March 24, 2025—In my three decades at EasCorp, I’ve watched the credit union industry weather the many shifts in political prioritization that naturally occur under a new administration. When political power transfers from one party to the other, and new appointees move into agency leadership roles, reorganization, budgetary or policy shifts, or changes to regulatory approach are expected. Historically, these changes have been incremental, but the actions of the current administration have been fast and wide reaching.
The response from credit unions to recent Executive Orders related to financial services, as well as regulatory and federal funding freezes, has been mixed. Some see these shifts as a positive step in reshaping the industry’s regulatory landscape. For other credit unions, the elimination or reduction of certain funding programs and consumer protections, in particular, has raised uncertainty about their ability to provide consumers full access to financial services. At EasCorp, we, too, are closely monitoring the issues impacting our industry. The tax reform debate in Congress includes a push from banks to eliminate tax exemptions for credit unions over $1 billion in assets. An Executive Order limiting the function of the Community Development Financial Institutions Fund may also limit its reach in underserved communities. The Consumer Finance Protection Bureau is under new leadership, but its status is uncertain as insiders say that plans to downsize or dismantle the consumer watchdog agency are merely on hold. Dozens of new Executive Orders, and the revocation of past orders, have targeted aspects of our economy and fiscal policies as well as artificial intelligence, data privacy, cybersecurity, and community funding—topics closely tied to our industry’s mission. We must stay informed, be steadfast in our mission, and act when we have strong convictions on a topic.
On April 15, 2025, lobbyist John McKechnie, a DC insider at the table with your government and agency representatives, will join us for our Annual Meeting. He’ll update us on the status of these and other topics and will take your questions on the health of and opportunities for our industry in the current political and regulatory landscape. Do not miss your opportunity to hear directly from a trusted credit union advocate. Our Annual Meeting is open to the management teams from member credit unions. Please join us.
Cynthia Nelson, President/CEO, EasCorp