Your Leadership Link

DakCU continues advocating on key federal and regulatory issues impacting credit unions.

From the Dakota Credit Union Association (DakCU) and America's Credit Unions 

Your Dakota Credit Union Association (DakCU) continues working in close coordination with America’s Credit Unions, league partners, and industry stakeholders to monitor federal activity and advocate on the issues that matter most to Dakota credit unions and the members they serve.

NCUA Board Nomination Announced
After months of anticipation, President Trump announced the nomination of John Crews to fill the vacancy on the National Credit Union Administration (NCUA) Board, replacing Kyle Hauptman. Crews currently serves as Deputy Assistant Secretary for Financial Institutions Policy at the U.S. Treasury Department, where he advises Treasury Secretary Scott Bessent on matters related to financial institutions, regulation, and legislation.

America’s Credit Unions Senior Vice President of Advocacy Greg Mesack and America’s Credit Unions President/CEO Scott Simpson met with Crews last month in his Treasury role to discuss regulation modernization and concerns surrounding the Illinois Interchange Fee Prohibition Act.

Following the announcement, America’s Credit Unions issued a statement congratulating Crews on his nomination, highlighting his understanding of mission-driven lenders and his thoughtful approach to innovation, safety, and expanding access to affordable financial services.

In additional NCUA news, America’s Credit Unions submitted a comment letter supporting the agency’s records preservation proposal, part of the seventh phase of its deregulation initiative. The proposal would maintain focus on preserving vital records necessary to restore member services after catastrophic events rather than expanding into a broader record retention requirement. Read more in Kenley's article. 

Interchange Legislation Continues to Evolve
Developments continue surrounding interchange fee legislation at both the state and federal levels. Last week, the U.S. Court of Appeals for the Seventh Circuit remanded litigation challenging the Illinois Interchange Fee Prohibition Act back to district court for further proceedings. The move is viewed as a positive development for plaintiffs following recent Office of the Comptroller of the Currency (OCC) interim actions affirming federal preemption. As a result, the appeals hearing previously scheduled for this week has been canceled.

America’s Credit Unions and the Illinois Credit Union League are also collaborating on public awareness campaigns to continue educating lawmakers and consumers about the unintended consequences of the law while urging repeal efforts.

Meanwhile, Colorado’s interchange legislation continues advancing toward Governor Jared Polis’ desk. The proposal would exempt institutions under $60 billion in assets, meaning only two credit unions, Navy Federal Credit Union and State Employees’ Credit Union, would be directly impacted if enacted. Advocacy efforts are now focused on encouraging a gubernatorial veto.

Congressional Activity & Regulatory Relief
Congress returned from recess this week with reconciliation efforts and regulatory relief measures taking center stage. The Senate Banking Committee is scheduled to mark up the CLARITY Act on Thursday. While the bill originally excluded credit unions, advocacy efforts successfully secured parity language to ensure credit unions remain on equal footing with banks. America’s Credit Unions continues working with committee staff and lawmakers to refine provisions related to yields and deposit concerns.

On Wednesday, the House Financial Services Committee will consider several AI and fraud-related bills supported by America’s Credit Unions, including the Bank Fraud Technology Act, the GUARD Act, and the Guardian of Protected Aging and Retirees from Deception Act.

Additionally, the SMART Act is expected to pass the House this week under suspension of the rules. The legislation would provide regulatory relief for healthy financial institutions while maintaining safety and soundness standards.
Finally, Kevin Warsh is expected to be confirmed by the Senate as the next Chair of the Federal Reserve, marking another significant development for the financial services industry.

As always, DakCU will continue monitoring these developments closely and advocating on behalf of Dakota credit unions at both the state and federal levels.
 
​Staying Engaged
For questions please contact DakCU Chief Operating Officer, George McDonald; or Director of Political Strategy and Engagement, Kenley Lamberty.