Legislative Update with Jay Kruse

​Jay is on the road speaking to credit unions about the importance of political fundraising and the role it plays in our advocacy efforts. Plus, FOM modernization clears first hurdle! 

Good Morning!

I hope everyone is having a great week! I am on the road this week, back out west in Rapid City to talk to credit unions about the importance of political fundraising and supporting our elected officials. As I’m sure you are all well aware, maybe due the sheer amount of yard signs popping up in communities across the Dakotas, the primary election is less than two weeks away! Both local and national candidates are hitting the campaign trail hard, hoping to make an impression on as many constituents as possible. I will be meeting with both Senator John Thune and Congressman Dusty Johnson next week to discuss our mid-year credit union priorities and the upcoming election.

Today, I am looking forward to visiting the staff at Highmark FCU and Sentinel FCU and would love to come visit you and your team soon as well! If you are interested in hearing more about the importance of political fundraising and the role it plays in our advocacy efforts here in the Dakotas, please reach out to me so we can discuss options.

FOM modernization clears first hurdle.
A bill representing the most significant proposed changes to the Federal Credit Union Act since 1998 has cleared its first hurdle as it moves through the House process. The House Financial Services Committee advanced the Expanding Financial Access for Underserved Communities Act (H.R 7003) with a 27-22 vote. H.R. 7003 was introduced just following the CUNA GAC by House Financial Services Committee Chairwoman Maxine Waters.

Specifically, H.R. 7003 would:

• Allow all federal credit unions to add underserved areas to their field of membership. 
• Exempt business loans made by credit unions in underserved areas from the credit union member business lending cap. 
• Expand the definition of an underserved area to include New Markets Tax Credit areas and any area that is more than ten miles from the nearest financial institution branch.

This is just the first step in the process, with a potential long road ahead. We will continue to discuss the benefits of the legislation with our Dakotas’ Congressman Dusty Johnson and Kelly Armstrong over the next week weeks.
​
As always, thank you for your continued support, and don’t hesitate to contact me with any questions.