Legislative Update with Jay Kruse
by Jay Kruse
Chief Compliance Officer
9/9/2020

Good Morning!

I hope everyone enjoyed a well-deserved, relaxing Labor Day weekend! Your dedication and commitment to our Dakotas credit union members cannot be understated and is greatly appreciated.

Congress is Back!

Following the long weekend, Congress is back in Washington this week and will be in session for the next three weeks before they reach the end of the fiscal year on September 30 and recess for the election. Their time will be spent addressing and negotiating two major priorities: COVID recovery legislation and funding the government following the end of the fiscal year. While finding common ground has been difficult for the legislative branch over the past few weeks, there is a good chance they will be able to come together in September. Congress works its best in crisis and under deadline, and both of those dynamics are in play here.

We continue to stay engaged with our Dakota delegation as Congress attempts to work this all out. In regard to the COVID recovery legislation, our top priorities remain the same with PPP loan forgiveness leading the way followed by liability protections, prompt corrective action (PCA) flexibility, and the extension of CARES Act credit union provisions such as TDR accommodations and expanded CLF authorities.  

When it comes to funding the government through the appropriations process, we remained focused on Community Development Financial Institution Fund (CDFIF) and the Community Development Revolving Loan Fund (CDRLF) funding to match what is currently in place this year.

Don’t Forget to Register for our Regulatory Hike the Hill!

If we can all agree on one thing, it’s that this year has been anything but ordinary. We have all been forced to adapt, but we cannot allow this pandemic to silence our voices or stifle our advocacy objectives. It is vital that Dakota credit unions continue to voice their concerns and issues to our regulators and elected officials even as we navigate operations during a pandemic.

As our CEO Jeff Olson also points out in his President’s Perspective today, while we typically host a joint legislative/regulatory event each fall in Washington D.C., this year things are a little different. Our regulator meetings are scheduled and occurring virtually, which (on the upside) allows for more participation. Don’t miss out on this unique opportunity to engage with your federal regulators from the comfort of your own office! Your participation is essential to the continued success of our regulatory and legislative advocacy efforts.

Regulatory Meeting Schedule:

  • CFPB – September 15th at 1:00 p.m. CT.  
  • NCUA Board Member, Todd Harper – September 18th at 9:00 a.m. CT.

Register for one or both meetings here. The meeting link and agenda will be provided after you register and prior to the meeting.

Have a great week, stay well, and don’t hesitate to contact me with any questions.

 

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