The potential impact of a  recent executive order outlining presidential supervision and control of executive branch agencies, including the NCUA and CFPB, dominated the discussion in CU Broadcast’s newest podcast episode featuring America’s Credit Unions’ Chief Advocacy Officer Carrie Hunt.

While the executive order could face legal challenge, Hunt outlined two potential outcomes for rulemaking if it is fully implemented:

“A slowing of the rulemaking process because if the administration is going to, in effect, approve what boards and commissions all across the executive (branch) are finalizing, there likely would be a lot of debate leading up to any sort of approval for a rule,” Hunt explained. “I also think we could see some change relative to legal interpretations. Certainly in the past we’ve seen the NCUA take a very conservative approach to how it interprets the Federal Credit Union Act, so we could see a different approach under a new administration.”

Hunt reiterated that “America’s Credit Unions and our members strongly support an independent NCUA” and acknowledged the uncertainty that the executive order could bring with shifts in policy between administration to administration. 

She noted that while America’s Credit Unions supports opportunities for change, “it is important to recognize that credit unions don’t necessarily want dramatic shifts between administration to administration,” she said “And having that uncertainty and having to make changes in compliance or not understanding the rules of the road can be extremely detrimental to credit unions.”

Other topics included the role of transparency in the new executive order as well as Hunt’s view on disbanding the CFPB’s Credit Union Advisory Council.

Listen to the full CU Broadcast episode here: