Legislative Update with Kenley

​DakCU leaders met with lawmakers in D.C. to thank them for tax support and address key credit union issues.

By Kenley Lamberty, Director of Political Strategy and Engagement
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Credit Union Leaders Thank Lawmakers for Support on Tax Exemption
Members of the Dakota Credit Union Association (DakCU) met with federal lawmakers recently in Washington, D.C., to express appreciation for their continued support of the “Don’t Tax My Credit Union” campaign. Meetings were held with Sens. Mike Rounds and John Hoeven, Reps. Dusty Johnson and Julie Fedorchak, and staff members for Sens. John Thune and Kevin Cramer.

In addition to thanking legislators, members discussed the importance of preserving interchange fees. Credit unions often bear the full burden of fraud risk, making interchange a critical component of maintaining secure and affordable financial services for members.
 
Lunch with NCUA Chairman Hauptman Highlights Bipartisan Board Concerns
During that same week, Dakota Credit Union leaders joined NCUA Chairman Kyle Hauptman for a working lunch, where they emphasized the importance of maintaining a bipartisan NCUA board. The conversation also touched on ongoing lawsuits that could impact board structure, with members emphasizing the need to wait for legal outcomes before pursuing changes.

Chairman Hauptman provided insights into the agency’s current priorities and reaffirmed the importance of regulatory stability for credit unions nationwide.
 
Government Shutdown Looms as Senate Recesses Without Funding Deal
The House of Representatives recently passed a continuing resolution to fund the government through the end of the fiscal year. However, the Senate has yet to act, and with lawmakers currently in recess, the likelihood of a government shutdown is increasing.

Credit union leaders are closely monitoring the situation, as a shutdown could disrupt federal programs and services that many members rely on.
 
Dakota Credit Union Opposes NDAA Amendment That Threatens Liquidity
Dakota Credit Union members voiced strong opposition to a proposed amendment to the National Defense Authorization Act (NDAA) introduced by Sen. Rand Paul. The amendment would prohibit the Federal Reserve from paying interest on reserves—a move that could significantly impact the 12,000 credit unions currently holding interest.
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Such a change could affect liquidity, free checking accounts, and the Fed’s ability to operate effectively in the free market. The amendment is unlikely to pass, lacking the 60-vote threshold and facing opposition from Senate Banking Committee Chairman Tim Scott.
 
Senator Rounds Hosts Ag Roundtable to Address Farm Bill and Tariff Challenges
In a recent roundtable discussion with Sen. Mike Rounds, Dakota Credit Union members explored the challenges facing the agriculture sector, particularly for row crop farmers struggling with market access and tariff-related barriers.
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Sen. Rounds emphasized the importance of creating new markets for producers and expressed support for updating the Farm Bill to better serve rural communities. Credit union leaders shared how these agricultural struggles are directly impacting their members and the institutions that serve them.

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