Legislative Update with Jay Kruse

​Common sense prevails with industry-opposed interchange amendments. Plus, get ready for our CUPAC/CULAC Holiday Sweepstakes – now seeking credit union contributions. 

by Jay Kruse, Chief Advocacy Officer

Common sense prevails, at least for the time being!
The credit union industry-opposed interchange amendments, also known as the Credit Card Competition Act, were not part of the amendments ultimately included in the draft Senate FY23 National Defense Authorization Act (NDAA) last week. However, a vote on the legislation in the Senate isn’t expected until next month.

Last week, I wrote in length about the NDAA/appropriations process and how the Credit Card Competition Act has next to nothing in common with the military or critical defense priorities. You can read that post here. In addition to being non-germane to military funding, the Credit Card Competition Act would negatively impact America’s servicemembers and their families, potentially robbing them as well as many other Americans of their credit card rewards, access to safe credit, and data security.

We joined other financial services organizations calling on congressional leaders to reject inclusion of the two amendments. In addition to our Dakota advocacy efforts during our recent Fall Hike the Hill, CUNA Deputy Chief Advocacy Officer Jason Stverak also wrote to all 535 congressional offices last week outlining why the amendments did not belong in the NDAA.

CUNA and the Leagues also issued an action alert to oppose the Credit Card Competition Act, resulting in more than 30,000 messages of opposition sent to Capitol Hill!

We need your help! CUPAC/CULAC Holiday Sweepstakes less than two weeks away!
As you know, one of the charges of our Government Affairs Committees (GAC) is to raise donations and awareness for our CUPAC/CULAC funds. The GAC is again coordinating a holiday fundraiser. This year the Dakota CUPAC/CULAC Holiday Sweepstakes begins November 1st and runs through December 1st! In order for us to maximize our fundraising efforts, the GAC is asking for your support. We will be awarding $5,000 in raffle prizes once again this year, which are annually funded through generous credit union contributions. A HUGE thank you to all of you that have made contributions over the years!

We are asking credit unions to consider donating between $100 - $1,000, to help us reach our $5,000 goal. You can easily contribute and pay with your corporate credit card online here. Or, if you would rather be sent an invoice, just let me know.

The Holiday Sweepstakes will support both the North and South Dakota CUPAC/CULAC funds. An email will be sent out next week containing all the Sweepstakes details, including a link (and QR code) to participate in the Sweepstakes, the official rules, posters for your branch(es), and FAQ’s.

On behalf of the North and South Dakota GACs, we appreciate your consideration and support.

Thank you and have a great week! Don’t hesitate to contact me with any questions.

CUPAC is the state Political Action Committee (PAC) for the Credit Union Association of the Dakotas. Each GAC operates and manages their respective CUPAC accounts.  Contributions to CUPAC are used to support credit union friendly candidates in their bid for state office. CULAC is the federal Legislative Action Council for the Credit Union National Association (Credit Union Legislative Action Council) and is the national PAC that contributes to our federal candidates.