The President’s Perspective

Continuing to advocate against the CCCA; a virtual town hall with the new CEO of TruStage; a more affordable leadership development program; and much more! 

Last week, I made a quick trip to Washington, D.C., to help organize and advocate against the Credit Card Competition Act (CCCA), which is once again heating up. While there, I had the opportunity to attend a special luncheon for Rep. Dusty Johnson (SD) and a dinner with Senator Thune (SD). I also took time to visit the Hill and meet with our congressional delegation staffers regarding the aforementioned Act.

Building on our previous visits to the Hill during GAC, I was able to once again share how this bill would actually harm consumers and negatively impact data security and rewards programs. Right now, there is a pending FAA Reauthorization Act in front of Congress and there has been a significant effort by Senators Durbin and Marshall to include the CCCA in the “must pass” bill.

As a part of the Electronic Payments Coalition, America’s Credit Unions submitted a joint trades op-ed with the American Bankers Association and Independent Community Bankers of America on the consequences CCCA. The op-ed, “Proposed credit card fee rules will benefit retailers, not consumers” is available here as posted on American Banker.

There will be additional hearings with the Senate Banking Committee and CFPB this Thursday where credit unions will testify. We are also working with America’s Credit Unions to bolster the industry’s response to the Federal Reserve’s Reg II proposal, which would reduce debit interchange fees, ahead of the May 12 comment deadline. Comment letter guidance is available here.

Also related to advocacy, I would like to send a shout out to Floyd Rummel III, CEO of Northern Hills FCU, who had a chance encounter with Senator Thune last week in Madison, SD. You never know when an opportunity to talk about the #CUDifference may arise! Senator Thune graciously posed for this photo.

DakCU partners with Clutch for more innovative solutions.
Today, I am pleased to announce a new strategic partnership with Clutch, a leading fintech platform specializing in omni-channel consumer loan and deposit account opening solutions exclusively for credit unions. Clutch is a Credit Union Service Organization (CUSO) that specializes in transforming credit unions into forward-thinking FinTechs, utilizing their solid financial foundations to provide responsible lending and deposit account creation. With Clutch's innovative platform, credit unions gain access to cutting-edge technology aimed at enhancing member experiences while streamlining operations. Leveraging its expertise and collaborative approach, Clutch empowers credit unions to fulfill their digital aspirations and better serve their members in today's rapidly evolving financial landscape. Please reach out to George McDonald for more details or visit www.withclutch.com to learn more.

Terrence Williams hosting virtual town hall for Dakota credit union leaders.  
CEOs should have received an email invite/calendar placeholder for a special webinar featuring an engaging dialogue with TruStage President/CEO Terrance Williams. The virtual event takes place on Tuesday, June 11, at 2:00 p.m. (CT), when Terrance will discuss his vision for the company, the importance of evolving to meet members’ needs, expanding credit unions’ access to innovation and technology, and the opportunities and challenges that lie ahead. There will also be plenty of time for attendees to ask questions. If you need the meeting link, please reach out to me.

Now more affordable leadership development opportunity.
Last week, we announced a newly reduced price on our very popular iLead@11 DakCU Emerging Leader Program. Since we first launched the program two years ago, we have already seen nearly 20 Dakota credit union leaders successfully complete the program, and for a limited time, you can enroll for just $1,999 per person! There are also scholarships available that can cover up to 50% of the tuition! This is an excellent way to start building a deeper bench for your credit union’s leadership positions. Find more information about this program here.

See you next week at the Summit!
After 18 months of planning, your DakCU team is ready to greet you for a truly exceptional conference as we head to Grand Falls Casino & Resort next week. We are expecting more than 200 credit union professionals and business partners to join us for our 18th annual Summit & Annual Meeting. As always, you can expect top industry keynotes, informative breakout sessions covering the latest industry hot topics and trends, as well as plenty of time for networking as we reunite with old friends and celebrate our accomplishments. On behalf of the DakCU staff, we look forward to seeing and connecting with many of you there.

Have a great week,

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DakCU President/CEO