Credit unions are entering a period of heightened uncertainty in Washington, with multiple policy and regulatory issues converging at once, according to a discussion during CU Times' Inside the PRO Studio webcast.
"There's a lot happening in Washington right now … this is a pay-attention moment," said Michael Ogden, CU Times' senior director of content experience and strategy, pointing to pressure points including interchange, tax status, capital rules, NCUA governance and digital asset policy.
Executive Editor Natasha Chilingerian said those issues reflect a broader shift in how policymakers are viewing the industry. "Individually, each one of these issues matters, but together they represent something bigger ... a shift in how policymakers are thinking about financial institutions and where credit unions fit into that picture," she said.
Jason Stverak, chief advocacy officer at the Defense Credit Union Council (DCUC), described the current environment as one where threats are "simmering," particularly around the credit union tax exemption. While not an immediate crisis, he noted congressional staff are now actively modeling potential tax scenarios, a sign the issue is being taken more seriously behind the scenes.
At the same time, interchange remains a persistent concern. While Stverak said the Credit Card Competition Act is unlikely to advance in Congress in the near term, momentum is shifting to the state level. Laws like Illinois' Interchange Fee Prohibition Act could create a patchwork of requirements that complicate payments nationwide and strain credit unions' ability to offer consistent card services.
On the regulatory front, Elizabeth Eurgubian, partner at Atlas Advocacy, pointed to significant activity at the NCUA, where officials are reviewing rules and advancing multiple proposals aimed at reducing regulatory burden. She said the agency's current structure, operating with limited board membership, has accelerated the pace of rulemaking, though many changes remain in the proposal stage.
That speed, however, comes with trade-offs. Both Eurgubian and Stverak raised concerns about long-term stability, particularly as legal challenges and potential Supreme Court decisions could reshape how independent agencies operate. Rapid turnover in leadership, they warned, could lead to inconsistent policy direction and greater reliance on career staff.
Beyond traditional policy fights, emerging issues such as stablecoin regulation and digital asset frameworks are also drawing attention. Stverak said credit unions are pushing for parity with banks as new rules are developed, while Eurgubian emphasized the need for institutions to stay engaged as multiple agencies shape the regulatory landscape.
Despite the uncertainty, both speakers stressed that credit unions have an opportunity to strengthen their position through continued advocacy. By educating lawmakers and highlighting their role in supporting members, particularly during times of financial stress, the industry can reinforce its value in an increasingly competitive and complex policy environment.
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