The President's Perspective
by Jeff Olson
President/CEO
10/15/2019

Greetings and happy International Credit Union Week!

As you know, ICU Day is held annually on the third Thursday of October, which is also Cooperative Month. With festivities worldwide, credit unions and leagues raise awareness through outreach in the community, by organizing contests, charitable fundraisers, and hosting open houses. We know our Dakota credit unions are prepared to celebrate the credit union difference!

As you will see in the related Memo story today, North Dakota Governor Doug Burgum and South Dakota Governor Kristi Noem have both proclaimed Thursday, October 17th as Credit Union Day in our two states. Be sure to download your copy of the signed proclamation and display at all of your credit union branches this week, because it’s a big deal! All credit unions share a common goal to offer access to affordable services and provide even the most disadvantaged the tools and the opportunities to be financially self-sufficient. This is the credit union difference that makes a real impact in our communities, in our states, and in our world.

CUNA’s Economics & Statistics Report estimates that North Dakota credit unions provide nearly $25M in direct financial benefits annually to the state’s 212,000 members through lower loan rates, higher savings rates, and fewer fees. This is a direct benefit of $118 per member – or about $247 per household. In South Dakota, the annual estimated benefits of credit unions amounted to over $28M in savings to 283,000 members. This is equivalent to $101 per member – or about $213 per household. Further, loyal members who use credit unions extensively often receive benefits much greater than the average.

The World Council of Credit Unions will be providing ICU Day messages from all different corners of the world this year. Dakota Credit unions who would like to have their ICU Day activities featured on World Council’s social media pages can email communications@woccu.org BEFORE Oct. 17, or simply tag your social media posts on ICU Day 2019 using #ICUDay and #WOCCU. Don’t forget to email Shawn Brummer so we can highlight your celebrations in the Memo. Finally, if you haven’t seen it yet, CUNA President Jim Nussle has a brief ICU Message that is very uplifting, you can view it here. Let’s celebrate together!  

ABA seeks permission to appeal FOM rule.

The American Bankers Association (ABA) has petitioned the U.S. Court of Appeals for the District of Columbia to appeal its decision on NCUA's field of membership rule. In August, the Court largely struck down ABA's arguments against NCUA. CUNA, CUNA Mutual Group and NAFCU have filed an amicus brief in the case, and we'll continue to be highly engaged as ABA's petition is heard.

Annual Holiday Raffle set to launch November 1 – We need your support!  

As you know, one of the charges of the GAC Committee is to raise money and awareness for our CUPAC/CULAC funds. The ND/SD GACs are once again coordinating the very popular CUPAC/CULAC Holiday Raffle this November/December. The total purse for this year’s raffle will be $5,000. We need your help! We are asking our credit unions to consider donating $1,000, $750, $500, $400, $300, $250, $200, or $100 toward our prize offerings. You can easily contribute and pay with your corporate credit card here. Or, if you prefer not to contribute online, please contact Debbie Kruckenberg by October 31 to make your donation. The Holiday Raffle will support both the North and South Dakota CUPAC/CULAC funds and our advocacy efforts, and we greatly appreciate your participation. If you would like more information, be sure to contact Jay Kruse – he also has additional details in his article today.

Have a great week everyone!

Jeff

 

 

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