The President’s Perspective

​Dakota’s financial first responders continue to support struggling families! Plus, a congratulations to this CEO celebrating 30 years of service, and more. 

Jana Thune

Financial First Responders continue to support families through economic uncertainty.
Each week, we see inflation becoming an increasing pressing concern for many Americans, as the rising cost of living strains household budgets. From groceries to gasoline, the cost of everyday essentials has surged, leaving many families grappling with how to make ends meet. For those in North and South Dakota, these challenges are all too familiar, as prices continue to rise across the board.
 
The impact of inflation is widespread and affecting everything from housing to healthcare. Many Americans are finding it harder to save money, with wages not keeping pace with the increased cost of goods and services. This financial squeeze is leading to greater reliance on credit, which can result in mounting debt for families already struggling to balance their budgets.
 
Amid these challenges, Dakota credit unions continue to offer a beacon of hope. These member-owned financial institutions are uniquely positioned to help individuals and families navigate the turbulent waters of inflation as they experience the financial stress caused by rising costs. Let us count the ways!
 
Affordable Loans and Financial Products: Unlike traditional banks, Dakota credit unions prioritize their members' needs over profit. This means offering lower interest rates on loans, which can be a lifeline for those needing to borrow during tough times. Whether it's a car loan, mortgage, or personal loan, credit unions provide affordable options that help members manage their finances more effectively.
 
Financial Education and Counseling: Many credit unions in the Dakotas provide financial education programs and counseling services. These resources can be invaluable in helping members understand how to budget, save, and make informed financial decisions. In an inflationary environment, knowing how to stretch a dollar is more important than ever. Additionally, the Dakota Credit Union Foundation offers grants for those interested in completing the Financial Counseling Certification Program (FiCEP).
 
Community Support and Resources: Dakota credit unions are deeply rooted in their communities. They often support programs for members facing financial hardships, such as payment deferrals or emergency loans. By providing personalized support, credit unions help members avoid the pitfalls of debt and financial insecurity.
 
Competitive Savings and Investment Options: With inflation eroding the value of savings, it's crucial to find ways to protect and grow your money. Dakota credit unions offer competitive interest rates on savings accounts and certificates of deposit, giving members better returns on their investments compared to many traditional banks.
 
As inflation continues to impact everyday Americans, Dakota credit unions stand as a dependable partner, offering the tools and resources needed to help our 500 thousand plus members navigate these challenging times. By focusing on the financial well-being of their members, credit unions help families in the Dakotas build a more secure and stable future, even in the face of economic uncertainty. We are the financial first responders providing a beacon of hope and a financial lifeline for families and the communities we serve.
 
U.S. Treasury check fraud impacting Dakota credit unions.
A Bismarck/Mandan area credit union has reported they were the victims of a U.S. Treasury check fraud. At least one other North Dakota credit union has also received a fraudulent check.
Please be alert and vigilant when accepting paper checks from the U.S. Treasury to protect your credit union and your members, who may not be aware of this fraud. Apparently this specific fraud is surging nationwide.
Scammers target individuals by sending counterfeit U.S. Treasury Checks, claiming they are legitimate and issued by the U.S. Treasury. The scammer then informs the recipient they have overpaid them and asks the recipient to return the excess funds via wire transfer. The recipient becomes the unwitting victim of this scheme, along with their financial institution. Please refer to the full story in today’s Memo on how to spot and detract from this fraud.

Sign up now for New Ideas!
Before you head out for the Labor Day weekend, be sure to register for the New Ideas Conference taking place September 24 – 25 in Bismarck/Mandan. September 13 is the final day to sign up. For just $379 per person, you will receive the latest information you need to propel your credit union towards even greater success!
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A “bonus” session was just added: “Visibility Matters in a Digital Age” with Arne Schonscheck from TruStage, where he is responsible for managing the lender experience of their lending products. Always a crowd favorite, New Ideas will leave you excited, invigorated, and inspired with key takeaways you can implement at your organization immediately. The sessions are appropriate for everyone from entry level to top management, so I hope to see many of you there!
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Congratulations to Jana Thune
Jana Thune, CEO of Fargo VA FCU, recently celebrated 30 years of service. At the age of 25, she was the youngest person to be named CEO of a credit union in North Dakota. While still in college, she began working part-time as an administrative assistant, and after earning her bachelor’s degree in business administration, she worked as a loan officer, before being promoted to CEO. While she has no plans to retire anytime soon, we want to congratulate her on a very successful career. On a personal note, Jana has always been very supportive of league initiatives, participating in many of our events and conferences, helping to raise money for the Children’s Miracle Network Hospital, and always supporting our advocacy efforts. Thanks for all you do, Jana!

On a positive note!
Leaving you today with a positive note, United Savings CU held a family movie night on August 14th at the Fargo Theater, tying it into their Pee Wee Penguin young savers program. Members were invited to join the credit union staff for a free viewing of the film, Migration. The credit union also treated attendees to complimentary pizza, popcorn, and beverages! A great way to get families and young members involved – not to mention the impressive marquee touting the CU name! Well done!

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​Have a great week, and thank you for all you do!

DakCU President/CEO