The President’s Perspective

Thanks to Senator Rounds, an affordable student loan program is in the works! Plus, ATM fraud attempt in Fargo; and congratulations to the new CEO of TCCU.

DakCU and America’s Credit Unions Back Senator Rounds’ AFLP Act.
Choosing a college or trade school is a life-altering decision that most students look forward to making. However, rising costs and a decrease in available financing has made this decision burdensome for middle class families. The Affordable Future Loan Program (AFLP) Act introduced by Senator Rounds last week will help make this decision more manageable, as it gives families greater options to afford higher education for their children. Therefore, we are pleased to partner with America’s Credit Unions in backing this bill.

The AFLP Act would amend the Higher Education Act of 1965 to establish a new guaranteed student loan program where student loans are issued by private financial institutions and 98 percent of the loan would be guaranteed by the federal government when a student attends an accredited institution. Students would not accrue interest while they are in school, and borrowers would have two repayment options, including an income-driven repayment. This level of guarantee on the loan is important to ensure strong lender participation in the program by limiting the risk of loss associated with delinquency or default.

Having the ability to access more student lending options directly through a credit union they trust will give consumers peace of mind and help them secure their financial futures. The AFLP Act establishes a public-private partnership that gives students and their families another option to afford education through a trusted partner like their local credit union.

With guaranteed loans that do not accrue interest while students are in school, the act provides a lifeline to students who struggle to bridge the gap between federal aid and the rising costs of higher education. Senator Rounds’ innovative approach will make higher education attainable for all Americans, preserving the dream of college for future generations.
 
The Affordable Future Loan Program Act, championed by Senator Mike Rounds, offers a crucial solution to the pressing issue of college affordability. By leveraging the private sector to create a sustainable and affordable loan product, this legislation ensures that middle-class families across the country are no longer burdened with long-term debt. We sincerely thank Senator Rounds for introducing this very important legislation. We look forward to continuing to work with his team to create an environment where credit unions and their members can thrive. You can read the press release from Senator Rounds here; and don’t miss the featured story in Dakota News Now where Jeff Jorgensen, CEO of Bluestone FCU, is interviewed on the topic.
 
Beware of ATM fraud!
Last Friday, one of our North Dakota credit unions alerted your association about an ATM fraud attempt that happened in Fargo. The attack that occurred is known as “jackpotting” – where the fraudsters attach a portable electronic device (smart phone, computer) to a standing ATM and install malware that allows them to access the machine’s cash reserves. The thieves will often dress as maintenance workers to avoid detection, and these attacks typically take very little time so culprits can quickly be on their way. While the credit union was able to deter this attack in Fargo, we encourage you to share this information with all staff members and remind them to be on high alert for suspicious activity.

New Ideas registration underway – don’t miss out!
I am excited to share that registration is underway for our fall New Ideas Conference which will be held in Bismarck, September 24 – 25. If you are ready to create a blueprint for a flourishing credit union, you do not want to miss out this year. As always, we have some very unique settings for our event, right along the Mighty Missouri River at the Gateway to Science Center and the Paddle Trap! Be sure to reserve your spot early for the best pricing with the early bird discount good until August 15th. Full event and speaker details are available here.

On a positive note.
Credit unions across the Dakotas are constantly doing positive things in their communities – and often times, we don’t take time to “toot our own horns.” Today, I want to recognize North Star Community Credit Union (Maddock, ND). Under the leadership of Bob Herrington, they have not only made a $100,000 pledge to the Sanford Children’s Miracle Network Hospital Micropreemie Unit earlier this year; they have been supporting Farm Rescue for the last decade. Farm Rescue lends a hand to those family-owned agricultural businesses that for whatever reason, illness, injury, weather damage, etc. cannot get a crop in, or out. Agriculture has always played a vital role in their business, and this is one more way this credit union is paying it forward. Their commitment was on display in a recent video which you can view here. Kudos to Bob and crew!

Kalli Schell named CEO of Town & Country CU.
As you may have heard, last week the board of directors at Town & Country Credit Union (Minot, ND) named Kalli Schell as president/CEO. Schell has held multiple positions at the credit union since beginning her career there nearly 25 years ago, including previously serving as interim CEO. Kallie was serving as the interim CEO, Congratulations Kalli, and we all look forward to continuing to work closely with you as we continue to advocate for our industry!

Former credit union leader passes.
And finally, DakCU recently received word that Nancy Ellwein, former president of Sentinel FCU (Rapid City, SD) passed away on July 17. Nancy was the CEO there for nearly two decades before retiring in 2018 and held several other positions in the industry, including comptroller and administrative assistant. Nancy was well known for her humor, her love of animals, and her perseverance in both her personal and professional life. She was a strong credit union advocate, and she will be missed. Our sincere condolences to her family and friends. Memories may be shared here. 

​Thank you for all you do,

DakCU President/CEO