Your Leadership Link

As Congress returns, DakCU and America’s Credit Unions are focused on lending flexibility, fighting fraud, modernizing regulations, and advancing credit union priorities.

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.

The advocacy landscape continues to move quickly in Washington, D.C., and across the states, with several significant developments creating both opportunities and areas requiring continued vigilance for credit unions.
With Congress largely out of Washington for Labor Day Week, the focus now turns to a busy September and to Congressional Caucus, where credit union advocates will have an opportunity to advance several key priorities before lawmakers.

America’s Credit Unions says the House’s return this week was brief, with the chamber passing a continuing resolution before canceling its remaining September sessions outside of Caucus week. The Senate is expected to return Sept. 14 and continue working through the end of the month.

That makes Congressional Caucus, Sept. 13–15 in Washington, D.C., particularly important. Credit union leaders will meet with lawmakers and congressional leaders while advocating for policies that give credit unions greater flexibility to serve their members and communities. DakCU will be heading to Capitol Hill during Caucus, and there is still an opportunity for credit unions to join us for Hike the Hill and take part in these important conversations with our congressional delegation.

A Focus on Greater Lending Flexibility
One of the most significant priorities heading into September is expanding credit unions’ ability to meet members’ borrowing needs.

America’s Credit Unions continues to advocate for legislation that would increase federal credit union loan maturity limits. The bipartisan Expanding Access to Lending Options Act would extend maturities to as long as 20 years for most loans and 30 years for mortgage loans, providing credit unions with additional flexibility to offer longer terms and lower monthly payments. The organization specifically notes potential benefits for farmers, students, green home renovations and military members.

For credit unions across the Dakotas, where agriculture, rural communities, housing and small businesses are significant parts of the communities they serve, additional lending flexibility can have a direct impact on members' ability to finance major purchases, manage monthly payments and pursue opportunities.

America’s Credit Unions is also advocating for expanded investment authority, broader access to the Federal Home Loan Bank system and changes to member business lending rules. Those proposals are intended to modernize outdated restrictions and give credit unions more flexibility to meet the financial needs of their members and local businesses.

Fighting Fraud and Modernizing Outdated Rules
Two other year-end priorities are particularly relevant to credit unions operating on the front lines of member protection: combating check fraud and updating outdated Bank Secrecy Act reporting thresholds.

America’s Credit Unions has identified both as key priorities heading into Congressional Caucus, along with increasing loan maturity limits. The organization is advocating for changes to SAR and CTR thresholds to better reflect today's financial environment while continuing efforts to protect consumers from the growing problem of check fraud.

These are issues that go beyond policy discussions in Washington. They affect the daily work of credit unions and their ability to protect members, manage compliance requirements and devote resources to serving their communities.

Credit Card Competition Act Remains a Major Concern
America’s Credit Unions is also continuing its opposition to the Credit Card Competition Act (CCCA), which would establish new routing requirements for credit card transactions.

The organization maintains that the proposal could affect fraud protections, consumer access to credit and the financial products and services credit unions provide. America’s Credit Unions and the credit union movement have continued to urge lawmakers to reject the legislation.

Scott Simpson, president and CEO of America’s Credit Unions, emphasized that message this week, noting that credit unions should continue reminding lawmakers of their concerns with the CCCA as Congress considers its agenda.

As Congress heads into its final stretch of legislative activity for the year, DakCU and credit unions across North and South Dakota will continue working alongside America’s Credit Unions and other leagues to make sure those priorities are heard.
​
Staying Engaged
For questions please contact Director of Political & Grassroots Affairs, Taylor Stricklin; or Director of Political Strategy and Engagement, Kenley Lamberty.