The President’s Perspective

​NCUA does the right thing in returning recovered assets to our North Dakota members. Plus, the transformation to America’s Credit Unions is well underway with new board. 

NCUA Settles with ND Credit Unions.
The big news that we can finally share: North Dakota credit unions will be increasing their equity by nearly $12MM as the New Year kicks off. Late last week, our member credit unions received more than $11,900,000 in recovered assets that had previously been denied by the National Credit Union Administration (NCUA) from the liquidation of Midwest Corporate and U.S. Central during the financial collapse that began back in 2008. The federal agency agreed to settle the dispute following the judge’s denial to dismiss the lawsuit filed early in 2023.  District Court in Kansas.

Over the past two years, the Dakota Credit Union Association has led the effort and assisted our North Dakota members in repeated attempts to recover the funds. We were very critical of the NCUA throughout the process, as we maintained that the agency was not properly recognizing our North Dakota members as the rightful owners of the recovered U.S. Central assets.

In the end, the U.S. District Court in Kansas Chief Judge’s clear and concise statement of the court’s position was almost word for word the argument North Dakota credit unions made to the NCUA on day one. We are extremely pleased with the decision to settle, and I enthusiastically applaud the NCUA for doing the right thing. For more on this story and the background, see the related story in today’s Memo or simply click here.

DakCU Advocacy Team in Pierre for Opening Session.
Last week, our DakCU Advocacy Team of Chesney Garnos and John Alexander were in Pierre for the start of the SD Legislative Session. We have also shared a video with the legislators in advance of our SD Legislative CU Day to bring them up to speed on our legislative goals and community impact. You can watch the video here. There’s still time to join us in Pierre on January 24th if you haven’t signed up yet! Click here to register for this free event.

Transformation to America’s Credit Unions well underway.
The America’s Credit Unions temporary website is now available with contact information, upcoming events, and important resources, while members will still have access to the NAFCU and CUNA websites during the transition period. Credit unions are encouraged to engage with America’s Credit Unions on LinkedIn, X, Facebook, Instagram, and YouTube. Please don’t hesitate to contact me if you have any questions regarding the transition.

Proud to serve on the transition board.
I am also pleased to share that I have been appointed to the transition board of America’s Credit Unions, occupying one of two seats designated for League Presidents. The appointment came primarily because of my direct involvement in the CUNA-NAFCU merger negotiations over these past two years as the chair of the American Association of Credit Union Leagues (AACUL). It is truly an honor and privilege to represent Dakota credit unions as the new league system lays the foundation for a vibrant national financial trade association.  

The full list of America’s Credit Unions Transition Board Members includes:

• Brian Schools, ACU board chair and president/CEO, Chartway CU;
• Lisa Ginter, ACU board vice chair and CEO, CommunityAmerica CU;
• Patrick Pierce, ACU treasurer and CEO, City and County CU;
• Karen Harbin, ACU secretary and president/CEO, Commonwealth CU;
• Lonnie Nicholson, president/CEO, Educational Employees CU;
• Nader Moghaddam, president/CEO, Financial Partners CU;
• Jeff Olson, president/CEO, Dakota Credit Union Association;
• Day Matthews, chief legal officer, Local Government Federal CU;
• Gary Grinnell, president/CEO, Corning Federal CU;
• Lori Herrick, president/CEO, Manchester Municipal Federal CU;
• Scott Simpson, president/CEO, Utah Credit Union Association;
• Melanie Kennedy, president, Southwest Financial Federal CU;
• Keith Sultemeier, president/CEO, Kinecta Federal CU;
• Jim Morrell, president/CEO, Peninsula Community Federal CU; and
• Amy Sink, CEO, Interra Credit Union.

 
America’s Credit Unions Policy Priorities for 2024.
Last week in the Washington, D.C. office, the Executive Leadership Team met with the Transition Board to lay the strategic foundation as we move forward. I’m excited and inspired by the passionate conversations we’re having about the mission and vision of America’s Credit Unions. I can promise you that we will continue to be intentional in all our decisions and are committed to looking at everything we do through a new lens, creating an organization to best serve you and the credit union system.

Our policy priorities for 2024 are to protect, empower and advance the needs of credit unions and their members nationwide. We are committed to fiercely advocating for forward-thinking policies that uplift people and communities through their financial partnerships with credit unions. Within the framework of these three priorities, we are focused on developing a regulatory and legislative environment that enables credit unions – and ultimately our country – to thrive. Specifically, the 12 policy priorities include the following:

• Preserve the credit union tax status.
• Hold regulators accountable.
• Reform the CFPB leadership structure.
• Prevent an unlimited expansion of the NCUA’s authority.
• Protect the interchange system.
• Establish federal data protection standards.
• Ensure a fair regulatory environment.
• Expand both business and consumer access to credit unions.
• Lift member business lending caps and regulatory limits.
• Increase loan maturity limits.
• Allow new investment options for credit unions.
• Support innovation and emerging technologies balanced with regulatory oversight.

America’s Credit Unions sent a written notice of these priorities to U.S. House and Senate leaders as well as to the NCUA, CFPB, Small Business Administration, Federal Communications Commission, Environmental Protection Agency, Federal Trade Commission, Federal Reserve Board, Treasury Department, Federal Housing Finance Agency and other organizations.

Congratulations to Voyage FCU on their newest branch!
Finally, I want to send a shout out to Jeff Schmidt, President/CEO at Voyage FCU to congratulate his team on the official opening of their newest branch at Crossroads in Sioux Falls. The new location is evidence of their ongoing commitment to providing exceptional service and convenient access for their members. We wish them much continued success!

Have a great week, 

DakCU President/CEO