​Congress is back in session this week after a two-week Easter break, with the Senate Banking Committee holding two hearings and the House Financial Services committee meeting once.

On Wednesday, March 20, nearly 100 credit union board members and professionals from across the state spent the day at the Capitol learning about legislative issues and meeting with elected officials to share how credit unions put members and communities first.

The credit union advocates shared legislative priorities with state lawmakers to ensure credit union's ability to serve their members and communities:
​
Guarantee Quality Delivery of Personal Financial Education: Support House File 3751/Senate File 4578

• The current language of the law does not guarantee quality in the delivery of the course, nor would it succeed in using financial literacy education to help Minnesotans live their best financial lives.

Credit Unions Are Invested in the Communities:

• The cooperative, not-for-profit structure allows credit unions to focus on serving their members and communities instead of chasing profits.

Concerns with Debt Fairness Act – H.F. 4100/S.F. 4065

• Credit unions are appreciative for the bill authors and stakeholders willingness to address credit union concerns, however there are still problematic provisions. The Minnesota Credit Union Network will continue discussions on behalf of Minnesota Credit Unions.

"It was invigorating to see a hundred people that are willing to give their time in order to advocate on behalf of our industry and members, said Ryan Smith," MnCUN Chief Advocacy Officer. "I’ve already heard from a few legislators on their meetings and how impactful it is to meet with constituents when they are contemplating bills, particularly during deadline week. On behalf of everyone at MnCUN, thank you so much for representing credit unions in Minnesota so well," Smith added.
 
Last Friday was the committee deadline for policy bills to be passed to the floor of the Minnesota House and Senate to keep moving forward this session. Login to the member portal for an update on MnCUN Legislative Priorities.

View the Impact 24: Day at the Capitol Photo Album.

​Congress is focused on wrapping up the remaining spending bills before Friday’s deadline to avoid a partial government shutdown. There seem to be some stumbling blocks for them to get over, but they are anticipated to vote in the House and Senate this week to pass those remaining bills.

Last week, over 100 credit union professionals and board members attended the Governmental Affairs Conference (GAC) in Washington D.C.

​As part of the conference, the Minnesota delegation met with both Senators Klobuchar and Smith, as well as the eight Minnesota U.S. members, to discuss issues that impact credit unions. The conversations focused on the current regulatory environment, its impact on operations at credit unions of all sizes and ways that Congress can help.

Last week during the conference, Rep. Luetkemeyer (R-MO) introduced the Secure Payments Act, which would prevent the Federal Reserve from finalizing the implementation of their cap on interchange rates until they’d studied and done an impact analysis on the rule’s effect on financial institutions. Minnesota Credit Union Network have talked with several members of Congress about signing on as co-sponsors.

"Hearing about the Fed’s cap on interchange rates directly from credit unions really helped make the case for its negative impact," said MnCUN Chief Advocacy Officer Ryan Smith. "Thanks to all who attended the Congressional meetings at GAC and advocated for Minnesota credit unions and their members."

Minnesota attendees also met with the new NCUA Board member Tanya Otsuka to discuss her new role and the industry and for her to hear directly from the credit unions that she now supervises about the challenges they face on a daily basis.

​She pledged to always be open to meeting with credit unions and from hearing about our concerns on issues that the NCUA, and other regulators, might be proposing. MnCUN will be working with her staff to get her to Minnesota for a visit.

At the State Capitol, The House Commerce committee took up and passed a bill on Monday that would prevent out of state banks from importing their interest rates on short-term, payday-like loans, circumventing the rate caps the legislature put in place last year.

Minn. Climate Innovative Finance Issues Request for Information on Financial Products and Programs: Last year, the Minnesota legislature passed a bill to create the Minnesota Climate Innovative Finance Authority (MnCIFA, or sometimes called a "green bank") that is designed to focus on two funding sources.

Discounted Pricing for IMPACT 24 Ending Soon: Receive $50 off registration by registering before February 23, 2024. Additionally, Small Credit Unions, Grassroots Coordinators and CREW Young professionals are eligible for discounted pricing.

Congress in Recess; Minnesota Legislative Session Underway: Congress is currently in recess and will return prior to the expirations of continuous resolutions that currently fund the government.