The President's Perspective

​We’re ready for ICU Day this week!  Plus, IRS Reporting Proposal is still high on administration’s agenda – we must work together to keep this from becoming law! 

Greetings,

This Thursday, October 21st, the Dakota Credit Union Association will join 36 other credit union leagues and associations as well as over 56,000 credit unions and more than 375 million credit union members around the world in celebrating International Credit Union (ICU) Day.  It’s been celebrated on the third Thursday of October since 1948; this year marks the 73rd year of our ICU Day celebration with the theme of “Building financial health for a brighter tomorrow.”
 
Credit unions were built on the principle of “people helping people.”  Supporting and improving people’s financial well-being is at the very heart of credit unions’ mission and structure; the essence of this commitment is reflected in each institution’s bylaws.  America’s credit unions pledge to continue this vital work of providing access to affordable financial products and striving to meet the needs of underserved communities, and Dakota credit unions are proud to be a part of this tradition.  I hope you join us in celebrating the credit union difference with your members and communities!
 
IRS Reporting Proposal still high on administration’s agenda.
For weeks we have pushed our credit unions and credit union members to weigh in on this critical issue. Even though the proposal hit a few snags early on, it still is high on the Biden Administration’s list of priorities.  Here are some concerning facts: 

• IRS continues to hire more agents, in fact they want to hire 86,852 new IRS agents, which would more than double the agency’s current workforce.
  
  
• Both Secretary Treasurer, Janet Yellen, and Speaker Pelosi have been defending the proposal and continue to push for its inclusion in the reconciliation budget package. In fact, Pelosi and her House leadership has doubled down on promoting the proposal which would require financial institutions to turn over vast amounts of consumer account data to the IRS.

Credit union advocacy has kept this policy out of early legislative drafts, but we need everyone’s continued help to keep this policy out of Congress’ reconciliation bill.  As a movement, we are approaching 500,000 messages calling on lawmakers to oppose this controversial provision - but we need to keep the pressure on!

If you haven’t engaged your members, your staff, volunteers, and colleagues, now is the time! The next few weeks are critical, and we must work together to keep this from becoming law.

Please share this message and Action Alert with your staff, credit union members and others in your community as this directly affects their day-to-day activities and privacy.  Access talking points and other tools via the Member Activation Program (MAP) Community.  CUNA has also added new social media resources and a thank you template for credit unions wishing to continue their engagement. 
​
I call this one of the those “moment of truth” issues for our movement.  If you already haven’t done so, it’s time to “release the hounds” on this one.  Don’t hesitate to contact me or Jay Kruse if you have any questions or concerns about this issue.
 
Reminder - DakCU Town Hall Scheduled for October 26
Our next DakCU Virtual CEO Town Hall will take place on October 26th at 3:00 p.m. (CT).  Invites have already been sent; if you did NOT receive the invite, please contact me.  Our staff will be providing briefs on the current regulatory and compliance issues, our Holiday Raffle, the new iLead@11 leadership development program, the CU Awareness Campaign, as well as upcoming events.  A second Q4 Town Hall is planned for December 14th so be sure to save the date. 
 
Time to register for the GAC 
It’s time to turn our attention to the next big credit union event: The CUNA Governmental Affairs Conference (GAC).  To simplify the process for you, we have created a “one stop shop” for all things GAC.  Be sure to check out today’s Memo article for all the details.
 
GAC Crashers Wanted!
Speaking of the GAC - Last week, the Cooperative Trust with Filene announced that applications are now open for GAC Crashers.  Once again, they are hoping to get 50 Crashers – one from each state – to attend the event in Washington, DC.  Crashers receive free conference registration.  Travel, lodging, and food costs are the responsibility of the Crasher and their credit union, so DakCU is offering a $1,000 scholarship for each of our Dakota Crashers!  The first step is to be selected.  If you have a rising star at your credit union, please encourage them to apply for this opportunity.  Details are available here – be sure to meet the December 3rd deadline. 
 
Be Recognized for Your Achievements
Don’t forget to nominate those individuals at your credit union (volunteers and staff) who deserve recognition.  There are also awards for credit unions that are making a difference in their communities through philanthropic and financial well-being programs.  Be sure to visit our newly revamped DakCU Awards page for more information and nomination forms. 
 
Have a great week and Happy ICU Day on Thursday!

President/CEO
​Dakota Credit Union Association