Issuu

MEMBERSHIP

Matters 2024

A NOTE FROM THE CHAIRMAN As the only professional financial trade association representing credit unions in the Dakotas, it is truly an honor and personal privilege to serve as board chairman of the Dakota Credit Union Association (DakCU). We are the voice for the movement in our region, standing firmly in the corner of our credit unions, working tirelessly on your behalf. As your strongest advocate, we promote, protect, support, and advance the credit union movement so you can focus on serving your members. Your association is committed to remaining relevant and providing value to our members. Each year, the board reviews and reaffirms our purpose: To be the champions for Dakota credit unions. Our strategic plan consists of five priority pillars that focus on deliverables in advocacy, compliance, membership engagement, business solutions, and credit union awareness. The association strives to assist our members and help them be successful. That is a simple objective, but it is truly why we exist. With your continued partnership, we can successfully promote credit unions as the best financial choice for families and communities across our region. I encourage you to utilize the many resources that your association offers in this common goal. The new year also welcomes a new partnership for our movement; the recent merger of the two national associations into a unified America’s Credit Unions means our Dakota credit unions will have a superior national trade association model moving forward. The result will be a stronger, unified, and impactful advocacy voice for system growth, strength, and longterm sustainability. Please accept my heartfelt “thank you” for your continued support, and I look forward to your active engagement moving forward. Sincerely,

Jarrod Reisner Board Chair Dakota Credit Union Association

MILLION PROVIDED IN DIRECT BENEFITS TO DAKOTA MEMBERS

532k

AFFILIATED MEMBERS SUPPORTED

$91

SAVED PER MEMBER HOUSEHOLD IN NORTH DAKOTA

$132

SAVED PER MEMBER HOUSEHOLD IN SOUTH DAKOTA

DakCU is the professional financial trade association serving 64 credit unions that employ nearly 2,200 individuals across the Dakotas. With more than 531,800 members in North and South Dakota, Dakota credit unions have assets in excess of $10.6 billion.

AS OF JUNE 2023

A WORD FROM THE PRESIDENT

~ “Progress is the constant replacing of the best there is with something still better.” ~ Ed Filene, pioneer of the U.S. credit union movement It truly is an honor to lead the Dakota Credit Union Association during this historic time in our movement. The launching of America’s Credit Unions means Dakota credit unions will have a unified voice, which will result in system growth, strength, and industry sustainability. Many of you have been through, and led, mergers. You know it will take the absolute best of our organizations to transform and create something new while maintaining the positive culture and high degree of passion and professionalism you have come to expect and deserve from your system partners. The transformation provides a tremendous opportunity to advance the credit union movement. As one organization, they will offer the best advocacy, education, and compliance training, and increase value to our members by providing even more effective resources to strengthen and grow credit unions across the Dakotas and the country. DakCU serves as the voice for the movement in our region. We stand firmly in the corner of our credit unions and work tirelessly on your behalf so you can better serve your members. As your strongest advocate, we promote, protect, support, and advance the movement across our two states. We accomplish this by providing 360-degree advocacy leadership, regulatory support, training, education, professional development opportunities, and by providing trusted business solutions and resources to our affiliates. We are dedicated to working on our strategic initiatives so that you can focus on your members. Together, we can achieve an agenda that includes removing barriers, creating awareness, growing membership, and fostering service excellence every day. Your DakCU team works tirelessly on your behalf, and I invite you to take advantage of the many tools and resources we offer each year. We are here to assist our members and help you succeed. Thank you for your confidence and continued support. Best regards,

Jeff Olson President/CEO Dakota Credit Union Association

LEGISLATIVE & REGULATORY ADVOCACY

As an “advocacy first” organization, DakCU is the backbone of the credit union movement in our two states’ political advocacy efforts. Our highest priority is to provide representation at local, state, and federal levels to strengthen and promote a favorable operating environment for credit unions throughout the Dakotas. DakCU also works closely with regulators to provide the credit union perspective, ensuring that our voice is heard when those regulators create rules, regulations, and guidance that affect credit unions’ ability to serve their members.

LOBBYING FOR CREDIT UNIONS

DakCU registered lobbyists represent you on state and federal credit union legislative matters.

OUT FRONT ON LEGISLATIVE AND REGULATORY ISSUES

We track and monitor potential legislative and regulatory changes that may impact Dakota credit unions and keep you informed.

ENGAGING IN ADVOCACY

DakCU provides opportunities to attend meetings with state and federal officials so our elected representatives hear from you. With your input, comment letters are submitted on important proposed rules and regulations. We facilitate Government Affairs Committees in each state to establish political goals, develop legislative strategies, and maintain grassroots involvement.

CUPAC raised approximately $50,000 by YE 2023

POLITICAL FUNDRAISING (CUPAC/CULAC)

Funds are raised and distributed through the Credit Union Political Action Committee and Credit Union Legislative Action Council (CUPAC/CULAC). We contribute to candidates at the federal and state level that are supportive of the credit union movement.

PAYROLL DEDUCTION

CHESNEY GARNOS Director of Political & Grassroots Affairs

JOHN ALEXANDER Director of Legislative & Regulatory Affairs

New Advocacy Team Members

An easy way to support advocacy efforts at your credit union! In South Dakota, contact Chesney Garnos, Director of Political & Grassroots Affairs, at cgarnos@dakcu.org or 701-250-3928. In North Dakota, contact Director of Legislative & Regulatory Affairs John Alexander at jalexander@dakcu.org or 701-250-3948 for more information.

QUARTERLY & YEAR-END CEO TOWN HALLS

ATTENDEE AVERAGE PER VIRTUAL TOWN HALL

% OF CREDIT UNIONS REPRESENTED IN NORTH DAKOTA

% OF CREDIT UNIONS REPRESENTED IN SOUTH DAKOTA

OF 58 CREDIT UNIONS VISITED BY YE 2023

INDUSTRY SUSTAINABILITY & ENHANCING THE OPERATING ENVIRONMENT

To ensure a favorable operating environment and to facilitate continued success for our Dakota credit unions, we work daily with elected official and policymakers to ensure we remain competitive and relevant in the financial services marketplace in our two states. “Advocacy” is a word we use to describes our efforts in legislation, regulatory concerns, political campaigns, industry awareness, and more. Legislative and regulatory advocacy has always been, and remains, at the heart of our purpose, underlined as our top priority each year.

Evaluated 1,500 state legislature bills. Monitored 26 bills that had a potential impact on credit unions. Testified on 8 bills. Strongly influenced 12 bills. Over 1,000 messages sent to legislative members. More than 5,500 postcards sent to lawmakers. 1.5 MILLION pro-credit union digital impressions. Advocacy is about defining the debate on our terms. We know that decisions are going to be made by legislative leaders and policy makers that will have an impact on our credit unions. If we, as a movement, are not advocating for our position, for our membership, for our institutions in this process, someone else will be making those decisions without our input.

FEDERAL REGULATORY COMMENT LETTERS SUBMITTED

ND BILLS TRACKED

SD BILLS TRACKED

ND + SD BILLS INFLUENCED

ND + SD BILLS INFLUENCED THAT PASSED

DAKOTA ADVOCACY FUND Unexpected legislative initiatives and regulatory pressures can impact our operating environment. DakCU is prepared to resist any threats with our Dakota Advocacy Fund (DAF) that can be used to respond quickly to any local legislative threats or regulatory challenges that could negatively impact Dakota credit unions. A continual source of funds is necessary. Funds are collected through a shared voluntary assessment of Dakota credit unions above $125 million in assets and administered by the DAF Steering Committee. DAF pools non-dues monetary resources from affiliated credit unions to support emergency advocacy efforts and provides an equitable share contribution to the National Advocacy Fund (NAF). 5

REGULATORY COMPLIANCE

Here to help your credit union stay up to date on the ever changing regulatory landscape that impacts credit unions with cost-effective compliance solutions to help reduce regulatory and compliance burdens. COMPLIANCE HOTLINE: Credit unions can submit unlimited regulatory and compliance questions by email: DakCU@viclarityus.com or phone: 833-978-6043. COMPLIANCE UPDATES: Quarterly calls via ViClarity and DakCU to keep credit unions informed

about regulatory and compliance issues.

CU POLICYPRO: Over 230 detailed model policies written and researched by credit union experts and ready for your credit union to customize. Reviewed and updated regularly to stay current with regulatory changes. INFOSIGHT: Online destination for compliance information. Offers immediate access to 15 major compliance areas – including state specific topics, with links to applicable laws, regulations, resources, checklists and frequently asked questions.

ViClarity, DakCU's new compliance solution, is an award-winning global provider of governance, risk and compliance technology and consulting solutions. True to their roots in the credit union movement, ViClarity supports the growth of the financial cooperatives through technology-focused solutions, regulatory consulting and audit services. Please contact John Alexander, jalexander@dakcu.org, to see what ViClarity can do for you. Lindsey Hefta, Director of Marketing & Communications, will be the new contact for any marketing and advertising compliance related questions. She can be reached at lhefta@dakcu.org.

314

COMPLIANCE CREDIT UNION TOUCHPOINTS

512

COMPLIANCE BSA TRAINING & ROUNDTABLE ATTENDEES

COMPLIANCE RELATED ARTICLES & BLOGS

418

CREDIT UNION LOGINS TO LEAGUE INFOSIGHT

940

CREDIT UNION LOGINS TO CU POLICYPRO

MEMBER SOLUTIONS

Dakota Service Corp (DakCUSC) is the business side of DakCU. We focus on working together to solve your needs, so you can continue to serve your membership with “best in class” services in this ever-changing financial landscape. By collectively negotiating, researching, and vetting products and solutions, DakCUSC can assist our members in leveraging new technologies, expanding resources, increasing revenue opportunities, and reducing overhead expenses. We offer many products and services at greatly discounted pricing.

SYSTEM PARTNERS AND STRATEGIC ALLIANCES DakCUSC engages in important strategic partnerships in order to provide you valuable resources to serve your membership, including TruStage™ our one true credit union system partner. Our partnership with TruStage helps you stay relevant in this constantly changing market by aligning talent and resources from THE industry leader. DakCU’s Cooperative Alliance Program (CAP) is another tool DakCUSC uses to engage like-minded business solutions to assist our members, by providing consistent service and solutions as well as industry related educational opportunities and multiple sponsorships of association events. When you purchase products or services from a CAP partner, you are not only working with a trusted strategic partner of your association but also a business that believes in the credit union movement and is focused on your credit union’s growth and financial success. CUNA Strategic Services Inc. (CSS), owned jointly by America's Credit Unions (formerly CUNA) and the state associations, also saves credit unions money through its alliance program. Along with their trusted providers, CSS offers products and services that contribute to your bottom line, add peace of mind, and enhance member relationships.

When your credit union is considering a purchase, please contact us. If we don’t have a strategic alliance provider for that product or service, you can count on us to help you find one!

MEMBER VALUE

Dues are calculated using formulas that consider a credit union’s asset size and number of members. As a result, financial support of DakCU is weighted equitably between small and large credit unions alike. Our continued long-term vision is to maintain momentum on political and regulatory advocacy, as well as to grow awareness of the credit union difference. We do this in five core strategic areas:

LEGISLATIVE & REGULATORY ADVOCACY Registered lobbyists on staff

COMPLIANCE

CU AWARENESS

MEMBER SOLUTIONS

Weekly compliance updates

Association Website

Turn-key products and services

Compliance hotline

The Memo

CU PolicyPro

State-wide Awareness Program and public relations

Collaborative partnerships and preferred pricing

Coordinated congressional visits Political fundraising State and National legislative engagement Comment letters

InfoSight ViClarity

DakCU Mobile App Visual Ad Campaign

Strategic Alliances Cooperative Alliance Program (CAP)

PROFESSIONAL DEVELOPMENT & NETWORKING

and 5

To keep our members informed about the latest industry trends and to facilitate purposeful networking connections, DakCU provides a variety of opportunities for volunteers and staff to come together to collaborate and innovate. We also provide numerous on-demand and remote learning options available from the convenience of your own office. As a member of DakCU, you have the option to attend outstanding local and regional conferences and educational events that are affordable for every budget.

IN-PERSON/VIRTUAL OPPORTUNITIES TO LEARN

ON-DEMAND & REMOTE LEARNING

Annual Meeting & Summit New Ideas Conference Roundtable Dialogues Chapter Meetings Legislative Events Training for Volunteers GAC Crasher Program DakCU Summit Crasher Program ilead@11 DakCU Emerging Leader Sales CU Training CEO Town Halls Pints & Politics Events

Board Member & Supervisory Committee Responsibilities Compliance Issues & Regulations IRA Training Consumer Collection Lending HR Topics Strategic Planning Online Education and Webinars And More! 7

iLEAD@11 DAKCU EMERGING LEADER PROGRAM STRENGTHEN YOUR LEADERSHIP BENCH

The need to develop and train future credit union leaders continues to be a common theme arising from Dakota credit unions’ strategic planning sessions. The DakCU iLead@11 Emerging Leader Program was specifically developed to fill that need, utilizing the best cooperative principles of the credit union movement. Credit unions need to define and develop leadership skills, develop deeper bench strength for future demands and expansions, and promote personal and professional growth for their staff and the next generation of credit union leaders. Based on the successful and very popular iLead@11 program, DakCU has collaborated with Eleven Performance Group to bring this directly to you. This emerging leader program is tailored to fit the specific needs of Dakota credit unions, eliminating extended and expensive travel with a virtual – yet personal – course of instruction that features three pillars of study: leading yourself, leading others and leading the organization. In the past two years, DakCU has successfully supported 15 emerging leaders through program completion. Now in our third year of the program, we’re excited for even more growth! Thanks to the support of your Dakota Credit Union Foundation and other strategic partnerships, program attendees can apply for funding of their tuition, paying up to 50 percent of the program cost through scholarships and grants. If you are interested in learning more about how the iLead@11 DakCU Emerging Leader Program can benefit your credit union, please contact: George McDonald, Chief Officer of Strategic Services 701-250-3942 | gmcdonald@dakcu.org

DAKCU CRASHER PROGRAM

Another way to engage and promote emerging leadership talent is through DakCU’s “Crasher” Program, held each year during our spring Annual Meeting and Summit. DakCU provides select attendees from the Dakotas with a career enhancing track, specifically designed for talented emerging leaders. In addition, Crashers receive free conference registration and are led in a group setting by a professional credit union industry leader. The only cost Crashers and their credit union endure are accommodations and/or travel expenses. Futhermore, at the national level, each year the Cooperative Trust selects one Crasher from each state to attend the Governmental Affairs Conference (GAC). In addition to receiving free conference registration for the biggest credit union event of the year, DakCU provides financial assistance scholarships. Crashers represent their respective state during opening ceremonies in a grand procession, participate in league hill hikes, and, as a group, experience specialized training, networking, and events.

FINANCIAL WELL-BEING FOR ALL FINANCIAL WELL-BEING - IT'S WHAT CREDIT UNIONS DO

Financial wellness is at the heart of credit unions’ mission, deeply embedded into our structure, ensuring that everyone has access to safe, affordable financial services. Credit unions thrive by supporting members in their individual financial journeys, with the right solutions at the right time.

A BETTER OPTION FOR FAMILIES AND COMMUNITIES

Credit unions truly are the best financial choice for consumers, families, and communities. Credit unions here in the Dakotas have always been there for their members and their communities, in good times, and in bad. We like to refer to ourselves as the “financial first responders” – because it’s what our credit unions do. It’s how credit unions built their reputation and enhanced the credit union difference story, and we often say it’s in the credit union DNA. Whether it’s a fee waiver, a loan remodification, or even a payment skip, credit unions run towards the crisis to help our members. The credit union difference is evident in every member’s story. Improving lives and the financial well-being of our members while providing the financial services they need and want is the real #CUDifference. For more information and resources, visit www.dakcu.org/financialwellbeing.

STATE-WIDE AWARENESS PROGRAM

Building on the success of the national credit union awareness initiative (increasing consideration of credit unions as a “top of mind” financial services provider), DakCU took the campaign local in 2022 with our state-wide awareness program (SWAP) and began using a targeted, multi-tiered advertising approach. This strategy has generated more regional awareness and supports local businesses at the same time, allowing our contributing credit unions to keep their money right in their local communities, where they can experience the impact firsthand. Heading into 2024, as Your Money Further™ moves in a different direction, DakCU is taking over complete control of our unique local SWAP initiative to continue increasing credit union awareness across the Dakotas. To ensure continued success for our 2024 campaign, and beyond, local financial support of the program is a must. Cost to be involved in this program is weighted equitably between small and large credit unions alike based on asset size. For questions contact Lindsey Hefta, Director of Marketing & Communications at lhefta@dakcu.org.

Successes GSTV

Gas Station TV ads reached nearly 2 million (1,944,011) impressions at the pumps across the Dakotas from Memorial Day weekend to the end of August 2023.

Billboards

SWAP has reached over 10 million impressions on billboards alone. This year, we added Huron and Watertown markets to supplement Bismarck, Dickinson, Fargo, Minot, Sioux Falls, and Rapid City.

Geofencing

Wherever there is a contributing SWAP credit union, the community receives digital geofence ads. This focused technology is reaching approximately 41,000 monthly impressions.

SWAP reached 24.4 + million impressions (May 2022-May 2023)

THANK YOU 2023 CONTRIBUTORS Affinity First FCU Area Community CU Aspen FCU Aspire Community FCU Avanti FCU Black Hills FCU Consumer’s FCU Coteau Valley FCU

Dakota Plains CU Dakota West CU Dakotaland FCU Explorers FCU Fargo Public Schools FCU Fargo VA CU Flasher Community CU Freedom Community CU Ft. Randall FCU Healthcare Plus FCU

Hometown CU Huron Area Education FCU Lakota FCU Levo FCU Lisbon Farmers Union CU Minot Area Schools FCU M-O FCU Norstar FCU North Star Community CU Oahe FCU

Postal Family FCU Railway CU Riverfork FCU Sentinel FCU Sioux Valley Co-op FCU United Savings CU University FCU Voyage FCU Vue Community CU Western Cooperative CU

DAKOTA CREDIT UNION FOUNDATION The Dakota Credit Union Foundation (DCUF) is the charitable arm of DakCU. With generous contributions from individuals and credit unions, DCUF continues to fulfill our mission:

To enhance and advance the communities we serve by awarding grants, scholarships, and monetary awards to projects and individuals that help improve the financial well-being of our credit union members.

In 2023, DCUF awarded nearly $20,000 toward 12 grants and scholarships to support Financial Counseling Certifications (FiCEP), iLead@11 DakCU Emerging Leader Program, CUDE and professional development scholarships, as well as youth financial education programs. In addition, our charitable foundation presented multiple donations to disaster relief funds through CUAid and our local Children’s Miracle Network Hospitals. All of this is possible because of your generous financial support. Whether you make an annual contribution to DCUF, attend our fundraising events, or support our ongoing fundraising campaigns, every dollar we raise is used to improve lives in the communities we serve, thus raising awareness and appreciation of the credit union industry. For more information, including additional ways to contribute, visit www.dakcu.org/Foundation.

HEALTH BENEFITS TRUST

The DakCU Heath Benefits Trust (HBT) is a Multiple Employer Welfare Arrangement (MEWA). This health benefits program allows credit unions in SD to pool their resources to get their employees better health insurance options. With a MEWA, several employers combine contributions in a self-contributing benefits plan, making payments based on the number of employees and the estimated costs. Our health benefits program was launched in 2018 as a solution to the ever-increasing healthcare costs and to provide a ‘best of class’ benefits program to our affiliated credit union employees. The DakCU HBT is a $8.1 million self-funded trust providing annual health benefits to 653 credit union employees and their families in SD. Along with our benefit consultants, Brown & Brown Insurance, the DakCU HBT offers premium health insurance coverage through Wellmark for SD based credit unions. For questions regarding the Health Benefits Trust, please contact: Karla Clark, CFO/VP of Operations 701-250-3926 kclark@dakcu.org 10

Jeff Olson, President/CEO 701-250-3940 jolson@dakcu.org

YOUR YEAR IN REVIEW

Your membership in DakCU entitles you to many dues-supported benefits that enhance your relationships with your own members. To meet the evolving needs of our credit unions, we continue to review and expand our value-added offerings while further streamlining our operations, providing you the tools, resources, and access to business solutions that can help your credit union continue to succeed. We encourage you to explore all that DakCU has to offer you in your service to your credit union, and your members.

OUR TEAM MEMBERS Jeff Olson

President & CEO

Karla Clark CFO/VP of Operations

George McDonald Lindsey Hefta Chief Officer of Strategic Services

Director of Marketing & Communications

Chesney Garnos John Alexander Director of Political & Grassroots Affairs

Director of Legislative & Regulatory Affairs

Shawn Brummer Communications/ Media Specialist

Paige Langhoff

Office & Membership Coordinator

MISSION

The mission of DakCU is to help credit unions succeed.

VISION

Our vision for DakCU is to be a premier, financially strong, relevant, inclusive organization that plays a key role in credit unions growing membership, strengthening their charter, and providing excellent service to members.

LONG TERM VISION

Our continued long term vision is to maintain momentum on political and regulatory advocacy, as well as to grow awareness of the credit union difference.

2005 NORTH KAVANEY DR, SUITE 201 BISMARCK, ND 58501 1741 SOUTH CLEVELAND AVE, SUITE 304 SIOUX FALLS, SD 57103 800.279.6328