Off the Record, On the Issues with John

As the cost of living continues to rise, outdated regulations are keeping credit unions from helping the communities that need them most. 

By John Alexander, DakCU Director of Legislative & Regulatory Affairs

Midwestern Prices Hit Folks Hard: Wallets Tighten as Costs Soar
Folks around here are finding it harder than ever to make ends meet, as the cost of just about everything: groceries, gas, electricity—keeps climbing skyward. New numbers straight out of the Bureau of Labor Statistics show prices in the Midwest surged by 2.3% in the past year alone, leaving everyday guys/gals scratching their heads and tightening their belts even further. Now, that's something that'll make anyone pause, whether you’re a farmer in Rugby, a teacher in Bismarck, or a mechanic out in Minot.

You see, it’s not just the numbers on paper. It’s the stories you hear down at the local café or around the dinner table. Take Fred, who runs a small hardware store in Dickinson. He’s watched as the cost of supplies from lumber to paint surged, forcing him to raise his prices, something he never likes to do, knowing it hits his neighbors hard. And then there's Angie in Jamestown, a single mom working two jobs, who noticed her grocery bill climb sharply over the past few months. Milk, bread, eggs you name it, it's all going up, pinching her paycheck tighter each week.

But here's the real kicker: Credit unions like many in other states have always been there to help regular Joes weather these financial storms, providing fair loans, manageable mortgages, and affordable financial services. Yet today, due to restrictions put in place nearly two decades ago back in 2005 amidst a simple growth spurt of a few credit unions, we find ourselves blocked by imaginary lines that stop us from reaching people who genuinely need our help.

These outdated "field of membership" regulations are preventing credit unions from serving many deserving communities simply because they fall outside arbitrarily drawn boundaries. You know what I’m talking about. Now imagine a family living just a few miles away from a credit union branch, struggling with predatory loans or high banking fees, unable to join because they're on the wrong side of an invisible line. It's a moral obligation left unfulfilled, not because we don't want to help, but because outdated regulations won't let us.

To better understand the challenges and implications of field of membership laws and how North Dakota is being left behind you can read this article: ND credit union membership growth far outpaced by neighbors.

It's time to erase these artificial barriers, ensuring credit unions can fully serve the communities that desperately need financial fairness. After all, financial security shouldn’t depend on imaginary lines gerrymandered nearly 20 years ago it should be about neighbors helping neighbors, plain and simple.
 
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