WASHINGTON–It appears the threat of NCUA being folded into another regulator like the FDIC has lessened somewhat, according to one Hill lobbyist, although that isn’t to say such a proposal is off the table, according to several people who represent credit unions in Washington.

“Thankfully, we’re starting to hear from the administration that consolidation of the regulators does not seem to be as high a priority as people feared,” said Jason Stverak, chief advocacy officer for the Defense Credit Union Council.

Stverak said DCUC and credit unions have been working to stress the “importance of having a strong and independent NCUA” to oversee a “unique industry.”

Last week Treasury Secretary Scott Bissent told a meeting the administration is focused on streamlining banking rules in general and that one primary goal is coordination with Treasury.

He said that does not mean consolidation of regulators. 

Carrie Hunt, chief advocacy officer with America’s Credit Unions, said the trade group was pleased to see the Treasury secretary’s comments, while it continues to monitor what is taking place at government agencies.

About the NCUSIF

Separately, Hunt said ACU will be reaching out to NCUA on the normal operating level of the National Credit Union Share Insurance Fund, which is now at 1.3% and which ACU believes can be lowered to 1.23%.