The President’s Perspective

​America’s Credit Unions lays out their mission and vision; “Try a Credit Union” partnership announced; congratulations to Melanie Stillwell; and much more. 

​Launching a brand-new association to provide a united voice for the credit union industry represents a historic milestone for our movement. As a member of America’s Credit Unions transition board of directors, I had the privilege to participate in our first  strategic planning session that set the path to our unified mission and vision.

I am also pleased to share that America’s Credit Union’s Board Chair, Brian Schools, will be at our Annual Summit meetings, May 14-17 at Grand Falls Casino & Golf Resort (near Sioux Falls) to further share America’s Credit Union’s purpose to our Dakota members. Jim Nussle mentioned in his communication last week, but it bears repeating:

Our mission is to advocate for and advance an environment where credit unions thrive.
Our priorities are how we accomplish this mission, with advocacy as job number one, and supported by outstanding resources, education, and services.
Our vision—designed to complement this mission—is that people everywhere trust and partner with credit unions to help them afford and achieve their best lives.

In a great recent piece in CUInsight, Brian Schools shared this mission and vision, and much more. He, together with entire America’s Credit Unions leadership team, set expectations for accountability and transparency that includes our commitment to upholding our mission and vision in all that we do. America’s Credit Unions is focused on meeting the needs of our member credit unions so you can continue to be your member’s best financial partner.

Rest assured the entire transition board is committed to building the new national organization to provide the strongest advocacy voice that our industry has ever seen. Great organizations can do wonderful things. Remarkable things are on the way!

#GAC2024 Crashers Announced
Filene Research Institute has announced the newest group of emerging credit union leaders to participate in The Cooperative Trust’s award-winning Crash program at this year’s Governmental Affairs Conference (GAC) in Washington D.C. I am pleased to announce our Dakota representatives for the #GAC2024:

• Representing South Dakota this year will be Melissa Cline, Administrative Assistant, Black Hills Federal Credit Union (Rapid City).
• Representing North Dakota will be Noah Trautmann, Member Services Representative, United Savings Credit Union (Fargo).

Each Dakota Crasher will receive a $1,000 GAC Scholarship from DakCU to assist with expenses. Our association is proud to provide financial assistance for this important national experience. I believe the best way to ensure a strong leadership bench is to invest in the young talent in the credit union industry, and this is one way we encourage Dakota credit union staff to further engage in the movement. Congratulations to both!

Even though we are less than a month away, it is not too late to make plans to attend this year’s GAC, March 3-7 in Washington, D.C. We still have Heacock Hike-the-Hill financial assistance funds available for any North Dakota credit union professional or volunteer that wants to participate. If you are interested in applying for financial assistance, please reach out to John Alexander.

“Try a Credit Union” Partnership Launch
Last week, we held an introductory call for our new awareness initiative, “Try a Credit Union.” We are extremely excited about this new venture and partnership with the Michigan Credit Union League, as they have a proven 20-year history of success with this program. More importantly, the collateral materials available, which include not only graphics, but short humorous videos for social media, are focused on GenZ and GenX – the next generation of credit union members, with some very impressive success rates.

This program will mesh neatly with our own state-wide awareness program (SWAP), and we will continue to utilize the platforms that have proven successful for us over the past two years, including Gas Station TV, digital ads, geofencing, print, and electronic and stationary billboards. We look forward to the new graphics, videos, analytics, and benefits – including the ability to add job postings on the tryacreditunion.com website.

Finally, if you have not yet renewed SWAP heading into this new year – I hope our positive results, together with this new partnership, may sway you into the “yes” column. It is not too late to participate! If you would like to review the introductory video or have any questions regarding SWAP or the new partnership with Michigan, please contact Lindsey Hefta.

Seeking Credit Union Data & Feedback on CFPB Overdraft Proposal
The CFPB’s proposal to cap overdraft fees for financial institutions could have a major impact on credit unions of all sizes by creating competitive market pressures to reduce or remove fees.

The proposed rule would apply to credit unions with at least $10 billion in assets, however credit unions with less than $10 billion in assets will be affected by the rule’s changes to the marketplace. Additionally, the CFPB has not ruled out future rulemaking to include small institutions, and the proposed rule could renew interest in overdraft regulation by other federal agencies. 
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The rule is set go into effect in October 2025 and it will provide three options for those financial Institutions covered: Treat overdrafts as extensions of credit, which would require Regulation Z disclosures with each overdraft; Charge a ‘breakeven” amount that allows the credit union to only recoup the cost of providing the overdraft; or Charge the safe harbor amount that the CFPB establishes.

​Overdraft Fees Not Junk Fees
We strongly oppose efforts to limit the availability of overdraft services. Disclosures are clear, and overdraft services are understood and requested by consumers. Credit union feedback is needed to help shape the discussion to thoroughly address concerns. Comments are due to America’s credit unions by March 15 and to the CFPB by April 1. Please provide your feedback here.

Melanie Stillwell Recognized by Williston Chamber of Commerce
Congratulations to Melanie Stillwell, President/CEO of Western Cooperative Credit Union (Williston, ND). Melanie was selected by the Williston Area Chamber of Commerce for their Williston Leadership Award, which she received at the chamber’s Stars of Williston event. Not only does the chamber honor their outstanding members, but the proceeds from the awards banquet go to support educational initiatives, and leadership & professional development for the entire Williston community. Congratulations Melanie on this well-deserved recognition!

First CEO Town Hall of 2024 Scheduled for Next Tuesday
We are looking forward to our first quarterly CEO Town Hall next week, on Tuesday, February 13, at 3:00 p.m. (CT) 2:00 p.m. (MT). Email invites have been sent to CEOs and managers; please contact me if you need the meeting link.
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Don’t forget: It’s Super Bowl week – so let’s make it a great one! 

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DakCU President/CEO