Greetings and happy Monday! It’s hard to believe that we are already wrapping up July and heading into August. Meanwhile, the CUNA-League system has been getting results for our members through bold, 360-degree advocacy. Here are some highlights from just the last couple of weeks:
The House Energy and Commerce Committee advanced the CUNA and League-supported Securing and Enabling Commerce Using Remote and Electronic Notarization Act by a 56-0 vote last Wednesday. CUNA and Leagues have worked hard to get this bill moving, which would authorize the use of remote online notarization and has strong bipartisan support. This remote online notary legislation will benefit consumers by standardizing requirements across the country and allowing easier access to vital services and transactions that require notary services.
In addition to that positive news, the House passed a “minibus” appropriations bill with funding for the Treasury’s Community Development Financial Institutions Fund and NCUA’s Community Development Revolving Loan Fund. We also wrote to the House Financial Services Committee on how credit unions are integral to the Federal Housing Finance Agency’s mission. You can read more about that issue here.
Finally, the NCUA finalized its asset threshold supervision rule, which was largely supported by CUNA and Leagues, and issued a cyber incident reporting proposal at its Thursday meeting.
Now is the time to push credit union FOM modernization language.
Updating Field of Membership (FOM) language in both the federal and state charter would allow credit unions to fill banking deserts, reaching more underserved communities, and improve communities and the financial well-being of our consumers. Bottom line, FOM modernization is all about removing barriers and creating opportunities for consumers and businesses. I encourage you to check out this CUNA podcast hosted by Jason Stverak on the importance of allowing credit unions to change and adapt as an industry to meet evolving needs. It explains the specifics of FOM modernization, prospects for a legislative solution, and how credit union leaders can assist in this effort.
Who’s with us for #ILoveMyCreditUnion this Friday?
Don’t forget to help us make an impact on social media this Friday, July 29th, as we join together with one common hashtag message: #ILoveMyCreditUnion! (The picture above is my selfie from last year!) So far, more than 800 organizations have signed up to participate – including nearly 30 from the Dakotas. If you haven’t signed up, be sure to do so here and get your credit union involved in the fun!
August Association Activities – deadlines approaching!
Just a few reminders – the deadline to register for the Dakota Credit Union Foundation’s Golf Scramble is Wednesday, July 27th. This event will be held on Wednesday, August 17, at the Rose Creek Golf Course in Fargo, ND. This is a very important this fundraising event for our charitable foundation. If you have seen the recent Memo stories about the grants we have awarded over the past several months, you know that our endowments help provide financial literacy programs, scholarships for professional development, certification for financial counselors, in addition to supporting Dakotas’ Children’s Miracle Network Hospitals.
Speaking of deadlines, don’t forget to register for the DakCU Professionals Forum, which takes place just ahead of the Golf Scramble on August 16th in Fargo. Each year, CU professionals from both North and South Dakota gather to discuss and learn from each other; this is a great opportunity to bounce ideas and issues around a group of your peers. There is no fee to attend but we do ask you to register by Friday, August 5th so we can plan accordingly for seating and lunch (on us!)
Have a great week, and thanks for all you do!
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