Pross said having an exit strategy in place is critical moving forward, but in the meantime, Maps will keep serving the industry for the purpose of providing community safety and serving the underserved, while continuing its commitment to a robust compliance program. "What we see at Maps is a strong eagerness from these members to comply," she noted. "These are the types of businesses that we want in Oregon. The more rules we give them, the more legitimate they feel."

Andrew Freedman, a partner at Freedman & Koski, LLC and the former Colorado director of marijuana coordination, said since the Cole Memo has been revoked, he has not seen an update from FinCEN on the total number of marijuana businesses. But he expects to see a stall on new capital coming into the market, and does not expect to see new financial institutions entering the market.

He also assured that whether the Cole Memo – which was merely "guidance on how to use prosecutorial discretion" – is in effect or not, the DEA cannot afford to prosecute all of the country's cannabis businesses.

He added, "In the Sessions/Trump era, I have yet to see any direct administrative action against banks or credit unions. I'm not saying don't be cautious. But I believe this industry will become more banked in the future, not less banked."

State, Federal Charters: Friends or Foes?

While credit unions have the freedom to choose between a federal and state charter, regulators at the federal and state levels enjoy a competitive yet cooperative relationship.

Patrick McPharlin, director of the Michigan Department of Insurance & Financial Services, which regulates credit unions, banks and insurance companies, said the dual charter system is essential because it creates a healthy competition. "The fact that [a credit union] can leave its charter at any time makes us be more competitive," he said. "I think the competition is good, but the cooperation is good too. We had to close a credit union on Friday, [Feb. 23], and the cooperation between us and the NCUA was amazing. There were no bureaucratic battles; we did what was best for the credit union industry."

GAC speakers touted the benefits of choosing a state charter, however. Scott Burgess, president/CEO of the $829 million Rivermark Community Credit Union in Beaverton, Ore., said his state's credit unions follow a proactive process when it comes to interacting with state lawmakers to make regular updates to Oregon's credit union act. The state's credit union advocates have successfully taken action to incorporate programs for member expulsion, board director and committee member compensation, and CUSO investment increases into the act, just to name a few, Burgess said. "I find the state charter to be a great value," he said. "If there are changes we'd like to see [to the act] that would help us better serve our members, we love the fact that we can take a thought to the state legislature, and see it become law in 12 to 18 months."

But not all states benefit from a state charter program as robust as Oregon's, warned Ken Ross, president and COO of the Michigan Credit Union League. "A lot of the state acts are old and creaky, and they're not able to get work done," he said.

Ross said state-chartered credit unions looking to update their state's "old and creaky" act must develop a grassroots process to determine what changes they'd like to make and how they'll educate members of the state legislature. He recommended creating a narrative to present to lawmakers around what the state's credit unions are doing, why they're doing it and why the legislature should focus on their industry, and to negotiate behind the scenes as much as possible.

Credit Union Loan Growth

If you were one of the credit union professionals who attended GAC, you probably feel pretty optimistic about the industry's future, particularly when it comes to loan growth and a kinder, gentler CFPB.

But will those positive trends disappear after the midterm elections in November?

Credit unions should see another year of double digit loan growth because the unemployment rate is expected to remain low and inflation is expected to remain tame through the rest of this year and into 2019, Mike Schenk, CUNA's vice president of research and policy analysis, said.

Since 2014, credit unions have seen annual loan growth of 10%, although small credit unions have not.

And while the economy is humming along, it hasn't been good news for all consumers.

"We won't see a huge increase in inflation being driven by low levels of unemployment and rising wages," Schenk said. "The way to get at that is that we look at the difference between the 10-year Treasury yield minus the TIPS [treasury inflation protected securities] yield, and that is suggesting at the moment that over the next 10 years people who are buying and selling securities essentially believe the inflation rate will average 2.1%."

Additional economic data does not forecast an economic recession because the yield curve is not inverted. The yield curve is the difference between yields based on their maturity, which includes the short term fed funds interest rate and the longer term 10-year Treasury interest rate. An inverted yield curve means investors expect slow economic growth, low inflation and interest rate cuts.

"The yield curve for a while has been narrowing, but at the moment shows that there's been a widening out of the yield curve, which suggests to us that more than likely at the moment the risk of recession is quite low," he said. "By the way, yield curves don't happen and then there's a recession right away. Typically, there is a 12 to 18 month lag."

What's more, the recent fiscal stimulus from the tax cuts and the possibility of new public infrastructure investments should provide some tailwinds for the economy.

A Kinder, Gentler CFPB

When it comes to how he will lead as the acting director of the CFPB, Mick Mulvaney cited a quote from 19th century French diplomat Alexis de Tocqueville, best known for his writings about American democracy.

"When justice is more certain and more mild, it is at the same time more efficacious."

The CFPB will be more mild, but it will be more certain, which is the best way for any regulator to be, Mulvaney said at GAC during the general session the morning of Feb. 27.

"It allows us to do our job, it allows us to protect the people who deserve to be protected, and by law they are going to be protected," Mulvaney said. "It also allows you to do your jobs. It allows you to provide the [financial] services. We recognize that there is value in what you do, and we thank you for it."

Mulvaney received a round of applause when he said that the CFPB recognizes that credit unions did not cause the financial crisis and that one size does not fit all when it comes to regulations.

While the acting director said the CFPB will continue to go after the bad actors and faithfully enforce the laws to protect consumers, it will be done differently.

"Yes, we are there to help protect people who use credit cards, but we are also there to protect people who provide that credit because that is an important service to provide consumers," he noted. "We are there to help people who borrow money, but we are mindful and respectful of the people who make those loans."

He pledged to use cost analysis models to determine the true cost of regulations.

A  Blue Wave Cometh?

Political consultants believe a Blue Wave will crash the U.S. House of Representatives in November, but they disagree on whether it will overtake Republican control in the 2018 midterm elections, which is just nine months away.

Former Democratic Senator Mark Begich of Alaska noted that Democrats won about 37 special election races in various state house or senate seats throughout the nation

"It's an unbelievable number, but what's happening is people are saying I gave you a chance, you didn't perform, you're out," Begich said.

Barry Jackson, a Republican who worked for the George W. Bush administration, said historically, during a president's first off election year, his party takes a hit.

"In this case, I think it's interesting. The big thing that he [Trump] has done is the economy," he said. "And it's really hard to imagine that come September, October, we're still not going to be in a very robust economy. So I think that is one of those things that is really different this time – money matters."

But he acknowledged the enthusiasm among Democrats is higher, which may cause the Republicans to lose about a dozen House seats, but the GOP will continue to control the House.

Begich, of course, thinks that Democrats will win the House, though by very a slim margin.

"I think the way they win the House is that they use the anger, and the frustration and the fear about Trump to get to the door, but at the end of the day, you have to show an alternative," he said. "If it's 'we don't like President Trump,' you're going to lose. If it's 'I don't like President Trump and here's what I have to offer differently,' now the voter has a choice. Voters are ready to swing one way or another because their frustration is high, and if you show an alternative, you can win."