The President's Perspective

​Another successful MonDak Roundtable in the books; still time to register for GAC; and South Dakota leaders head to Pierre this week to advocate for credit unions. 

Relevancy & Sustainability
South Dakota Credit Union leaders will head to Pierre this week to build on our relationships with our lawmakers and advocate for our credit unions and our members. It is our belief that over time, protecting and enhancing the operating environment for our credit unions will be our greatest contribution to industry sustainability and continued credit union growth and relevancy.

We should note that this year marks the 90th anniversary of the Federal Credit Union Act—and it’s not 1934 anymore. What do I mean by that? I often wonder if we could launch the credit union movement in today’s environment; the answer is probably not. So, in today’s world, we advocate for relevancy and sustainability.

The credit union movement can be traced back some 176 years ago to two German men. Franz Hermann Schulze-Delitzsch, a baker by trade, organized a cooperative of mills and bakeries in 1848, so smaller businesses could combine their finances for greater buying power. Some years later, in 1864, another German, Friedrich Wilhelm Raiffeisen founded the first rural credit union for farmers.

Of course, we know that the first credit union opened in the in the United States in 1909 in Manchester, New Hampshire, with St. Mary’s Cooperative Credit Association. That financial institution still exists today, more than 115 years later, as St. Mary’s Bank. From 1921 to 1935, 38 states and Washington, D.C. enacted laws allowing the establishment of credit unions; in June of 1934, President Franklin D. Roosevelt signed the Federal Credit Union Act into law.

Our credit union history also runs deep in our two states, going back to the late 1930’s when the Leagues in both states helped organize and charter new credit unions across the Dakotas. Today, legislative advocacy and regulatory advocacy is at the heart of our purpose and is our highest priority each year. 
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The Dakota Credit Union Association advocates for the entire credit union movement in North Dakota and South Dakota. As an organization, our objective is simple: We’re here to be the champions of the movement and the best advocate for credit unions and their members. Building relationships and educating lawmakers about the credit union difference is what our South Dakota advocates will be accomplishing in Pierre on Wednesday.
 
Another Successful MonDak in the Books
Super Bowl LVIII, which will be held in Las Vegas in February, forced us to move this year’s MonDak Roundtable to mid-January, rather than our normal timing of early February. The change in schedule didn’t seem to matter, as more than 100 credit union leaders and volunteers from the Dakotas, Montana, and Minnesota participated in the 8th annual event last week. This year, members from the Minnesota Credit Union Network joined Dakota and Montana leaders for two days of educational workshops, networking, and dialogue. We have already set the date for next year; be sure to mark your calendars for February 3-4, 2025, for an even bigger and better conference, which will be held at the Horseshoe Hotel and Casino (formerly Bally’s).

Photos below: League CEOs Jeff Olson (DakCU); Mara Humphrey (Minnesota); and Gerry Singleton (Montana) kick off Mondak; and with financial expert and featured speakerJean Chatzky.

Join America’s Credit Union’s Governmental Affairs Conference
You still have time to join credit union advocates from around the country for the Governmental Affairs Conference (GAC) in Washington, D.C. March 3-7. GAC is our opportunity to highlight the meaningful work credit unions are doing to improve the financial well-being of their members and communities. At GAC, you will hear from world-class speakers; participate in “Hill Hikes” to meet with lawmakers; visit the industry's largest exhibit hall; network and learn from peers; and experience Washington in a unique environment with legendary receptions, meals, tours, and accommodations. Everything you need to make your plans can be found on our “one- stop GAC shop.” Also, our website is now updated to include a link to all upcoming America’s Credit Unions events.

Congratulations to Levo Credit Union
Levo Credit Union has received approval from NCUA to expand their field of membership. The new FOM adds 25 counties and will now include a total 29 of counties in eastern South Dakota, southeast North Dakota, northwest Iowa, and west central Minnesota. The credit union will be offering services along the I29 corridor from Sioux City to Fargo! Congratulations to Fran Sommerfeld and his entire crew on their continued growth and success.

Memo Reaches 2,100 Subscribers
Last week, the Dakota Credit Union Association’s electronic newsletter “The Memo” reached a new milestone when the 2,100th subscriber was added! Congratulations to Cheryl Sivertsen, the new branch manager at Dakotaland Federal Credit Union in Aberdeen, South Dakota. Cheryl reached out to us after hearing about The Memo from her Aberdeen associate, Guy Trenhaile from Healthcare Plus FCU. As a reminder, new staff members can be added to the Memo distribution list by contacting Shawn Brummer. The Memo is our primary means of communication with our members. It is also the #1 landing page on our website. We encourage all DakCU members to subscribe to keep abreast of the latest credit union news, events, legislative and compliance issues, and more.

Have a great week!

DakCU President/CEO