The President's Perspective

​Olson submits op-ed across the Dakotas promoting the benefits of being a credit union member during these difficult financial times. Plus, “early-fall” events registration now open!  

Greetings and happy summer solstice! I do hope you are enjoying the season so far.

Traditionally, we don’t schedule association events or activities during the summer, as many of us take vacation and family time during the wonderful Dakota summer months. We do, however, have our third quarter CEO Virtual Town Hall scheduled for Tuesday, July 12th at 3:00 p.m. (CT) or 2:00 p.m. (MT). Dakota CEOs received an email invite with a virtual meeting link; be sure to contact me if you need the link.

We have also launched our annual “early fall” events and opened registration for the CU Professionals Forum and our Large Credit Union CEO Roundtable. Both events will take place on August 16th at the Delta Hotel in Fargo, ND.

Registration is also open for the Dakota Credit Union Foundation’s Annual Golf Scramble on August 17th at Rose Creek Golf Course in Fargo. Proceeds from this golf outing benefit our foundation’s mission as well as our local Children’s Miracle Network Hospital.

It is time for credit unions – the “financial first responders” to proactively prepare for the coming storm.
We are using the current inflationary crisis to draw attention to the credit union “Financial Well-Being for All” mission. This week, we published an article that explains some of the benefits of being a credit union member, and the services Dakota credit unions can provide for consumers who are struggling financially. The op-ed piece was submitted to all news outlets in North and South Dakota, so be sure to watch for that. You can also read here: Where can consumers turn in times of financial distress? 

We encourage you to use this “opportunity” to share your stories about how you are helping your members and communities via social media, your newsletters, member communications or through other platforms. We know our mission and our purpose, and we will continue to improve lives.

The First FOM Expansion Legislation in over a decade passes in the House.
The CUNA-League led “Expanding Financial Access for Underserved Communities Act” (H.R. 2543) passed through the U.S. House of Representatives last Wednesday on a partisan vote of 215 – 207. The bill was part of a larger financial services package that includes the underserved field of membership/member business lending bill. This is the first time since 2008 that the House has passed field of membership reform through the chamber.

H.R. 2543 represents the most significant update to the Federal Credit Union Act since 1998. It does three things:

• Allows all federal credit unions to add underserved areas to their field of membership.
• Exempts business loans made in underserved areas from the member business lending cap.
• Expands the definition of an underserved area to include New Markets Tax Credit areas and any area that is more than ten miles from the nearest financial institution branch.

Next, the package goes over to the Senate, and because the bill had other provisions that do not benefit credit unions, we are going to work on a separate track. This means that our path is not going to be easy or clear – but we have just overcome a tremendous hurdle and we’ve made progress on an important credit union specific issue.
 
Reminder: Dakota Credit Union Foundation financial education grants available!
Don’t forget – the Dakota Credit Union Foundation is awarding five $1,000 grants to support financial wellness and education. These grants can be used for either the Zogo financial education app or towards the CUNA Financial Counseling Certification Program (FiCEP). Both of these programs support the mission of “Financial Well-Being For All. If you are interested in applying for one of the foundation’s grants, be sure to start here by submitting an application by June 30, 2022, and feel free to contact me with any questions.

CUNA National Awards deadline is Friday!
This Friday is the June 24 deadline for the CUNA National Awards, so be sure to get your nominations submitted now. These awards are designed to encourage and recognize distinguished credit unions that demonstrate social responsibility (the Dora Maxwell Award), the credit union philosophy (the Louise Herring Award), and financial education (the Desjardins Awards). All our state-level winners are formally recognized during the Summit Awards Banquet each year. Everything you need to apply can be found on our website here, and feel free to contact Deb Kruckenberg with any questions.

Have a great week,

DakCU President/CEO