The President's Perspective

IRS Reporting Provision is not included in White House language in latest agreement! Plus, a new “Sizzle Reel” is released for our awareness campaign, a DakCU staff update, and more. 

Welcome to November!  It’s a little-known fact that the first Thursday in November is “National Men Make Dinner Day" – which is one day too late as it’s National Sandwich Day on Wednesday, November 3.  Just saying.
 
New White House Reconciliation Language Doesn’t Include IRS Reporting Provision.
Last Week, the White House and congressional leaders outlined a new reconciliation package framework and released a draft bill.  The new text does NOT include the provision requiring financial institutions to report account inflow and outflow of banking accounts with $10,000 or more to the IRS.  Dakota credit unions and financial institutions were vehemently opposed to the proposed language which was initially included as part of the president’s budget.  The CUNA/League system responded with a bold advocacy strategy to push back against the provision when it was first proposed and has been leading the fight against this issue ever since.

Here is what we know: The White House was working with congressional tax policy committees to narrow the number of accounts covered by the policy, but the administration officially confirmed the idea has been dropped from the latest agreement.

Though the framework is still subject to change, the proposal is unlikely to be added back in while the economic package moves through Congress. The loss of the data reporting plan strikes a blow to the Biden administration’s hopes of maximizing the amount of uncollected tax revenue it can secure.

The framework does include increased funding for the IRS, another part of the administration’s plan to crack down on tax evasion.  The White House estimates the additional spending will bring in $400 billion over a decade, twice what the Congressional Budget Office projects.

We will keep an on our “eyes on the ball” as the reconciliation package moves through the approval process.  We appreciate your support and advocacy efforts on this important proposal.  The process is still fluid and anything can happen between now and the end of the session in December.

Awareness Campaign Launches New “Sizzle Reel” on Credit Union Consideration.
As many of you might remember, at the beginning of the Credit Union Awareness initiative, there was a “sizzle reel” developed to highlight the research and build excitement for the “Open Your Eyes to a Credit Union” campaign.
Fast forward to today, collectively, we have achieved some pretty solid results, and we’re building on that success towards an even bigger future.  The Awareness LLC thought it was time to create a new “sizzle reel” to show where we’ve been and build excitement for the future of Credit Union Awareness.  Enjoy this preview and once again, thank you for your continued support! You can see the short video here.

DakCU Staff Update
Kayla Pulvermacher, State Legislative Director and Foundation Executive Director has accepted the President position with the North Dakota Home Builders Association.  We want to thank Kayla for her work in advocacy for Dakota credit unions and for managing the Dakota Credit Union Foundation this past year.  We wish her much success in her new position.

“Bringing it Home”
Did you happen to catch Lorraine Ranalli’s article in CU Insight last week?  As a follow up to our recent New Ideas Conference, she recapped the conference highpoints and even featured several quotes from some of our members that attended.  As Lorraine astutely points out, “Too often we emerge from conferences and professional development seminars jazzed about the content and eager to put it into practice only to become bogged down by the daily grind until our excitement wanes and the momentum is lost.”   Remember to keep that “inspired” feeling and your organization’s purpose at the forefront – and continue to develop creative ways to share your stories!
 
Congrats to Black Hills FCU!
Black Hills FCU has just broke ground for a new branch on the south side of Rapid City.  The new 3,200 square foot Member Service Center will be located at 5th and Minnesota and will provide even more convenient access for many of BHFCU members.  Congratulations to Jerry Schmidt and his staff on their continued success.
 
Kudos to Northern Hills FCU
Alloya Corporate Federal Credit Union recently launched a “10 for 10 for 10” program in which the corporate donated $10,000 to 10 charities over 10 business days.  The charities were chosen through a nomination and selection process driven by Alloya’s credit union membership, and each winner was announced over a period of ten days.  We were very excited to see that Northern Hills FCU in Sturgis, SD had nominated REALTORS for Kids, which was the winner on day nine!  $10,000 will go to this charity that helps to assist children that are victims of abuse, neglect, or abandonment, or have medical conditions that need attention.
 
Have a terrific week!

DakCU President/CEO