Legislative Update with Kenley

DakCU pushes for stronger liquidity and opposes new Form 990 mandate.

By Kenley Lamberty, DakCU Director of Political Strategy and Engagement

Credit Union CEOs Join DakCU in Push for CLF Enhancement Act; Senate NDAA Includes Provision as House Weighs Action
The Dakota Credit Union Association (DakCU), backed by numerous credit union CEOs across the Dakotas, sent a letter November 14. to the Armed Services Committee urging inclusion of the Central Liquidity Facility (CLF) Enhancement Act in the National Defense Authorization Act (NDAA). The Senate version of the NDAA already contains the provision, which would strengthen liquidity options for credit unions during times of economic stress. Advocates are now calling on the House to adopt the same language to ensure consistency and avoid delays.

The CLF Enhancement Act is a critical measure designed to expand access to emergency liquidity for credit unions, particularly during periods of market volatility. By increasing borrowing authority and modernizing operational flexibility, the act helps safeguard member deposits and maintain stability in the financial system.
 
The House is expected to take up its version of the NDAA in the coming weeks. If the CLF language is included, it will align both chambers and move the legislation closer to final passage.
 
DakCU Pushes Back on Banker Proposal for Form 990 Requirement
DakCU  sent a letter, November 13, to Congressman Dusty Johnson opposing a draft proposal from banking groups that would require federally chartered credit unions to file IRS Form 990s — a move advocates say would create unnecessary paperwork.

The proposed requirement, circulated by banking interests, aimed to impose additional reporting obligations on federal credit unions. DakCU argued that credit unions are already subject to rigorous oversight and financial disclosure requirements through the National Credit Union Administration (NCUA), making the extra filing redundant.
 
DakCU continues to monitor the issue and work with lawmakers to ensure credit unions can focus on serving members rather than navigating duplicative compliance requirements.

The Roger Heacock Scholarship: A Gateway to the GAC Experience
DakCU is offering the Roger Heacock Scholarship again, giving two lucky Dakotans the chance to attend the Governmental Affairs Conference (GAC) in Washington, D.C., the largest annual credit union event of the year, held March 1-5. Hosted by America's Credit Unions, the GAC gathers thousands of industry leaders, advocates, and policymakers to discuss and influence the future of credit unions. This is a rare chance to represent the Dakotas on a national stage and shape the future of financial services while participating in one of the most impactful gatherings in the credit union movement. Get more information and apply here. 
 
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