House Ways and Means Committee Marks Up Draft Tax Bill: On Monday, the House Ways and Means committee released their draft of the tax bill that will form the backbone of the Republican agenda on tax and spending.

End of Minnesota Legislative Session Looms: The budget process is moving along in Saint Paul as well and the House and Senate have been busy with the various pieces of the state’s financial plan.

As the U.S. House of Representatives Ways and Means Committee begins to draft the tax bill, we need your voice. The taxation issue impacts ALL credit unions, regardless of asset size. Credit unions remain unique because of their structure and mission, not their assets.

​Credit Unions need to take action now. First, reach out to your legislators by responding to our GREAT alert: Let them know why credit unions matter and how this tax exemption helps real people every day.

Second - engage your members. This isn’t a conversation we should shy away from. In our most recent consumer poll, 79% of Minnesota consumers indicated they supported the Credit Union Tax exemption because of our not-for-profit status. Leverage the toolkit (login required) we’ve created to engage your teams and your members.

Mary Matheson, President & CEO of Wakota FCU, and Caitlin Brama, Farm Credit Employees FCU share why it is important for credit unions to be involved in advocacy.

It’s being reported in several outlets this morning that the White House has fired NCUA Board members Todd Harper and Tonya Otsuka. MnCUN is working to ascertain the accuracy of the reporting and we’re also trying to determine the short- and long-term impacts of the move.

​At the very least, without a sufficient number of Board members to constitute a quorum, the NCUA will have extremely limited ability to shift policies until such time as new members are confirmed by the Senate.

​This will also undoubtedly be challenged in court, and it will likely be months, if not years, before we know the final results. We'll provide more information as it becomes available

U.S. District Court Judge Approves CFPB Settlement Over Credit Card Late Fees: Yesterday, a U.S. District Court judge approved the CFPB's settlement in a lawsuit where it agreed to vacate its credit card late fees final rule that set a cap on overdraft protection programs. 

Weekly Legislative Update: Budget Progress, CFPB Rule Overturned, and State Deadlines: The House narrowly passed its budget resolution Thursday morning in a 216-214 vote, following Senate approval. This marks a major step in the federal budget process, allowing Congress to begin working on the formal budget reconciliation package. 

U.S. House Financial Services Committee Passes Legislation on Stablecoin, Small Business Lending and Opposing CBDC: Last week, the House Financial Services committee held a marathon, 13-hour, legislative markup, passing a number of bills that will touch on areas of interest for credit unions. 

Don't Tax My Credit Union Toolkit Available: As Congress considers taxes, removing the not-for-profit status would severely jeopardize credit union's ability to serve their members. 

Hike the Hill connects credit union representatives directly with federal legislators and talk about top issues that credit unions in Minnesota are facing. During Hike the Hill visits, credit union professionals and board members will meet with the entire Minnesota Congressional Delegation.

This year, MnCUN will be organizing our Hike in conjunction with our Tristate partners, Montana and Wisconsin. A tentative schedule of events is below; attendees should plan to arrive by late morning on Tuesday, September 9th for events. Meetings with legislators will be scheduled throughout the day on Wednesday, followed by Regulator visits (tentative) and attendees can plan to fly out by Thursday afternoon.
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Tentative schedule:
Tuesday, September 9th – arrive by late morning/briefings
Wednesday, September 10th – Legislative visits
Thursday, September 11th – Regulator visits (tentative)/Fly out

More details to come!
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​With questions about Hike the Hill, contact MnCUN Chief Advocacy Officer Ryan Smith by email or at 651-288-5533