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News Now

CU System
Senate Banking chair seeks interchange input from S.D. CUs
BISMARCK, N.D. (7/5/11)--Senate Banking Committee Chair Tim Johnson (D-S.D.) is soliciting feedback from South Dakota credit unions on how the Dodd-Frank regulatory legislation has impacted their businesses, in a credit union-only conference call at 2 p.m. (CT) today. “South Dakota credit unions have a great opportunity [today] to discuss Dodd-Frank, one year later, with the Senate Banking Committee chairman,” said Jeff Olson, vice president of advocacy and awareness for the Credit Union Association of the Dakotas. “This will be a vehicle for participants to share how the financial regulatory legislation directly impacted their respective credits unions, and more importantly, their members.” The Credit Union Association of the Dakotas host the call from its headquarters in Bismarck, N.D. Participating credit unions will be Black Hills FCU, with $894 million assets, Rapid City; Bell FCU, with $35 million assets, Sioux Falls; Dakota Plains FCU, with $38 million assets, Lemmon; Service First FCU, with $121 million assets Sioux Falls; HealthCare Plus FCU, with $34 million assets, Aberdeen; and Sioux Falls (S.D.) FCU, with $159 million in assets. Credit Union National Association (CUNA) President/CEO Bill Cheney said CUNA’s focus would turn to ensuring that the small issuer exemption provided in the final rule would work as planned. Cheney said many credit unions may be forced to adopt new member fees or take other measures if the two-tiered system does not work as planned.


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