandez. This act aims to support consumers facing barriers to homeownership by creating a national homeownership grant program under the U.S. Department of Housing and Urban Development. It would provide $30,000 grants to eligible first-time homebuyers earning up to 150 percent of the area median income, with a quarter of all grants distributed through Community Development Financial Institutions (CDFIs). This initiative aligns with our commitment to affordable housing and community support.

CFPB Scrutiny
Recent hearings on Capitol Hill have brought the Consumer Financial Protection Bureau (CFPB) under scrutiny. Lawmakers questioned Director Rohit Chopra about concerns affecting credit unions, such as the impact of "junk fees" on financial services including interchange and overdraft protection. In response, we have intensified our efforts to ensure that the CFPB's actions remain true to the spirit of the Dodd-Frank Act, advocating for fair regulation that supports the integrity and service of credit unions across the nation. Listen to the Senate hearing here and the House hearing here.

Advocacy events to mark on your calendars!
September

• September 9th -12th - Fall Hike the Hill in Washington, DC.
• September 16th – Pints & Politics event in Gregory, SD, location pending.
• September 19th – Pints & Politics event in Webster, SD, at The Gallery Bar and Grill. 

 October

• October 3rd – Pints & Politics Event in Rapid City, SD, at Hay Camp.
• October 9th - Pints & Politics Event Pierre, SD, luncheon at Oahe FCU.  
• October 15th - Pints & Politics Event in Huron, SD, at Top Floor Events.
• October 16 - Pints & Politics Event in Yankton, SD, at Ben’s Brewing Co.
• October 17th - Pints & Politics Event in Sioux Falls, SD, at JJ's Bar.

I’m looking forward to seeing many of you soon, and as always, don’t hesitate to contact me with any advocacy questions or concerns.

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