Legislative Update with Chesney

​Meetings with elected officials in D.C. last week centered on key credit union issues; credit union advocates urged to contact lawmakers on interchange; and much more. 

Advocacy in Action
Last week, in alignment with the 2024 Governmental Affairs Conference (GAC), credit union advocates from across the nation engaged in over 600 Capitol Hill meetings, showcasing the unique value of credit unions to legislators and regulators. The Dakota Credit Union Association played a pivotal role, facilitating discussions with both North Dakota and South Dakota delegations. We discussed several key issues, including raising the MBL threshold for Veteran-owned businesses, advocating for increased congressional oversight of the CFPB, supporting legislation to combat financial fraud, eliminating trigger-lead abuse to protect our members, and opposing the Credit Card Competition Act also known as the interchange bill, which poses significant risks to our credit unions, particularly smaller institutions. These meetings are vital in voicing our concerns and ensuring our credit unions and credit union members’ interests are represented.

Act Now!
Regarding the Credit Card Competition Act, your efforts and advocacy are crucial. We strongly urge you to contact lawmakers today and emphasize that this interchange bill must not be included or attached to any forthcoming funding bills or the National Defense Authorization Act (NDAA). It's critical that all credit unions mobilize both employees and members to address this interchange issue, ensuring our collective voice is unmistakably heard. Act now to protect the interests of credit unions and their members.
 
National Legislative Update
Following our meeting on Capitol Hill last Wednesday, the Senate Friday passed the first government funding package to fund parts of the government until September. The bill was passed just prior to the midnight deadline and prevents a partial shutdown. The package previously passed the House Wednesday. There is a remainder of funding bills that must be passed by March 22nd. Our advocacy team is watching closely to make sure harmful legislation does not get attached to any of these necessary bills.
 
Here are a few hearings you may find interesting this week:

• Tuesday March 12 at 9:00 a.m. CT, a hearing entitled Examining Proposals to Address Housing Affordability, Availability, and Other Community Needs is being held in Senate Banking Committee;
• On Tuesday March 12 at 9:00 a.m. CT, a hearing entitled Mission Critical: Restoring National Security as the Focus of Defense Production Act Reauthorization will be held in the House Financial Services Committee;
• On Wednesday March 13 at 9am ET, hearing held on Bureaucratic Overreach or Consumer Protection? Examining the CFPB’s Latest Action to Restrict Competition in Payments will be held in the House Financial Services Committee.

 
South Dakota Legislative Update
The 2024 legislative session wrapped up its final week last Thursday, with Veto Day on March 25 remaining, which is reserved for gubernatorial vetoes. Last week's focus was primarily on finalizing the ongoing budget, supplemental budget, and legislation concerning the proposed carbon pipeline, marking the conclusion of the 99th legislative session. You can find the updates on bills we tracked during this year’s legislative session HERE. Of these 17 bills, we supported 6 bills and opposed 4 bills, and monitored 7 bills.
 
I deeply appreciate the active involvement of our DakCU members this session, along with the invaluable collaboration with legislators, government officials, and lobbyists. To remain informed and involved in the upcoming legislative session, I encourage you to subscribe to The Memo and keep an eye out for upcoming advocacy events featuring local legislators in your area. We're excited to host our first ever golf event with local legislators this summer and look forward to bringing back our Pints & Politics events in both North and South Dakota this fall.
 
As always, don’t hesitate to reach out to me at [email protected]. Have a wonderful week!