Legislative Update with Chesney

SD Legislative Session; U.S. House and Senate News on CFPB Overdraft Rule.

South Dakota Legislative Session
We're at the halfway mark of the 2025 legislative session in South Dakota. With only five legislative days left for bills to move out of their original chambers, expect a flurry of activity with jam-packed committee agendas and extended floor sessions next week. The crucial deadline is February 25th, known as "crossover day," the final day for the house of origin to pass bills or joint resolutions. Anticipate some late nights ahead as numerous bills progress through committee hearings and floor actions.

Our advocacy team, alongside the South Dakota Government Affairs Committee, has been vigilant in monitoring and responding to legislation that could affect our financial institutions. You can review these legislative items here.

U.S. House and Senate News
Last Thursday, Congressional leaders moved to challenge the CFPB's overdraft rule. In the Senate, Banking Committee Chairman Tim Scott (R-SC) introduced the resolution, and in the House, it was brought forward by Financial Services Committee Chairman French Hill (R-ARK). They aim to use the Congressional Review Act to nullify the rule, arguing that it strips consumers of a regulated service they choose to use.

This week, House members have returned to their districts for the President's Day recess, while the Senate remains active in Washington, D.C., with several hearings lined up.

Please reach out to me here with any advocacy related questions!