The President's Perspective

Dakota lawmakers return for special sessions today; runaway inflation and its impact on credit unions; and some kudos to our national award winners! 

Greetings and welcome back to “Standard Time.”  Over the weekend many folks were posting reminders that we need to turn our clocks back on Sunday and referred to the time change as “Daylight Savings Time.”  Actually, Daylight Savings Time (DST) begins in the spring (March) and runs into the fall (November).  Remember, it’s “spring ahead, fall back.” 
 
An interesting note: The Standard Time period is shorter than the DST period.  Here in the US and Canada, the Standard Time lasts around four and a half months, while European countries generally are on Standard Time for five months of the year and spend seven months on Daylight Savings Time.  So now you know – and now you can be the “Cliff Clavin” trivia buff today at your credit union.  You’re welcome!
 
State lawmakers return for special sessions today.
State lawmakers are back in Bismarck and Pierre today, as both legislative bodies reconvene with special sessions.  While there are some similarities in agenda items in both state capitals today, each state has outstanding business to conduct, some with lasting outcomes.
 
In South Dakota, lawmakers will consider redistricting, COVID relief, and prioritizing the American Rescue Plan Act.  They will also be looking at impeaching Attorney General Jason Ravnsborg. 
 
In North Dakota, lawmakers will also be considering new redistricting boundaries for the next decade, in addition to working on appropriating federal funding from the American Rescue Plan Act (ARPA).  Lawmakers have also submitted 26 bills to the Delayed Bills Committees for approval during this special legislative session.
 
Late last week, the Dakota Credit Union Association joined 36 other North Dakota trade associations and professional organizations in the state, strongly encouraging the passage of only true technical corrections to legislation passed earlier this year.  In our letter, we outlined that, the vast majority of the bills, before coming up for consideration, require more public input, review and debate than is being offered during the condensed special session.  We urged lawmakers to focus on the purposes for which the special session is being convened: To approve the interim Redistricting Committee’s work and prioritizing the ARPA.
 
Runaway inflation and its impact on operations and members.
What is the number one issue that credit unions are asking in their strategic planning sessions heading into 2022 and beyond?  Inflation and what will it mean for credit unions and credit union members going forward.  In his quarterly economic update, CUNA’s Chief Economist Mike Schenk takes a deep dive into how runaway inflation may have far-reaching and significant implications for credit unions and members in the weeks and months ahead.  You can view Schenk’s video update here.  
 
Dakota credit unions earn national recognition.
Last week the Credit Union National Association announced their 2021 winners in the Dora Maxwell Social Responsibility Community Service Award, the Desjardins Awards for Financial Education, and the Louise Herring Philosophy-in-Action Members service award. If you have not already heard, two Dakota credit unions, one from each state, were recognized with first-place honors: University FCU (Grand Forks, ND) received the honor in the Dora Maxwell social responsibility category; and East River FCU (Madison, SD) received the Desjardins adult financial literacy award!
 
These credit unions were awarded top honors for demonstrating outstanding commitment to their communities and to financial health and education to youth and adults.
 
Dakota credit unions are putting their core mission to test every day, doing amazing things to improve the financial lives of their members.  Achieving national recognition and earning first place honors in their respective asset categories speaks volumes to the work that these two Dakota credit unions do in serving their members and advancing their communities.  A hearty congratulations and a heartfelt thank you to University FCU and East River FCU for embracing and demonstrating the credit union difference!
 
iLead@11 programs to start in December.
DakCU staff has been working on our new emerging leader program – iLead@11, which has already been introduced at several chapter meetings.  This is something that our members have been asking for – and we believe we are prepared to deliver a program that will not only meet but exceed your expectations.  The new iLead@ll Emerging Leader Program is designed specifically for emerging leaders in the credit union industry and is based on the popular Leadership@11 program designed by Eleven Performance Group.  Watch for more information coming soon from George McDonald, Chief Officer of Strategic Services, or visit our website for additional details. 

LSC rebranded as Envisant.  
LSC recently announced that it has rebranded as Envisant with a special video that debuted during the Illinois CU League’s annual convention.  The new branding illuminates in a clear, distinctive way the mission and value LSC (now Envisant) brings as a service organization to more than 2,000 credit unions across the country – including many of our Dakota credit unions.  Envisant (LSC) has been a long and trusted partner of the Dakota Credit Union Association, using their experience to guide and help our credit unions with their commitment to service and credit union success.  Learn more about the rebrand here.  

​In the news.
As we reported last week, language regarding the IRS Reporting Proposal was not included in the Biden Administration’s reconciliation package text.  The CUNA/League system has worked well for this issue, as Leagues across the country alerted local press, as we did with our op-ed that was published by most of our major Dakota newspapers.  CUNA has also been “making some noise” nationally with multiple influential publications highlighting the issue, including Forbes and Politico.  While this issue is far from resolved, we are making headway with our advocacy efforts.
 
Lakota FCU Making a Difference
Last week, in honor of Native American Heritage Month in November, CUNA News featured a detailed article about one of our member credit unions, Lakota FCU in Kyle, SD.  As you may know, this credit union serves the Pine Ridge Reservation, an area that prior to the Lakota FCU setting up shop, was being targeted by predatory/payday loan type institutions.  This is another good example of a credit union “telling their story.” Congratulations to Shayna Ferguson, CEO and team – they truly are making a difference for their community.  
 
DakCU offices closed for Veterans Day
As a reminder, DakCU offices will be closed on Thursday, November 11 for Veterans Day. Remember to thank our servicemen and women for their sacrifices to our great country, and we hope you all enjoy an “extra” day off this week!
 
Have a great week! 

DakCU President/CEO