America's Credit Unions leads discussion on NCUA, positions credit union leaders for success on tax

America’s Credit Unions’ President/CEO Jim Nussle convened more than 1,300 credit union leaders from across the country, including 130 representatives from leagues and industry partners, for another industry update following last week’s firings of NCUA board members Todd Harper and Tanya Otsuka. 

In Monday’s webinar, which was scheduled to address industry changes in real-time, Nussle remained focused on sharing facts without speculation, appreciating and addressing concerns, and reiterating the association does not anticipate a further shake-up of financial regulators. 

“There’s nothing we have seen, read, or heard in our advocacy efforts to give the indication of any kind of consolidation of financial services agencies,” Nussle said, reiterating the association’s many conversations with policymakers that have solidified this position. “This is something we are monitoring, but Treasury Secretary Scott Bessent made a statement that ‘we need our financial regulators singing in unison from the same song sheet. To be clear, this does not mean consolidation of agencies, but coordination via Treasury, such that our regulators work in parallel with each other and industry.’ We’ve seen nothing to indicate that has changed.”

The changes leave NCUA Chairman Kyle Hauptman as the sole member of the board, and NCUA indicated Friday that its position remains that a sole board member constitutes a quorum when there are no other board members.

“At America’s Credit Unions we support an independent agency. That has been our advocacy position, there’s nothing that changes that. We want an independent agency to govern the safety and soundness of credit unions at the federal level,” said Nussle. “We also believe the best course for the NCUA is to have all three board members. So, we would call on the Trump administration to continue to make appointments, to continue to go through the nomination process, and ask the Senate to consider those nominees.”

Ann Petros, America’s Credit Unions' vice president of policy engagement and credit union operations, said examinations and supervisions will continue, and reinforced the safety and soundness of the credit union share insurance fund.

“There is no impact on the share insurance fund. It continues to operate as it is not directly affected in any way by the composition of the NCUA board,” she said. “The safety and soundness of the credit union industry is intact. Members’ deposits are safe and insured. There’s no risk to either of those.”

In addition to continuous interactions with the White House, administration, NCUA, members of Congress and others to address concerns and advocate for a strong, independent, bipartisan regulator for credit unions, America’s Credit Unions is updating an FAQ document on the latest changes at the NCUA as new developments transpire to keep members informed.

The focus of the webinar was to also provide an update on our strategic influence with policymakers and momentum on the Association’s months-long Don’t Tax My Credit Union campaign to protect the industry’s tax status. 

Nussle noted the industry’s intense engagement, with nearly 500,000 grassroots letters already sent to lawmakers in Washington, while also highlighting that the association is actively running digital ads, media engagement, and thanking supporters of the National Advocacy Fund. He gave an estimated timeline on tax-reform legislation and emphasized our need for grasstops and grassroots engagement, in addition to the many other tactics to influence lawmakers as part of our strategy that began in 2024. 

Congress passed the budget resolution before the spring recess, which means things could move quickly and bring a bill on the president’s desk by summer. The time is now to empower our industry to speak with a unified voice, louder than ever before. 

Nussle added that, with Congress and the administration publicly looking to move the tax bill forward quickly, ”this is what we’re going to have to focus on for the next few months. Until this bill is signed and we’re not in it, we can’t act like we’re out of the woods, because we’re not.”