The President's Perspective

GENIUS Act passes without harmful amendments, a big win for credit unions! Plus, advocacy updates, upcoming events, and more.

Senate Passes GENIUS Act Without Harmful Amendments – A Win for Credit Unions
In a major victory for credit unions nationwide, the U.S. Senate passed the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act (S. 1582) on Tuesday with a strong bipartisan vote of 68–30. Most notably, the bill passed without inclusion of harmful amendments, a direct result of the sustained, coordinated advocacy efforts of America’s Credit Unions, state leagues, and credit union leaders across the country.
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Two particularly damaging proposals were successfully kept out of the final bill:

• The so-called “Big Box Bailout” from Sen. Roger Marshall (R-Kan.), which would have imposed restrictive new credit card interchange mandates; and
• An amendment from Sen. Josh Hawley (R-Mo.) to cap credit card interest rates at 10%.

Thanks to strong industry engagement, both amendments were rejected preserving credit unions’ ability to serve their members effectively and safeguarding access to credit.
 
Support Grows for CDFI Fund Appropriations
In parallel advocacy efforts, we joined Inclusiv and dozens of other credit union organizations this week in urging Congress to fully fund the Community Development Financial Institutions (CDFI) Fund in Fiscal Year 2026. Together, we requested $324 million in appropriations, highlighting the critical role the CDFI Fund plays in empowering credit unions to reach underserved, rural, and low-income communities.

Our communications to the Dakota congressional delegation emphasized that every federal dollar invested in the CDFI Fund is significantly multiplied by private investment. These dollars fuel affordable financial services, support small businesses, and expand housing opportunities in areas that need them most.
 
Thank You, Senator Thune – For Standing with Credit Unions and the People They Serve
I took the time this last week to publicly thank Senator Thune for his efforts in protecting credit unions as policy debate continues in Washington. In times of economic uncertainty, access to safe, affordable financial services is more important than ever. That’s why we are especially grateful for the leadership of Senate Majority Leader John Thune, who continues to be a strong advocate for credit unions.

As one of the most influential policymakers in the nation, Senator Thune has made clear his commitment to preserving the credit union tax exemption. His support sends a powerful message: he stands with working families, small businesses, rural communities, teachers, veterans, and others who rely on their local credit union.

Credit unions are not-for-profit, member-owned financial cooperatives. They are Main Street institutions not Wall Street banks. With over 142 million members nationwide (43% of the U.S. population), credit unions reinvest their earnings into members through lower loan rates, higher savings returns, and fewer fees.

Senator Thune understands that altering the tax status of credit unions would drive up costs, reduce access to credit, and push families toward higher-cost lenders. In many rural communities, credit unions are the only locally governed financial institutions, offering vital services and investing directly in the lives of their members.

Credit unions unite Americans across regions, income levels, and political lines. We’re fortunate to have Senator Thune as a partner who shares and champions those values. As the House has already done, we urge the Senate to pass the “One Big Beautiful Bill,” which preserves the credit union tax exemption and strengthens the ability of credit unions to serve.

You can view the letter at this link.

Congratulations to Northern Hills FCU – Growth & Progress Award Recipient
It is with sincere appreciation and pride that we congratulate Northern Hills Federal Credit Union as the official recipient of the Growth & Progress Award!

Following our Annual Summit, we discovered a clerical error in the data entry process used to determine the recipient. Specifically, loan and savings data for M-O Federal Credit Union were inadvertently transposed during the calculation phase, resulting in M-O FCU being mistakenly announced as the winner.

After a full review and third-party verification, we can confirm that Northern Hills FCU achieved the highest qualifying growth metrics and is the rightful winner of this prestigious award.

We regret the oversight and the delay in recognizing your exceptional performance. While this was a human error, we take full responsibility and remain committed to fairness, accuracy, and transparency in all our member recognition.

We’ll be reaching out shortly to coordinate an appropriate presentation of the award. Congratulations again to the entire Northern Hills FCU team, your success in 2024 is truly something to celebrate!

Q3 CEO Town Hall
Dakota Credit Union Leaders should have received an email calendar invite for our Q2 CEO Town Hall scheduled for Tuesday, July 8 at 3:00 p.m. (CT) 2:00 p.m. (MT). The DakCU team will provide important updates on legislative and regulatory activity impacting our credit unions and members, as well as information on our awareness initiative and updates on education and networking opportunities. Please reach out to me if you need the meeting link.
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Be a Credit Union Champion – Advocacy 101 Pre-Workshop Added to August Professionals Forum
Now more than ever, credit unions need strong advocates. That’s why we’re excited to announce a free, pre-conference workshop at this year’s DakCU Professionals Forum on August 12 in Fargo: “Advocacy 101 – How to Become a Credit Union Champion”

This two-hour session is designed to empower Dakota credit union leaders, staff, and board members with the tools, confidence, and messaging needed to become effective advocates.

Why Attend?

• Learn what’s at stake at the federal level including threats to the CU tax exemption
• Gain practical, real-world advocacy tools tailored for your role
• Understand and articulate the economic and community impact of credit unions
• Receive a plug-and-play messaging toolkit
• Help define the narrative before others define it for us

This session is open to all registered attendees of the Forum and is ideal for anyone looking to deepen their understanding of advocacy or take their support to the next level.
 
DakCU Professionals Forum & Foundation Golf Scramble – August 12–13
Mark your calendars for August 12–13 in Fargo for two fantastic events:

• DakCU Professionals Forum – a great opportunity for leadership development, networking, and shared learning. Register here.
• Dakota Credit Union Foundation Golf Scramble – 100% of proceeds benefit Sanford Children’s Hospital through CU4Kids in support of the Micropreemie Care Unit. Register here. 

Register Now: TruStage Discovery 2025 Virtual Conference
Join TruStage for the Discovery 2025 Conference on Thursday, August 7 (9:00 AM – 4:00 PM CT). This free, virtual event delivers powerful industry insights and trends to help credit unions lead with innovation and empathy. Featured speakers include Zack Kass, world-renowned futurist, and Seth Mattison, leading expert on the future of work. Click here to register and review the full agenda.

Warm Regards, 

DakCU President/CEO