Legislative Update with Jay Kruse

​IRS Reporting Proposal likely to appear in House infrastructure package despite consumer concerns.  Plus, a challenge is issued for our Holiday Raffle – can you help us meet our goal? 

by Jay Kruse, Chief Compliance Officer

I hope everyone is having a great week so far!  Amy Kleinschmit and I are in North Dakota this week making a few credit union visits, in addition to meeting with the ND Government Affairs Committee and ND Department of Financial Institutions to discuss some upcoming proposed administrative code changes.  October continues to be a busy month for credit union advocacy!
 
IRS Reporting Proposal Update
We are nearing 500,000 contacts to the Hill on the IRS Reporting proposal as Speaker Pelosi has indicated this week that the much-maligned proposal will indeed be included in the House version of the infrastructure/reconciliation package despite public concerns.  While Congress was expected to pass infrastructure legislation by now, both sides are still far apart.
 
We continue to be impressed with the number of messages in opposition coming out of the Dakotas.  As of Monday, South Dakotans have generated 9,900 messages with 2,118 from the state of North Dakota.  Let’s keep up the great work!  Negotiations are expected to continue throughout the month.  We remain engaged with lawmakers and other concerned parties on this legislation as the process continues.
 
Can You Help Us Reach Our Goal?
We are halfway to our fundraising goal, but we still need your help!  Last week, we announced that the annual CUPAC/CULAC Holiday Raffle will once again be taking place November 1st through December 1st.  As we are ramping up our preparation and getting your raffle tickets ready to go out in the mail, we are also asking association members to consider making a corporate contribution to support our prize offerings.
 
We will be awarding $5,000 in raffle prizes once again this year, which are funded through generous credit union contributions.  We are asking all credit unions to consider donating between $100 - $1,000 to help us achieve our goal – any amount will help!

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Don’t forget – Railway CEO and ND CULAC Trustee, Paul Brucker has challenged all his credit union friends in both North and South Dakota match or beat Railway’s $250 corporate contribution!  I urge you all to accept the challenge in support of the 2021 CUPAC/CULAC Holiday Raffle and our ongoing credit union advocacy efforts.  Let see if we can reach our goal by the end of the week!
 
Make a Donation Now!
 
A huge thank you to all of you that have already made a contribution.  We sincerely appreciate your support!  As always, feel free to contact me with any questions or comments on our advocacy efforts.