Legislative Update with Chesney

A short video demonstration on bill tracking on our website; continuing opposition on the Big Box Bailout; upcoming advocacy events, and more. 

by Chesney Garnos, Director of Political & Grassroots Affairs

​State News
Last week concluded the fifth week of the South Dakota Legislative Session. We are currently tracking 17 bills. You can stay up to date on the status of these bills by looking at our online tracker. Of these 17 bills, we support 6 and oppose 4, while we are monitoring 7 bills. The next notable date is February 21st, known as Crossover Day, which is the final day to pass bills or joint resolutions by the house of origin. This week, I am back in Pierre monitoring specific legislation in committee.
 
Recently, I’ve received some questions about using our bill tracker. Click here or the image below to watch a “how to” video where I walk you through the simple steps to track legislation through our website. ​

National and Congressional News
America's Credit Unions have been actively opposing the Big Box Bailout bill, utilizing data and research to communicate the negative impacts to Congress. Their efforts highlight how the bill could harm American families, small businesses, and card issuers, disproportionately benefiting large retailers. The enactment of the Big Box Bailout bill could lead to consumers facing restricted access to unsecured credit from reputable financial institutions like credit unions, increased annual fees on credit cards, and minimal, if any, savings passed on from merchants to consumers. The recent study reaffirms our understanding: this legislation would significantly unsettle an effective system, merely to increase profits for the largest retailers. Read the study here.
 
The House and the Senate were originally scheduled to be back in the districts this week, but with important legislation and budget decisions looming, both are currently in session.

• Wednesday, the House Financial Services Committee will hold a full committee hearing entitled Oversight of the Financial Crimes Enforcement Network (FinCEN) and the Office of Terrorism and Financial Intelligence;
• Thursday, the House Financial Services Subcommittee on Financial Institutions and Monetary Policy will hold a hearing called Lender of Last Resort: Issues with the Fed Discount Window and Emergency Lending;
• Thursday, the House Financial Services Subcommittee on Digital Assets, Financial Technology, and Inclusion will hold a hearing named Crypto Crime in Context Part II: Examining Approaches to Combat Illicit Activity.

 
Also, don’t forget to review last week’s important hearings regarding the Financial Stability Oversight Council:

• Treasury Secretary Janet Yellen’s Appearance before the House Financial Services Committee: America’s Credit Unions wrote the House Financial Services Committee in conjunction with Treasury Secretary Janet Yellen’s appearance before the Committee on Tuesday to deliver the annual report of the Financial Stability Oversight Council (FSOC). Read the letter from America’s Credit Union, stressing opposition to granting the NCUA third-party vendor authority.  
• Treasury Secretary Janet Yellen’s Appearance before the Senate Banking Committee: They also wrote the Senate Banking Committee in conjunction with their hearing with Secretary Yellen to deliver the FSOC Annual Report. Check out the  letter to the Senate Banking Committee from the group.

 
Advocacy Events
Check out our upcoming advocacy events you and your team won’t want to miss!

GAC “Chairman’s Challenge” - March 3rd-7th (Washington, D.C.)
During this time, we will have our “Chairman’s Challenge”, which is a competition amongst all 50 states. They earn this title by raising funds for CULAC both in-person and virtually from March 3rd through the 7th. Last year, South Dakota came out on top of North Dakota, so Chad Moller (SD) currently holds the title of “Chairman Winner” across the Dakotas! Who will this year’s Chairman winner be? Chad Moller (SD) or Paul Brucker (ND)? Watch for coming emails on how you can help you chairman WIN!

Stack the PAC - May 14th (DakCU’s Annual Summit Larchwood, IA)
For the first time ever, we will be offering a new social event at our annual Summit called “Stack the PAC”. This social will recognize and honor those individuals who have contributed to the PAC over the past year.

Par for the PAC – July 18th (Rapid City, SD)
We will be hosting our first ever golf event in the Black Hills, allowing our credit union members to enjoy time together and invite their local legislator as a guest for the event. Full details will be dropped for this event in March 2024! You do not want to miss this one! 

As always, feel free to contact me with any advocacy questions or comments!