Greetings! I trust you all enjoyed the Memorial Day weekend, relaxing, recharging, spending time with family and friends, but also reflecting on the freedoms we enjoy and honoring those who sacrificed in protecting it. It is often said, but worth repeating, freedom isn’t free.
Dakotas playing a role in the upcoming GOP Presidential primaries.
Last week, Senator John Thune (R-SD) traveled to Charleston, South Carolina, to personally endorse the official launch of Senator Tim Scott’s (R-SC) presidential campaign. Senator Rounds (R-SD) also publicly endorsed Senator Scott’s bid.
Meanwhile in North Dakota over the weekend, the Wall Street Journal announced Governor Doug Burgum’s plans to launch a presidential bid for the Republican nomination. According to the article, Burgum is planning on officially throwing his hat into the GOP ring at an event scheduled for June 7th in Fargo. In a recent interview with the editorial board of the Fargo Forum, Burgum expressed concerns about political polarization in the country, saying that 60 percent of Americans are part of a “silent majority” not well represented.
South Dakota Governor Kristi Noem has also been mentioned as a possible candidate in 2024. Buckle up – the field is getting crowded and we’re not even halfway through 2023.
While we are talking politics, it’s worth mentioning that progress was made over the weekend even as the debt ceiling debate continues. While the House and Senate were scheduled to be on recess this week, lawmakers are now expected to return to Washington, D.C. to approve legislation that will avert a debt ceiling crisis and government default. The House is set to vote on the measure as soon as tomorrow.
The Senate is expected to take up the bill after House passes it this week to try to enact the legislation before the government reaches the debt limit. In recent days, Treasury Secretary Janet Yellen updated her prediction of when the U.S. would hit the ceiling to June 5.
The full text of the bill was released Sunday evening. There are six main pillars that address work requirements for certain government assistance programs, energy project permitting, and rolling back on COVID relief funds and IRS funding, spending caps, and student loan repayments.
This deal suspends the debt ceiling until January 1, 2025. While averting a debt default is certainly a positive development for the financial markets, and the public’s faith in the entire financial system, this deal will have other implications for credit unions. For example, this new legislation will rescind the bulk of unspent funds for the ECIP program, enacted into law by the Consolidated Appropriations Act for Fiscal Year 2021. In addition, this agreement's federal spending restraints will likely squeeze federal spending on the Community Development Financial Institutions Fund, the Community Development Revolving Loan Fund, and international credit union programs funded through the Agency for International Development. CUNA and the Leagues continue to reach out to congressional leaders to express our concern at the potential impact on credit unions.
Professionals Forum & Foundation Golf Scramble scheduled.
The next major DakCU event, our CU Professionals Forum, is scheduled for August 15th in Fargo. Details will be announced soon for agenda and location. In conjunction with that meeting, we will be holding our 7th annual Dakota CU Foundation Golf Scramble on August 16th at Rose Creek Golf Course, also in Fargo. Come for the Forum and stay for a day on this beautiful golf course to support our Foundation! Registration will be open soon; meanwhile, please mark those calendars.
A bold venture with our North Dakota CMN Hospital.
As a reminder, DakCU will be holding a virtual meeting on Thursday, June 8th at 3:00 p.m. (CT) to discuss a bold new proposal to support a micro-preemie care unit at Sanford Children’s Hospital in Fargo, ND. We invite you to join us to hear about this exciting venture that can help save lives and have a long-lasting impact in our state and community. The call should last about 30 minutes and you can join with this link: https://us06web.zoom.us/j/83215952896. Please ask a member of your leadership team to attend if you cannot join.
If we accept this challenge, we will have exclusive naming rights and recognition for an entire treatment area. This would be an incredible credit union awareness and public relations opportunity for all involved, not to mention helping to serve our state’s most vulnerable children closer to home. Our hope is that every North Dakota credit union will pledge to support this campaign.
DakCU Awards photos available.
We certainly had a successful Awards Banquet at the close of Summit in Fargo this year. It is always inspiring to gather and see our credit unions recognized for the things they do every day - all year long! Those that took advantage of the photo opportunity following the banquet can reach out to either Lindsey Hefta or Shawn Brummer if you need a photo for your own use. We have also been sending announcements to your local news outlets, so be sure to watch your local papers for coverage.
Have a great week,
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