The President's Perspective

DakCU advocacy is ramping up this summer protecting credit unions, opposing harmful legislation, and engaging members through key events and outreach.

As we move into summer, our advocacy efforts are gaining momentum—not slowing down. We’re proud to report a significant achievement: keeping harmful provisions that threatened the credit union tax status out of the House-passed version of H.R. 1, the “One Big Beautiful Bill Act.” This win was critical, but our work is far from over.

Eyes on the Senate: A Crucial Next Step
The Senate now takes center stage, and its approach remains uncertain. Senators could adopt the House bill, start from scratch, or introduce revised language. Regardless, the next major milestones include Senate deliberations and a likely conference committee to reconcile both chambers’ versions.

Our message to Congress is clear and consistent: When Congress protects credit unions, it protects Main Street.

• In 2024, credit unions delivered over $27 billion in direct financial benefits to members and nearly $38 billion in overall consumer savings.
• The credit union tax exemption delivers an estimated 1,300% return on investment for the federal government.
• Repealing this exemption would reduce GDP by $266 billion and eliminate 822,000 jobs over 10 years, while generating only $33 billion in new revenue.

This isn’t just sound fiscal policy—it’s a lifeline for farmers, teachers, service members, veterans, small business owners, and families across the country.

Interchange & the CCCA: A Direct Threat to Members
While we celebrate recent successes, renewed threats demand urgent attention—most notably the Credit Card Competition Act (CCCA). Introduced by Sen. Roger Marshall (R-Kan.) as an amendment to the GENIUS Act, the CCCA would:
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• Force credit card issuers to use unaffiliated third-party networks with lower cybersecurity standards,
• Undermine fraud protection and infrastructure investment,
• Compromise consumer safety and reduce access to credit.

We joined credit unions nationwide in opposing this so-called “Big Box Bailout,” sending letters to Capitol Hill and co-signing a coalition letter to Sen. Kevin Cramer with the Defense Credit Union Council. Credit card interchange fees fund the systems that keep transactions secure—this amendment would jeopardize that entire model, harming consumers and Main Street businesses alike.

Rate Cap Amendment: Well-Meaning, But Harmful
Another concerning proposal comes from Sen. Josh Hawley (R-Mo.), who introduced an amendment to cap credit card interest rates at 10%. While it may appear consumer-friendly, the unintended consequences are alarming:

• Those with less-than-perfect credit would lose access and turn to predatory lenders.
• Spending on necessities—like food, education, and healthcare—would drop.
• Consumer purchases would decline, impacting the broader economy and retail sectors.

We’re actively engaging with lawmakers to stop both harmful amendments from moving forward.

CDFI Funding at Risk
Compounding these concerns, the White House recently released a budget appendix proposing the elimination of all existing CDFI Fund allocations. This vital program has a proven track record—each federal dollar invested generates $12 in return for underserved communities. Credit union CDFIs use this funding to:

• Provide affordable capital,
• Strengthen members’ financial well-being,
• Offer alternatives to predatory lending,
• Enable home and small business ownership in overlooked areas.

We are preparing another wave of letters to the Treasury and the Office of Management and Budget to urge full funding restoration. This isn’t political—it’s about economic opportunity for all Americans.

​Get in the Game – Support Our PAC Events
Advocacy is just as much about building relationships at home as it is about action in Washington. Join us this summer at these key events:
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• South Dakota’s “Par for the PAC” – July 10 at River Ridge Golf Course, Garretson, SD
• North Dakota’s PAC Golf Outing – September 18 at Memorial Park Country Club, LaMoure, ND

These are vital fundraisers supporting our state PACs. For details, contact John Alexander (ND) or Chesney Garnos (SD). We hope to see you on the course!

​Save the Date: CU Professionals Forum & Foundation Golf Scramble
Mark your calendars for August 12–13 in Fargo for the CU Professionals Forum and Foundation Golf Scramble. This event provides a chance to network with peers while supporting a meaningful cause—100% of golf proceeds will benefit Sanford Children’s Hospital’s CU4Kids Micropreemie Care Unit. Registration opens soon!

Congratulations: Capital Credit Union’s Tiffany Barth
Finally, a big congratulations to Tiffany Barth, who has been promoted to Senior Talent Development Specialist at Capital Credit Union! Her dedication to HR excellence and employee development has made a lasting impact. We’re excited to see her thrive in this expanded role—well deserved, Tiffany!
 
Thank you for your continued advocacy, leadership, and passion for the credit union movement. Together, we will protect what matters most to our members and our communities.

​DakCU President/CEO