Credit unions are a vital financial engine for people, small businesses, and communities, America’s Credit Unions President/CEO Jim Nussle wrote to Mark Calabria, associate director of the Office of Management and Budget (OMB) Monday. Calabria—previously Federal Housing Finance Administration director in the first Trump administration—was named OMB associate director for treasury, housing, and commerce last week.

“By helping people manage their day-to-day finances and build a stronger financial future, credit unions are a vital financial engine for people, small businesses, and communities across our country,” Nussle wrote. “Our policy priorities for 2025 are to protect, empower, and advance the needs of credit unions and their members nationwide. We are committed to fiercely advocating for forward-thinking policies that uplift people and communities through their financial partnerships with credit unions. Within the framework of these three priorities, we are focused on developing a regulatory and legislative environment that enables credit unions—and ultimately our country—to thrive.”

Nussle added several recommendations for the CFPB, including: 

• A regulatory pause and review at the CFPB that considers lawfulness, costs, and benefits of the bureau’s overdraft and medical debt final rules, as well as data broker, coerced debt, electronic funds transfers, and contract clause ban proposals;
• Return the CFPB to  its original mission of addressing reckless lending practices of bad actors and unregulated non-bank lenders while recognizing credit unions’ value;
• Use its legal authority to exempt credit unions from regulations aimed at addressing misconduct by other industry bad actors; 
• Adopt the principles of the recent executive order requiring a detailed assessment of rules with an annual impact of $100 million or more; and 
• Address persistent concerns about its reliance on vague statutory authorities, especially its unfair, deceptive, or abusive acts or practices (UDAAP) standard.

In addition to recommendations regarding the CFPB, Nussle urged the administration to recognize the critical importance of maintaining the NCUA as credit unions’ independent regulator.

“The NCUA’s independence allows it to make unbiased decisions that prioritize the safety and soundness of credit unions without undue influence from political or external pressures,” he wrote. “This autonomy ensures that regulatory actions are based on sound financial principles and the best interests of credit union members, rather than short-term political considerations. Furthermore, the NCUA’s funding structure—supported by credit unions and their members, not taxpayers—reinforces its ability to operate independently and effectively.”

Read the full letter here.