​After a 6-week hiatus, Congress is back in session and needs to pass a budget or a short-term continuing resolution before the current fiscal year ends or the federal government will shut down on October 1. 

Last week, the Minnesota Credit Union Network hosted a webinar on the new Personal Finance Graduation Requirement that was signed into law this year.

​During the webinar, Jason Kley, Co-Chair, Financial Literacy Coalition of Minnesota provided and overview of the legislative effort to get the requirement passed into law and the opportunities to advance financial education.

Follow this link for a recording of the webinar.  We’ll be continuing the conversation at our Financial Education P2P on Sept. 6.

The Financial Literacy Coalition of Minnesota and the Minnesota Council of Economic Educators are looking for individuals to collaborate in the implementation of personal finance course: 

• MCEE Board of Directors: The board is responsible for creating a long-term vision and handling the governance, legal and compliance aspects of the entire organization. If you are interested, you can express that through the survey linked below but recognize the MCEE Governance Committee will make final decisions. View a description of board member roles and responsibilities.
• Financial Literacy Advisory Committee (FLAC): MCEE is forming a new committee of industry professionals, leading teachers, and academic experts who will advise MCEE staff with respect to personal finance programming design and implementation. Advisory Committee members are not part of the MCEE Board; they will specialize in program content. View a description of the FLAC roles and responsibilities.

Complete the engagement survey to share how you would like to participate. Submitting the survey is not a commitment, but a statement of interest.

Thank you to the GREAT Advocates who sent over 900 messages in three days to Senators Smith and Klobuchar to oppose the inclusion of the interchange amendment in the National Defense Authorization Act.

Senators Dick Durbin, D-Ill., Roger Marshall, R-Kan., and Peter Welch, D-Vt are expected to introduce this week an amendment to the Senate version of the FY2024 National Defense Authorization Act (NDAA). ​

Rep. Adam Schiff, D-Calif., has introduced H.R. 3928 which would increase the level of insurance for commercial deposits at banks and credit unions. Those institutions would be required to pay higher assessments in exchange for that increase in insurance. 

The FDIC has recommended that the deposit insurance system be changed to increase the insurance level for transaction accounts. The current deposit insurance system may not be working well for accounts whose balances fluctuate frequently based on receipts, payments, payroll, and other transactions. 

​CUNA issued a letter requesting that if Congress increases the deposit insurance for banks insured by the FDIC, it should do the same for credit unions insured by the NCUA. Members with accounts for their small and medium sized businesses that more frequently reach out to their community credit union for lending. These member businesses enjoy the service and stability of doing business with credit unions without added costs. The traditional model of fixed deposit insurance may not be the best way to insure such accounts currently under review by the agency as a result of recent bank failures.
 
House Financial Services Chairman Patrick McHenry (R-NC) and House Republican have repeatedly expressed skepticism at about the need for increased insured account levels and action on this bill is unlikely at this point, but MnCUN staff will monitor any developments. ​

U.S. Senator Dick Durbin (D-Ill.) introduced interchange legislation for the 118th Congress today - the Credit Card Competition Act. CUNA, Leagues, and credit unions strongly oppose the legislation, and kept it from moving forward in the last Congress. We are still waiting on the Bill numbers for both the House and Senate 2023 versions. Watch for an action alert and more information coming soon.

As grocers are visiting Washington, D.C. this week, CUNA Deputy Chief Advocacy Officer Jason Stverak wrote to Congress Monday that Credit unions urge members of Congress to oppose any legislation affecting the security and efficiency of the interchange system.

Hike the Hill provides credit union representatives with an exciting opportunity to meet 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. 

Hike the Hill will take place September 26 -28. Attendees should plan to arrive by early Tuesday afternoon, September 26 and prepared to meet for legislative and regulatory briefings at CUNA’s offices. Meetings with legislators will be scheduled throughout the day on Wednesday, followed by group activities in the evening. Assuming availability of staff and/or Board members, NCUA meetings will take place Thursday morning and attendees can plan to fly out by Thursday afternoon. Please provide the home address for each attendee in the registration for this event.

Please contact Ryan Smith at rsmith@mncun.org with any questions. For lodging information and to register, visit the event page for Hike the Hill.