Legislative Update with Kenley

DakCU is monitoring key SD legislation impacting credit unions and preparing to engage lawmakers during SD CU Day.

By Kenley Lamberty, DakCU Director of Political Strategy and Engagement

SD GAC Bill Tracking
Thursday marked the final day for introducing unlimited bills this legislative session. At this point, there are more than 450 bills between the House and Senate. Of those, the Dakota Credit Union GAC is actively monitoring 20 bills that could impact credit unions and our members.

Several key discussions are underway, including legislation carried over from last year, most notably SB 149 and SB 150. These bills would remove a credit union’s ability to recover a motor vehicle asset when less than $5,000 remains owed.

We are also closely following SB 98, which addresses cryptocurrency kiosks and implements fraud prevention measures designed to better protect our members and communities. Additionally, HB 1238 would allow credit unions to designate “trusted persons,” enabling notification of family members when there is suspected fraud or exploitation involving seniors or vulnerable adults.

While additional bills are expected to be introduced this week, we are excited to welcome credit union members next week for the opportunity to engage directly with legislators and discuss these important issues on February 11.

To see full list of bills we are tracking CLICK HERE

If you have questions about these or any other bills please feel free to reach out.
 
Government Shutdown
A partial government shutdown began at midnight Saturday after funding lapsed while the House was out of session. It is expected to be short‑lived now that the House has returned to Washington and is set to consider a Senate‑passed funding package. The Senate approved a five‑bill minibus that funds remaining FY2026 appropriations and includes a short‑term extension for the Department of Homeland Security. The House is expected to vote on the package soon.

Rate Caps
President Trump has publicly called on Congress to advance a 10% credit card rate cap, which has significantly raised the profile of this issue on Capitol Hill. On Friday, Senators Whitehouse, Warren, Merkley, and Reed introduced partisan legislation that would create a patchwork of state‑by‑state interest rate caps. While a 10% credit card rate cap bill was first introduced last year, Senator Roger Marshall (R‑Kan.) is expected to introduce legislation more closely aligned with the President’s proposal, which will further increase congressional focus on the issue.

Event Reminder
Next week, on February 11, we will be celebrating South Dakota Credit Union Day in Pierre, and we hope you can join us. We will kick off the day with our GAC meeting at 11:45 a.m. Following the meeting, we will head to the Capitol for a group photo and will be serving an afternoon snack in the House and Senate lobbies until 2:00 p.m. After that, we will move to the House and Senate floors for introductions.

Later in the day, from 4:30–5:30 p.m., we will host a panel discussion focused on data centers and other hot‑button issues in Pierre. Panelists include Senator Steve Kolbeck, Senator Sydney Davis, Senator Casey Crabtree, and Representative Kent Roe. The discussion will be followed by appetizers and drinks. We are excited to have you join us for a great day at the Capitol!

Stay Connected
For more information or to share your perspectives, feel free to contact me. ​