The President's Perspective

​South Dakota’s new governor, key congressional debates, and a critical fight to protect credit unions.

Larry Rhoden sworn in as South Dakota’s 34th Governor.
Larry Rhoden was sworn in over the week as South Dakota’s (SD) 34th governor in private ceremony in Pierre. Rhoden replaces Kristi Noem, who was confirmed over the weekend as the Secretary of the Department of Homeland Security. Rhoden, a rancher and business owner from Union Center, SD, has been a state lawmaker, having served in the South Dakota House from 2001 to 2009 and in the State Senate from 2009 to 2015. Rhoden has been a supporter of SD credit unions and a frequent attendee at our annual Legislative Social each year in Pierre.

119th Congressional Session Taking Shape.
House Republicans are on their annual policy retreat. Meanwhile, they have indicated hope to construct a single bill to advance the Tax Cuts and Jobs Act (TCJA), energy policy, and border policy. There is little wiggle room for the House Republican majority as debates continue over “pay-fors” and the cost of potential tax cuts moving forward.
 
Cabinet Nominations. 
This week, the Senate will continue to focus on the confirmation process, with a number of high-profile cabinet hearings scheduled for the Secretary for Health and Human Services, Director of National Intelligence, and Director of the FBI. 
 
Yesterday, Senators confirmed Scott Bessent as Treasury Secretary. Today, the Senate is expected to vote on Sean Duffy to be Transportation Secretary. Senate Majority Leader John Thune will likely file cloture on additional cabinet nominees, which could include former North Dakota Governor Doug Burgum and others this week.
 
Making the Case for the Credit Union Tax Exemption – Don’t Tax my Credit Union Campaign.
As we ramp up the Don’t Tax My Credit Union campaign, we will focus on reminding lawmakers of the importance of the credit union tax status. This comes as the House Ways and Means Committee recently released a document seeking feedback on a comprehensive list of items that could fund government priorities.
 
As we shared with you last week, the credit union tax status was included in the hundreds of prospective “pay for” options that would cover any tax cut legislation. This report valued the Credit Union tax exemption at bringing in an additional $30 billion over the decade. This wasn’t unexpected - we’ve been hearing for months that everything is on the menu.
 
The Don’t Tax My Credit Union campaign includes a new consumer-facing website, as well as resources for credit unions. We’re asking you to use these resources—including a special request for all our Dakota credit unions to use the Member Activation Program (MAP) to lay the groundwork and prepare our members to engage with Congress. When the time is right, activating our grassroots and sharing stories and data about the credit union difference with key lawmakers will make a big impact in this effort.
 
Congratulations on Dakota GAC Crashers.
"Crashers” from every state, including two from the Dakotas, will be attending America’s Credit Unions 2025 Governmental Affairs Conference (GAC) in Washington, DC, March 2-6. According to Filene, this year’s group includes emerging credit union leaders representing many diverse roles, experiences, and backgrounds from across the country.

Congratulations to our two Dakota Crashers: Kaylee Bourquin, Branch Manager for Town & Country CU and Amelia Thompson, Title Specialist, Black Hills FCU.
 
Crashers are selected through a highly competitive process; from nearly 150 applications, only 50 are invited to Crash the GAC this year. The Crashers program operates under the direction of the Cooperative Trust, and each Crasher receives free registration, courtesy of America’s Credit Unions.
 
In addition to free registration, the Dakota Credit Union Association also provides each of our “crashers" a financial assistance scholarship to help with their travel expenses to attend and participate. 

​Have a great week.

---

​DakCU President/CEO