Hike the Hill offers credit union representatives a unique chance to engage directly with federal legislators and discuss the pressing issues faced by Minnesota's credit unions. During these visits, credit union professionals and board members will have the opportunity to meet with the entire Minnesota Congressional Delegation, fostering meaningful conversations and advocating for their concerns. 

MnCUN will be organizing our Hike in conjunction with our Tristate partners, Montana and Wisconsin, once again. 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 NCUA visits (tentative) and attendees can plan to fly out by Thursday afternoon.

Tentative schedule:
Tuesday, September 9th – arrive in DC, afternoon briefings
Wednesday, September 10th – Meetings with House and Senate members
Thursday, September 11th – Morning meeting with NCUA (tentative), depart in the afternoon

Lodging
Arlo Hotel Washington DC
333 G Street Northwest, Washington DC 20001
202-737-7000 
Hike the Hill Online Booking Link. Note: adjust your arrival and departure dates as needed.

Rate: $289 plus taxes and fees | Room Block Expires: Friday, August 8 
 
Please provide the home address for each attendee in the registration for this event.

​Please contact Ryan Smith at [email protected] with any questions.

​Earlier today, the Minnesota Credit Union Network sent a GREAT alert urging advocates to contact Senators Klobuchar and Smith ahead of consideration of the GENIUS Act.

When the Senate returns to Washington next week, it will begin consideration of the GENIUS Act, which would establish a federal regulatory framework for issuing stablecoins. While this is significant in itself, the GENIUS Act is also the first Senate Banking Committee bill to reach the floor in eight years, making it a prime vehicle for a wide range of financial services amendments. 

​One such amendment that could be especially damaging to Minnesota credit unions is Sen. Marshall’s Credit Card Competition Act—often referred to as the Big Box Bailout. This proposal would impose harmful, government-mandated routing restrictions, effectively acting as back-door price controls on interchange fees.

We believe it is vital that Minnesota credit unions speak up now. Your Senators need to hear directly from you about how these proposed changes would hurt your operations, and more importantly, your members, who are among the 142 million Americans credit unions serve nationwide.

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.