Sweepstakes – Time is Ticking on the Shot Clock! The shot clock is running out! There are only a few more days to enter our CUPAC/CULAC Holiday Sweepstakes. The Sweepstakes will close on Friday, December 8 at 5:00 p.m. (CT), with the drawing will be held on Monday, December 11 at 3:00 p.m. (CT). Check out the full details here or in the graphic below!  Central Chapter Meeting Last week, I had the opportunity to travel to Huron, South Dakota for the South Dakota Central Chapter Meeting. It was an evening filled with fun. I had the opportunity to have a BSA training from Lisa Snedeker - wow, did I learn a lot! It was also a great opportunity for me to connect with our credit union leaders from the central part of South Dakota. I also might be biased, but I love this area of the state as a “central” South Dakotan myself. Thank you, Central Chapter, for hosting me for the evening! Fun fact – did you know that the Huron Arena continues to be one of the major hosts for the South Dakota High School Activities Association (SDHSAA) State B Basketball Tournaments for girls in South Dakota?
Advocacy Update – Explorers Last week's travels weren’t limited to Huron. I also had the opportunity to visit Yankton, where I met with April Tompkins, CEO of Explorers Credit Union. There, I presented my first advocacy update to her leadership team. Wondering what an advocacy update is? It's DakCU’s chance to inform your credit union about the current legislative happenings at both the state and federal levels. The advocacy update also provides me with the chance to discuss how we, as credit union members, can engage in advocacy efforts and to emphasize the crucial role of legislative and grassroots involvement. A big thank you to April and her team for welcoming me! (And by the way, if you haven't seen their mascot yet, you should definitely check it out!) What’s Happening on the National Level Debit card interchange cap The debit card interchange fee cap, established by the Durbin Amendment, limits fees charged to merchants for debit card transactions. The debit card interchange fee cap represents a significant regulatory intervention in the payment processing market, with various implications for financial institution, merchants, and consumers. This past week, CUNA and NAFCU requested that the comment deadline be extended for Fed's interchange proposal. You can view the request here. For more on what this proposal does, refer to my previous article. Big box interchange bill The "Big Box Interchange Bill," aimed at regulating interchange fees for card transactions, is under scrutiny as it could affect merchant costs and impact revenues for financial institutions, along with consumer pricing. CUNA and NAFCU are continuing to pressure Congress on this bill as Congress approaches the holiday break, citing its detrimental effects on small businesses, financial institutions, and consumers. The bill's approach to cap or reduce interchange fees could lead financial institutions to offset lost revenue by raising other fees, adversely affecting both themselves and consumers. Its 'one-size-fits-all' model is particularly concerning for smaller, community-focused institutions, threatening their sustainability. House passes resolution to void section 1071 rule On Friday, the House approved a resolution to reject the Consumer Financial Protection Bureau's section 1071 rule. Following its passage by the Senate in October, the resolution will now be sent to President Joe Biden, who is anticipated to veto it. The rule, which was finalized in March, mandates credit unions to collect and report certain data on applications. CUNA President Jim Nussle, previously weighed in on the impact that this rule would have. He shared it would be a potential to harm small business borrowers and consumers. Our national team at CUNA weighed in and successfully challenged the rule in court, leading to a nationwide stay for all covered entities. Additionally, CUNA and NAFCU supported the resolution prior to the House vote. CUNA, NAFCU provide comments for CFPB director hearings. CUNA and NAFCU sent letters to both the House and Senate committees prior to the Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra hearing. The letters included comments on specific credit union concerns about the broad use of “junk fees,” current rulemakings, and more. You can watch the livestream of this hearing here. Add the South Dakota Legislative Game Day to Your Schedule! Don't forget to dribble this important game day into your schedules! On Wednesday, January 24th, DakCU will be hosting our slam dunk event, the SD CU Legislative Day, in Pierre. It's your chance to team up with credit union members from across South Dakota, driving our advocacy efforts to the state legislators' court. Lace-up for a full-court press in advocacy by registering HERE! Also, for those looking to score a great deal, discounted room blocks are available until December 24, 2024. Call the Ramkota at 605.224.6877 to book your room block today and secure your spot in our advocacy lineup.  Don’t Forget About These ‘Game Days’ Coming Up
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