The President's Perspective

​Two Dakota CUs on Forbes “Best Credit Unions” list! Plus, understanding the impact of interchange; and new Foundation board members announced. 

2022 #ILoveMyCreditUnion Day

Greetings, I trust you had a relaxing and enjoyable 4th of July celebration with family and friends. 
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Congrats to two Dakota CUs on Forbes “Best Credit Unions” list!
I would like to send a big shout out to Jerry Schmidt and the crew at Black Hills FCU (Rapid City, SD) and Steve Schmitz and his staff at First Community CU (Jamestown, ND) for landing on Forbes Best Credit Unions in Each State 2023 list. The list was compiled from a survey of 31,000 U.S. residents, asked to name and evaluate credit unions where they have an account, on the quality of the service and overall level of trust the companies inspired, in addition to utilizing Google reviews. 147 credit unions across all U.S. states made the list, which you can see here.

Understanding the impact of the proposed credit card interchange regulations
CUNA just unveiled interchange research that reveals the real cost of interchange regulations, the failed policies of the Durbin Amendment, and the negative impact to financial institutions and consumers if Congress passes the Credit Card Competition Act. CUNA and Leagues commissioned this research together, which was made possible with funding from the National Advocacy Fund.

Cornerstone Advisors examined evidence on how debit card routing mandates and interchange caps affected card issuers, consumers, and merchants over the past decade, and what the Durbin Amendment can tell us about consequences of the current Big Box Bill. The findings from the research were highlighted in an article in Forbes. 

You can download the Cornerstone Report as policymakers continue to ask for data to back up our opposition to new interchange regulations – this is as clear a picture as we’ll get about the disastrous consequences should the Big Box Bill move forward. Detrimental effects harm both consumers and the financial services marketplace, with smaller, community-based financial institutions suffering disproportionately. All card issuers have negative revenue impacts and will be forced to address shortfalls with higher monthly fees and increased minimum balance requirements. Further, significant differences exist between single-message and dual-message networks that impact operations and fraud costs for issuers, all while card-not-present fraud continues to rise and the cost to fight fraud rises.

CUNA has launched an interchange resource page for credit unions. The sight offers many tools, talking points, and social media resource that help to explain the harmful impact this legislation will have on consumers. I encourage you to use those resources to inform staff and members.

Are you locked and loaded for #ILoveMyCreditUnion Day?
Dakota credit unions are joining credit unions across the country and in other countries in taking our message to social media on Friday, July 28 – when we tell the world why we love our credit unions. The Illinois Credit Union League is spearheading this social media blitz for the third consecutive year.

Credit unions make a difference in the lives of our members every day, and #ILoveMyCreditUnion Day is a chance to flood social media with these amazing stories. Last year, the campaign reached 6 million people and saw posts from all 50 states, 11 countries, and over 850 organizations! I hope you’ll take the time to share your story on social media using the hashtag #ILoveMyCreditUnion. You can find many free social media graphics and other resources here – and don’t forget to sign up so they can measure the response this year!

New Foundation Board Members
The Dakota Credit Union Foundation Board of Directors has unanimously approved two nominations for open board seats. Congratulations to Tyler Gross, Senior Loan Officer at Sioux Valley Co-op FCU, Director representing Central South Dakota; and Kylee Lemieux, Marketing Manager at North Star Community CU, Director representing Central North Dakota. We sincerely thank these two volunteers as well as their credit unions for supporting their service to our charitable foundation. Watch for the full story in Thursday’s Memo.

Come to the DakCU Professionals Forum; Stay for the Golf Scramble!
Get out your calendars and save the dates for two important events happening in Fargo this August. First, the DakCU Professionals Forum will take place on Tuesday, August 15th at the Delta Hotel. Exclusively for Dakota Credit Union Association members as a dues-supported benefit, your Association invites credit union professionals from across North Dakota and South Dakota to gather to discuss and learn from each other on a variety of topics. This event is open to all credit union professionals; and it is our best opportunity to network, exchange ideas, discuss operational challenges, and learn about best practices among peers. Our day will begin at 12:30 p.m. (CT) – please grab lunch ahead of time (on your own) and then gather at the Delta Hotel. Conversations and discussions will begin immediately and continue until approximately 5:30 p.m. when our social, sponsored by Millenium Corporate, begins at the same location. Again, this is a complimentary event for affiliated credit unions, but we do ask you to register no later than Friday, August 4th, so we can reserve your seat. Register here.

Then, while you are in town, stay for more fun on Wednesday, August 16th, as the Dakota Credit Union Foundation kicks off our 7th Annual Golf Scramble at Rose Creek Golf Course. All proceeds will go to Fargo Sanford Children’s Miracle Network Hospital in support of the new Credit Unions for Kids Micro preemie Unit. You can sign up as an individual player, register a team, or even grab one of our many sponsorship opportunities to support this great cause. More information and registration available here.

Have a great week!

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DakCU President/CEO