The President’s Perspective

​What’s happening in credit union lending? Plus, CU Professionals Forum opens for registration today, and join our FOM webinar next week. 

Greetings! What’s happening in credit union lending? After a massive increase in lending last year, when South Dakota spiked up 25.5 percent and North Dakota saw a jump to 12.5 percent, what are the forecasts for 2023? How will economic uncertainties and a recession impact the credit union lending landscape?   

There appears to be a significant deceleration in loan growth overall and so far—2023 looks a lot different than 2022. Check out the “state of credit union lending” podcast with CUNA Chief Economist/Deputy Chief Advocacy Officer Mike Schenk, as he shares his forecast.  

DakCU Professionals Forum open for registration today.
DakCU is thrilled to offer a free informational, networking, and collaborative event as a dues-supported benefit of membership: The DakCU Professionals Forum. Our meeting will take place on Tuesday, August 15th at the Delta Hotel in Fargo, when credit union professionals from across North Dakota and South Dakota will gather to discuss and learn from each other on a variety of topics. This event is open to all credit union professional and is our best opportunity to network, exchange ideas, discuss operational challenges, and learn about best practices among peers. There is no charge to attend this meeting; however we do ask you to kindly register in advance no later than Friday, August 4. Check out the related story in today’s Memo for additional details.

Action Alert Reminder
Please, if you haven’t already done so, it’s important to visit the Grassroots Action Center today and send a message to your legislators. The Credit Card Competition Act (CCCA) of 2023 has been introduced in Congress and this will have serious consequences for credit unions and their members if passed. We strongly oppose this legislation and need your help telling Congress how changes to interchange would negatively impact your credit union and members.

FOM Conversion & Expansion Learning Session
Several credit unions have reached out and have asked about FOM expansion options. We have partnered with CUCollaborate to discuss Field of Membership Conversion and Expansion issues. Consultants will explain the processes involved in converting from a state charter credit union to a federally chartered credit union, as well as options for FCU expansion opportunities, including special rules for low income designated credit unions. This free event is exclusively for DakCU affiliated credit unions on Tuesday, June 27 at 10:00 a.m. (CT). Register here.

Please Respond to Sanford Children’s Pledge
By now, you have all heard about our big, bold new credit union campaign to raise $1 million for a new micropreemie care unit in Fargo. This exciting venture will help save lives and have a long-lasting impact in our state and community. In addition, we will be getting recognition and a lot of publicity, as we will have exclusive naming rights for the entire treatment area. This is an incredible credit union awareness and public relations opportunity for all involved, not to mention helping to serve our state’s most vulnerable children closer to home.

North Dakota credit union CEOs have been provided with a pledge letter which is weighted among our credit unions according to asset size. Please be sure to respond to that letter. If you have any questions on this venture, don’t hesitate to contact me or any of our Marketing & Communications team. 

A Big Event for a Big Cause
Speaking of Sanford Children’s Hospital, it’s time once again for the Dakota Credit Union Foundation’s biggest fundraiser of the year: Our annual Foundation Golf Scramble which is being held on ​​Wednesday, August 16 at the Rose Creek Golf Course in Fargo, ND. Come for the DakCU Professionals Forum and stay for a day on the course!
This year, all proceeds have been dedicated to Fargo Sanford Children’s Hospital “Credit Unions For Kids Micropreemie Unit.” Register as an individual or as a team, or consider one of our multiple sponsorship opportunities. We have also secured a Miracle Match from Co-op Solutions – which means every dollar we raise will be matched. It’s a win-win for the credit unions AND for the kids. We hope you can join us for a great event for a great cause. Your kind consideration of a sponsorship would be most appreciated. Register here.

Join us for Fall Hike the Hill
Last but not least, DakCU will once again be leading a Legislative and Regulatory Hike the Hill this fall on September 12 and 13, to Washington, DC. Continuing the conversation with our elected officials and regulatory friends is paramount to maintain a favorable operating environment for credit unions. As credit unions are well aware, the regulatory environment has been constantly changing and putting more and more burdens on credit unions. Tentatively, we will be meeting with representatives from NCUA and CFPB on Tuesday and then Hill visits on Wednesday with our elected officials.

The group for this fall event is kept small so that attendees are able to engage in meaningful dialogue with our regulators and elected officials. We have just a few spots remaining for this trip and scholarship opportunities are available through the Roger Heacock GAC-HTH Scholarship to assist with travel expenses. We hope you will consider joining us for this very important event. It is vital that Dakota credit unions continue to voice their concerns and issues to our regulators and elected officials. Please contact Amy Kleinschmit at [email protected] if you are interested in joining this event or if you have any questions.
 
Have a great week,

DakCU President/CEO