Greetings and welcome to August, which is often referenced as a calm and quiet time of year. Yes, it’s time to slow down and squeeze in a few more relaxing days, weekends, or family vacations before the school year and the hectic fall activities begin.
Last week marked my 14th year working with Dakota credit unions. As Teddy Roosevelt once said, “The best prize that life has to offer is to work hard at work worth doing.” It is truly an honor and privilege to lead the Dakota Credit Association. I am blessed to have this opportunity, so thank you, and I cannot wait to see what we do together in the years to come!
The “R” word is rearing its ugly head
How are credit unions performing in the high-interest rate/high-inflation environment, and what does it mean to experience a second quarter of negative GDP growth?
For years, economists have used a standard definition of a recession as two consecutive quarters of negative growth. The GDP (gross domestic product) decreased at a rate of .9 percent in the second quarter after falling 1.6 percent in the first quarter, which means we are in a recession.
Last week, CUNA Senior Economist Dawit Kebede provided an outlook of the implications of the Federal Reserve’s efforts to fight inflation in their latest Economic Update, which you can view here.
Credit union momentum ramping up on Capitol Hill
Someone once described Congress as a place where things go slow until they go fast, and that certainly was the case these past couple of weeks in Washington. Credit unions were successful on Capitol Hill after the House passed two CUNA-League backed bills! The SECURE Notarization Act (H.R. 3962) authorizes the use of remote online notarization and creates national standards and protections for its use; and the CDFI Bond Guarantee Program Improvement Act (H.R. 7733) reduces the minimum loan size from the program, allowing access for smaller institutions. The House Financial Services Committee also passed the Credit Union Board Modernization Act (H.R. 6889), which was introduced in conjunction with the CUNA GAC. Its bipartisan Senate companion was introduced in May.
East River FCU financial well-being efforts featured in CUNA News
The team here at the Dakota Credit Union Association always gets excited when one of our credit unions or one of our Dakota credit union leaders get recognized nationally for doing extraordinary things for their members or their community. Here is a shout out to Tonya Hobson and her team at East River FCU in Madison, SD, for their work and focus on helping struggling members. This is truly what being a “financial first responder” is all about, and a terrific example of what “financial well-being for all” can and should be. Congratulations Tonya and the entire team at East River FCU. Keep up the splendid work! In case you missed the story in CUNA News, you can find the article here.
Exciting e-bike raffle details!
It’s “bike rally” time in Sturgis, but this week I’m referring to a new wave and a way to bike: e-bikes (electric bikes) are sleek, comfortable, fast, and fun! The Dakota Credit Union Foundation is jumping in on the e-bike power train and offering our supporters an opportunity to join in on this new trend.
As I hinted in my President’s Perspective a few weeks ago, our Foundation is planning an exciting raffle fundraiser. A limited number (250 total) of tickets will be sold at $50 each (limit of 5 per person or organization) for a chance to win a pair of top-rated Ride1UP e-bikes. That’s a prize worth $3,390! Ticket sales will officially open next Monday, August 8th – just in time for our CU Professionals Forum and Foundation Golf Scramble in Fargo. We don’t expect the tickets to last long – so don’t wait to secure yours! A live grand prize drawing will be held at the close of our New Ideas Conference being held October 3 – 4 in Bismarck. Good luck and happy trails!
Professionals Forum/Large CU Roundtable agenda set for Fargo!
With our CU Professionals Forum and Large CU Roundtable just around the corner at the Delta Hotel in Fargo, I want to give you a heads up on the day’s itinerary and agenda for Tuesday, August 16th. This is a free event but we do need you to sign up by August 5th.
Don’t forget, the following day, Wednesday August 17th, is our Dakota Credit Union Foundation’s golf scramble at Rose Creek Golf Course. The deadline to register has been extended to August 5th and we still have openings for individuals and/or teams! Sign up here.
We are looking forward to seeing many of you in Fargo for some great dialogue and collaboration on all things pertinent to Dakotas credit unions!
#ILOVEMYCREDITUNION makes a splash in the Dakotas!
With nearly 30 Dakota credit unions participating in the #ILOVEMYCREDITUNION social media blitz this past Friday, we certainly make an impression on both members and non-members! I was pleased to see so many credit union posts, as well as many individuals joining in this national effort to raise awareness of credit unions! Thanks for making a difference each and every day!
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