I hope everyone is enjoying the heat this summer! I have noticed vacation season is definitely in full swing here in the Dakotas as I have been traveling around visiting with credit union leaders to discuss our state legislative agenda as well as the importance of political fundraising.
Many people don’t realize a majority of bills that will be introduced during legislative sessions this winter are actually written and vetted during the summer months. This has been a major focus of your Association’s Advocacy Team this summer as we prepare for legislative sessions in both North and South Dakota this January.
We have met with other stakeholders in North Dakota about proposed legislation to create an appraiser experience training program. We anticipate starting the vetting process for the bill language in August. We are also discussing some minor field of membership modernizations that will provide transient works with more accessible and affordable financial services. We hope to have any legislative language related to FOM changes finalized by the end of August.
In South Dakota, we are having discussions with stakeholders on ways that credit unions may be able to better serve children in foster care as well as foster parents. Foster care has also been a focus of Governor Noem and her team, so we are hopeful we can work together to introduce legislation that could make accessing financial services for children in foster care a bit easier.
It's turning out to be a very busy summer!
NDAA Passes House – SAFE Banking Included
Late last week, the House passed the National Defense Authorization Act (NDAA) for Fiscal Year 2023. Of most importance to credit unions, the bill includes the Secure and Fair Enforcement (SAFE) Banking Act. The credit union industry supported SAFE Banking Act would provide a safe harbor for financial institutions serving legal, cannabis-based businesses. However, this isn’t the first time the House has passed the SAFE Banking Act. It has passed as a standalone bill and as part of a congressional package.
The issue is now in the Senate. I have faith that the Senate will find a compromise and pass their own version of the NDAA, but I don’t have much faith it too will include the SAFE Banking Act. It will unfortunately probably get stripped out, but we shall see.
Feel free to contact me with any advocacy concerns or questions.
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