The President's Perspective

​Jeff Olson has just returned from the annual AACUL/CUNA System Winter Meetings, where he was named the next AACUL Chair. Plus, let’s keep our eyes on the ball in DC now! 

Greetings and welcome to December!
 
It’s a Dakota Winter Wonderland! Officially, “Old Man Winter” doesn’t clock in for another two weeks, however, most of our Dakota region was hit with an early December preview over the weekend. This came as a bit of a shock to me – having just returned from the AACUL-CUNA System Winter Meetings in Scottsdale, AZ, last week. Yikes!
 
Speaking of AACUL, it was a pleasure to be selected by my league president peers to serve as Chair of the Executive Board for the American Association of Credit Union Leagues (AACUL) for 2022. This will be my 5th year on the AACUL Executive Board; most recently I served as the Vice-Chair and Chair of CULAC. I am pictured with my friend and colleague Diana Dykstra, President-CEO of the California-Nevada Credit Union League, as she handed the AACUL gavel over to me at the conclusion of our annual meeting last Thursday. As the AACUL Chair, I will also serve on the Credit Union National Association Board of Directors in ex-officio capacity. Those duties begin immediately with the year-end virtual board meetings this month.
 
The AACUL is the national association for the state and regional credit union leagues/associations throughout the United States. AACUL’s mission is to cultivate the success of individual leagues, as well as the collective League System by supporting efforts to advocate, communicate, collaborate, and influence policy on behalf of credit unions nationwide. AACUL also partners with the Credit Union National Association (CUNA) to foster the CUNA-League System relationship and the prosperity of the credit union movement. Membership is comprised of every state credit union association/league, proudly representing credit unions and their members in all 50 states and the District of Columbia. AACUL members sit on numerous industry committees and/or organization boards to represent the League System.
 
Keeping our eyes on the ball!
As always, the approaching end of the year offers up many challenges for credit union leaders – everything from budgets to strategic objectives, staff and year-end evaluations, financial statements, and board meetings. All this, plus trying to clear the desk for holiday celebrations and family time. Understandably, some things can slip through the cracks.
 
This is important as Congress, specifically the Senate, continues to debate and consider passage of the “Build Back Better” reconciliation bill before the Holiday Recess. We know that a few senators are still advocating to include some form of additional IRS reporting requirements for financial institutions in the final bill, and the administration is also still pushing for this as Secretary-Treasurer Yellen shared in her Senate Banking Committee hearing last week.  

Here is what the CUNA-League partners are working on this month:

• We wrote to the Senate Banking, Housing, and Urban Affairs Committee and the House Committee on Financial Services encouraging them to include language that would allow the NCUA to provide PCA forbearance on a case-by-case basis.  
• We issued an action alert urging credit unions to share their concerns about a proposal that would require financial institutions to collect and report data on the credit applications of small businesses to the Consumer Financial Protection Bureau. 
• We called on Senate leaders to ensure inclusion of the SAFE Banking Act in the FY22 National Defense Authorization Act. 

​How about a Dakota “shout out” to CUNA President-CEO, Jim Nussle and Chief Advocacy Officer Ryan Donovan for being recognized among Washington’s Top Lobbyists by The Hill, a top Beltway publication! This honor is only possible because of our continued work together, as a team, to share the credit union difference with legislators. 

A new partnership for impact and advocacy!
Last week, on Giving Tuesday, NetGiver and CUSocialGood, (DakCU’s awareness platform) announced we are joining together to invigorate and revitalize the credit union impact story. This announcement is very timely, as it seems credit unions are once again under attack by the ABA, fighting to retain our tax-exempt status, as well as facing potential increases in reporting requirements.
 
Both of our organizations feel a deep sense of responsibility to serve our local communities and bring awareness to the benefits of credit unions. Since CUSocialGood and NetGiver have been independently gathering data on the social and community impact of credit unions and their members, it makes sense that we will combine these efforts under one umbrella. With this partnership and NetGiver’s approach to innovation, CUSocialGood will go beyond today’s blog site to become the education and advocacy platform we’ve always known it could be. More info to come as the new platform is launched in 2022 with a renewed dedication to advocacy for the unique value of credit unions! Stay tuned.
 
Kudos to Amie Aesoph and Holly Jones!
A recent CUNA White Paper, “Developing the Next Cycle of Credit Union Leaders,” featured two of our Dakota credit union professionals. The paper was implemented and published by the HR & Organizational Development Council and comes at a timely moment when both retirements and the natural turnover of employees is on the minds of many in our industry.
 
Holly Jones, Senior VP and Chief Administrative Officer at Black Hills FCU (Rapid City, SD) is quoted, as is Amie Aesoph, Chief Human Resources Officer at First Community CU (Jamestown, ND). The white paper is available to CUNA Council Members – you can learn more here.
 
Northern Hills FCU and Sentinel announce plans to merge.
Last week, Northern Hills FCU (Sturgis, SD) and Sentinel FCU (Rapid City, SD) announced their plans to merge. The new name and brand will be announced at a later date; the merger will officially take place late 2022. The credit unions are calling their plan “Moving Forward Together” and they have already created a website for members to explain the reasons behind the merger and what to expect going forward; links to “MovingForward-Together.com” can be found on each credit union’s website.
 
Mark your calendars – SD Credit Union Legislative Day planned.
Like many of you, we have spent a better part of the last quarter, or more, planning and our 2022 conferences and educational events and we are excited to be offering you many bold and high-powered events for coming year.
First, we are excited to be heading back to the South Dakota State Capitol this year for our annual Legislative Social and CU Roundtable on January 26, 2022. We have invited NCUA Director Rodney Hood and Governor Noem to join our roundtable dialogue after our annual Capitol Hike. Here is our tentative agenda: SD GAC Meeting starts at 11:30 a.m. at the Ramkota. Meet at the Capitol at 1:30 for group photo, and credit unions will be recognized during the afternoon sessions in both Chambers. Then, we will return to the Ramkota at 3:00 p.m. for the CU Roundtable, industry update, and special guest speakers, before retiring for a fun, casual social gathering from 5:30 – 7:30. Hotel information and registration can be found here. Please note, this is a free event for DakCU members; however, we do want you to register so we can plan accordingly.
 
MonDak Registration – Don’t miss early bird discount!
As Dakotans, we love living here and the quality of life afforded to us, like enjoying the splendor of our four seasons. However, let’s face it, most of us will admit that we would jump at opportunity to have a mid-winter escape to warmer climates. The MonDak CEO and Volunteer Roundtable is your opportunity to escape the Dakota cold and meet and network with other Dakota credit unions leaders from across the Dakotas and Montana.
 
CEOs, managers, and board members should make plans now to attend our event in fabulous Las Vegas, NV on February 8 – 9, 2022. Early Bird registration has a discounted price of $379, so do not wait to register if you are planning to attend! After December 17, registration will be $429. You can find the complete agenda, along with speaker information and accommodations here on our website.
 
Reminder - December CEO Town Hall on December 14th.
As you prepare to wrap your busy December activities, we are looking forward to connecting one last time before the year-end. Please plan to tune in for the next DakCU Virtual CEO Town Hall meeting on December 14th, starting at 3:00 p.m. (CT), 2:00 p.m. (MT). The opportunity to and engage and connect every quarter is important and it’s a great communications tool to stay informed with timely information on activities and events as well as important advocacy and regulatory updates. Be sure to contact me if you need the link. We will keep this meeting to 45 minutes or less; don’t miss out!

Small credit unions to receive a GAC discount!
One final mention – did you know that small credit unions (less than $50M in assets” are guaranteed to receive a GAC registration discount? This year’s event is also featuring a roundtable discussion and a new white paper on the unique challenges that small credit unions face! They want your perspective, so if you are a small credit union, consider attending this year! The reduced rate is $795 (regular pricing is $1,195). Once you register, CUNA’s system will recognize if you are a small credit union under $50M and will automatically apply the discount. Don’t forget to visit our “ DakCU one stop GAC shop” for hotel reservations and more GAC information. 
 
Have a great week, and thanks for all you do! 

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DakCU President/CEO