The President's Perspective
by Jeff Olson
President/CEO
11/9/2020

Greetings and Happy Monday!

Now that the election is officially over it’s time to heal and rally together. I have never been a firm believer that politicians, lawmakers and government can fix our issues and differences. The only thing that government is good at is redistributing money, guiding our foreign relations and commerce, and providing protection here at home and abroad. I do believe that we can move forward and fix the issues that are impacting our lives and communities. We can do this as individuals and as caring citizens. I believe that we have the will to drive a positive outcome.

We can start this week by honoring and paying tribute to our veterans. Many of us have had parents or close relatives that served in the armed forces in some form or another. My father served in WWII and my uncle in the Korean Conflict. I have a son who was a U.S. Marine and served in Afghanistan. So, Happy Veterans Day on November 11th to all veterans. We must never forget that the situations and problems we are facing are nothing in relation with what our soldiers have to face. Thank you and warm wishes to all who have served. I, for one, will honor their sacrifices by having gratitude for what they have provided and by being the best person I can be every day.

Election outcome likely to have impact on the financial Industry.

Regardless of your political preference, the credit union movement needs to come together and work with the new administration and Congress on behalf of our members. Our mission—to promote thrift and provide access to credit for provident purposes—is as bipartisan as it gets. Having said that, it is incredibly important for our lawmakers to hear about what credit unions are doing, and can do, to help our country recover. That’s where the CUNA-League Advancing Communities initiative comes in and it’s where you can engage your members in telling their credit union story.

With a new administration there will be changes. Under the Biden administration, it’s likely that some regulators will amp up rule writing and additional guidance. We can also expect changes to the leadership at the NCUA and a Todd Harper chairmanship.

Credit union supported candidates had a successful election cycle.

While a handful of congressional races across the country remain too close to call, one thing is clear: the CUNA-League system concluded a successful, record-breaking 2020 election cycle with another credit union majority heading into the 117th Congress. All told, there were 362 credit union backed candidates elected. That’s a 97 percent success rate.

Here in the Dakotas, our CUPAC success rate was also impressive. Our North Dakota backed candidates resulted in a 89 percent success rate; in South Dakota our credit union backed candidates saw a 87.5 percent success rate. Thank you for your continued support our PAC programs!

Have a great week!

Jeff

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