The President’s Perspective

​Reflecting on recent political events – a perspective from your Dakota Credit Union Association. Plus, just two weeks to our Foundation Golf Scramble, and beware of a new phishing scam!

We certainly are living in unprecedent times. Even though I was in grade school at the time, I do recall quite vividly the events of 1968, particularly the assassinations of Martin Luther King, Jr. Robert F. Kennedy, and the political unrest, especially at the 1968 Democratic Convention. Eerily, like that year, this year’s democratic convention will be held in Chicago. As delegates were in the middle of a contested nomination process, protestors outside of the event clashed with police and the National Guard. Most were opposed to the Vietnam War. Also, that year President Johnson declared he would not seek reelection.
 
Fast forward 56 years, protests are more frequent, some related to conflicts taking place elsewhere in the world, while others are motivated by social issues. Former President Donald Trump narrowly escapes an assassination attempt, followed by a peaceful and unified endorsing event. As the Democrats prepare to officially endorse their nominee in Chicago later this month, where there is likely to be protests, President Biden ends his bid for election as he steps aside to make way for Vice President Kamala Harris to run for Commander in Chief. If anything, it certainly makes us all pay more attention to the political landscape and the direction our country is heading, or potentially an ideological shifting.
 
In these times of rapid political change, discourse, and evolving pollical landscapes, it is more important than ever for us to understand the implications these shifts have on our communities and financial institutions. As president of the Dakota Credit Union Association, I am constantly reminded of the critical role our credit unions play in fostering financial stability and growth for our members. Recent political events have underscored the need for vigilance, advocacy, and adaptation.
 
The recent Supreme Court decisions have had a profound impact on various sectors, and credit unions are no exception. One of the most significant rulings pertains to regulatory oversight and consumer protections. The recent Chevron ruling redefines the boundaries of federal regulatory authority and will directly affect how credit unions operate and protect our members' interests while promoting fair and equitable financial practices.
 
For Dakota credit unions, this means a heightened focus on compliance and an unwavering commitment to maintaining the trust and confidence of our members. Our mission has always been to serve the financial needs of our communities with integrity and transparency. As political dynamics shift, we must adapt to new regulations while continuing to provide the high level of service our members expect and deserve.
 
Furthermore, recent legislative initiatives aimed at bolstering economic recovery and addressing inflation have had a cascading effect on the financial sector and on families and our credit union members. The Inflation Reduction Act, for instance, introduced measures that have influenced interest rates, lending practices, and overall economic stability. For credit unions, this translates into a need for strategic planning and prudent financial management to navigate potential changes in both the economic and political environment.
 
As we look ahead, it is crucial for credit unions to remain engaged in the political process. Advocacy efforts must be intensified to ensure that the voices of our members are heard in the corridors of power. By working closely with lawmakers and regulators, we can shape policies that support the sustainable growth of credit unions and the financial well-being of our communities.
 
The Dakota Credit Union Association remains steadfast in its commitment to representing the interests of our member credit unions at the state and federal levels. We will continue to monitor legislative developments, provide timely updates, and offer resources to help our member institutions adapt to new regulatory requirements.
 
The recent political events also remind us of the dynamic nature of our operating environment. As we navigate these changes, let us stay true to the cooperative principles that define us. By fostering collaboration, embracing innovation, and advocating for our members' best interests, Dakota credit unions will not only weather the storms of political change but also emerge stronger and more resilient.
 
Foundation Golf Scramble & Professionals Forum just two weeks away!
Registration is still open for the Dakota Credit Union Foundation’s 8th annual Golf Scramble on Tuesday, August 13th in Fargo. We are looking to fill in several sponsorships and have team and individual slots available; please consider supporting this great event for a great cause! 100% of the proceeds will benefit Sanford Children’s Hospital in support of the new CU4Kids Micropreemie Care Unit. Details and registration available here.

As a reminder, this event is held in conjunction with the CU Professionals Forum, which takes place on Monday, August 12th. As always, the Forum is a FREE event for DakCU members, but we do ask you to please register in advance. I hope to see you there!

BEWARE Phishing Scam!
Last week, one of our member credit unions reported a suspicious email that appeared to originate from a dakcu.org email account. The “sender” was NOT a DakCU staff member. The email included an attachment titled, “New Covid Policy.” Please be advised this is a phishing scam. It’s a good time to remind your staff never to open attachments or links if you are not 100% sure the email is safe. When in doubt, contact the sender directly to verify. For reference, a complete list of DakCU staff and contact information is available here. For additional information on how to recognize and avoid phishing scams, ftc.gov offers helpful advice.

Complimentary Fraud Symposium
Speaking of scams – there is a free virtual Fraud Symposium hosted by InfoSight on August 14-15. During these two days, credit unions can learn more about internal fraud, check fraud, P2P fraud, credit reports and fraud, debit and credit fraud, and recent fraud trends. Speakers will provide risk mitigation techniques related to cybersecurity, faster payment systems, sending checks for collection, and more. Credit unions will also hear directly from regulators in different states in a panel facilitated by NASCUS to learn where there are areas of concerns. 

Remember, InfoSight is a benefit of membership in your association! There is no cost for credit unions to attend; however, space is limited so be sure to reserve your spot soon. Register here.

I’m looking forward to meeting up with many of you in Fargo for the CU Professionals Forum and Foundation Golf fundraiser on August 12 – 13.

Have a great week!

DakCU President/CEO