WASHINGTON–When America’s Credit Unions Governmental Affairs Conference (GAC) kicks off this weekend, it will do so under a 12-word theme, “Together We Move – Moving with purpose. Moving with passion. Moving with strength.” But recent developments suggest just one word might be better: “Uncertainty.”
GAC, the largest meeting among credit unions in the U.S. with approximately 5,000 people in attendance, is convening at the same time a tsunami of directives and presidential orders from the White House have credit unions, like the rest of the country, guessing what it all might mean.
White House Exerts Control Over NCUA
NCUA, which has long functioned as an “independent” regulator, has been told it is independent no more, with the White House issuing a sweeping executive order that outlines presidential supervisory control of the entire executive branch, including the NCUA and CFPB.
According to the White House, the executive order is designed to ensure that all federal agencies, including independent agencies, are accountable to the president.
Now, the White House is telling federal agencies to submit plans by March 13 for “large-scale reductions in force.” The two-phase plan would also require agencies to overhaul their organizational charts by April 14 — and submit proposals to move offices out of Washington. How any reductions at NCUA, should they occur, will affect credit unions, examinations, agency programs and more remains a great unknown. The CU Daily has reached out to NCUA for comment.
All three members of the NCUA board addressed the uncertainty surrounding the agency during the board meeting on Feb. 27.
The CFPB, meanwhile, the subject of much discussion during the 2024 GAC, now all but exists in name only, an unimaginable scenario a year ago.
New Pressure on Tax Exemption
Pressure in Congress to also find new sources of revenue mean the credit union tax exemption is also likely to get more attention. While the tax exemption’s status is a traditional staple of discussion at GAC, “With key provisions of the Tax Cuts and Jobs Act set to expire this year, sharing the ‘Don’t Tax My Credit Union’ message with lawmakers is vitally important during GAC,” America’s Credit Unions said.
As The CU Daily reports separately, a new academic study suggests revoking the credit union tax exemption would actually cost the Treasury money.
GAC is scheduled for March 2–6 at the Walter E. Washington Convention Center in D.C., and will feature an exhibit hall with hundreds of vendors, including The CU Daily.
The Keynoters
Among the keynote speakers scheduled for the meeting:
- Mike Krzyzewski (Coach K): “Widely regarded as one of the greatest basketball coaches of all time, Coach K will draw from his extraordinary career to share powerful lessons on leadership, resilience, and building trust. His stories from decades of coaching excellence promise to inspire leaders at every level,” America’s Credit Unions said.
- Carla Harris: “With an impressive career spanning Wall Street and global leadership, Harris brings a wealth of experience to the stage. Her practical strategies for embracing innovation and navigating challenges will empower attendees to lead with courage and confidence in today’s dynamic environment.”
GAC will conclude with the traditional Hill Hikes on Wednesday.
The CU Daily will have full coverage.