Greetings and happy Monday! I hope you’re managing to stay fresh and cool as the summer sun heats up the Dakota region. We sure do enjoy our summers here, however, the heat and humidity make it hard to take in the great outdoors as much as we would like. Yet, we always find creative ways to have some summer fun! As I like to say, “Which way to the beach?”
Dakota CUs set for #ILoveMyCreditUnion social media blitz!
We are now just 11 days away from the 2nd annual #ILoveMyCreditUnion social media blitz as credit unions and members here in the Dakotas and across the country prepare to share their love for credit unions on Friday, July 29th. Nearly 30 Dakota credit unions have already signed up to make a splash on Facebook, Twitter, Instagram, and LinkedIn platforms.
Whichever platform(s) your credit union uses, the idea is to get #ILoveMyCreditUnion trending, bringing more attention to the credit union difference. Last year, on one single day, the trending hashtag reached more than 22 MILLION people across nine different countries – and this year is likely to be even bigger. I hope you will take the time to join in the fun – it’s not too late to sign up!
Inflation jumps to a record high; Fed likely to raise interest rates by month end.
Consumer prices jumped to another record high in June, coming in at a 9.1% increase year-over-year, even higher than expected. As we all know, energy prices are the main culprit and contributed to half of the increase since May. The summer heat has also a had impact in various regions across the country, particularly in Texas where folks have been asked to conserve energy by turning the AC down. As the high temperatures continue to push the power grid's capacity and potential for rolling blackouts, billionaire Elon Musk and his Tesla distributors are once again telling Texas owners of its electric vehicles to help conserve power and are recommending that Tesla and other electric car owners not drive as much.
CUNA Senior Economist Dawit Kebede says, “There are signs that some of the main drivers of inflation are easing, such as lower oil and other commodity prices in July, slower wage growth, and declining supply chain pressures. However, service price increases led by housing and pent-up demand for vehicles will keep inflation elevated in the coming months.”
Kebede also says that that it is a likely that the Federal Reserve will raise interest rates by .75 basis points (if not more) by the end of the month given a strong jobs report, broad-based price increases, and elevated inflation expectations.
DakCU August meetings kick off fall Education Calendar and Pints & Politics chapter events.
We’re looking forward kicking off our fall education calendar in August with our peer events and our Foundation Golf Scramble. Registration is still open for the CU Professionals Forum and the Large Credit Union CEO Roundtable taking place August 16th at the Delta Hotel in Fargo. Both events will begin with a joint lunch and presentation from Barb Lowman, President of CUNA Strategic Services (CSS). After lunch we’ll break into separate rooms for an afternoon of dialogue and discussion in industry trends and issues.
The following day, the Dakota Credit Union Foundation is hosting their 5th Annual Golf Scramble at Rose Creek Country Club in Fargo. I’m happy to report that sponsorships and teams are filling up – but there is still room and time to register or sponsor a team. We are also raising funds for our local Sanford Children’s Miracle Network Hospital with sales of mulligans and extend-a-putts, as well as donations for the official Play Yellow golf balls and caps. The golf outing is one of the Foundation’s most successful income generating events each year, and I sincerely hope that you can join us!
Foundation Board moving ahead with more grants!
The Dakota Credit Union Foundation met virtually on Friday and approved three more grant requests! A formal announcement will be made soon in the Memo, but these are in addition to the six grants that were awarded last month. These grants are all going to support the Foundation’s mission of Financial Well-Being for All for credit union members.
Also, the Foundation is going to launch a very exciting fundraiser just in time for our Golf Scramble in Fargo. Details will be announced soon, but the grand prize will be a pair of e-bikes! Stay tuned for more details.
America’s Credit Union Museum wants your help!
The story of “people helping people” is timeless. From our industry’s humble roots in Manchester NH, to the work your credit union is doing today, the credit union movement has always been about making a difference in the lives of its members.
As part of America’s Credit Union Museum’s 20th anniversary celebration, a new exhibit is being created for those who stop by in-person and digitally. They want to tell the story of every credit union in the country. Please help by capturing the history of your organization so it may be included in the museum’s database. Upload your history here along with up to three photos. For questions or issues with the form, contact Brandie firstname.lastname@example.org for assistance. Let’s get the Dakotas well represented on this exhibit!
Have a great week, stay cool and be safe!
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