2023 NASCUS GAC Recap

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National Association of State Credit Union Supervisors (NASCUS) had a busy week at the 2023 Credit Union National Association Governmental Affairs Conference (CUNA GAC). Approximately 5,500 industry stakeholders gathered in Washington, DC, this year to discuss the pressing issues and challenges confronting the credit union system and broader financial services sector.

“There is a significant benefit to participating in this system-wide event for regulators and credit union stakeholders. This week was a deep dive into state and national networking, engaging and enlightening dialogue, and sharing of innovative solutions. NASCUS leads the regulator community in orchestrating meaningful leadership exchanges that bring value to their membership,” commented Katie Averill, Superintendent of the Iowa Credit Union Division/Director of Commerce and Vice Chair of the NASCUS Regulatory Board of Directors.

Throughout the week, the NASCUS Regulator Board and Credit Union Advisory Council held business meetings of the NASCUS Joint Leadership and held meetings with various NASCUS partners and system stakeholders. The NASCUS Regulator Board also held meetings with individual NCUA Board members.

“This event is a living illustration of ‘People Helping People’ and emphasizes the collaborative relationship between credit unions and regulators,” said Denice Schultheiss, Michigan Department of Insurance and Financial Services, Director of Credit Unions and NASCUS Regulatory Board Treasurer. “As a regulator, this productive dialogue and information-sharing are invaluable. An open exchange of perspectives enables our mutual desire to ensure safe, sound, and valuable credit union services to all members.”

These meetings provide an opportunity to coordinate with industry stakeholders, discuss our priorities and shared concerns within the state system, and identify opportunities for advancing NASCUS’s goals on behalf of our membership.

“As a credit union, our interactions with regulators are extremely beneficial. By maintaining an ongoing dialogue with regulators from across the country, our credit union has built long-standing relationships that allow us to achieve better results for the industry as a whole,” said Jeff Dahlstrom, President/CEO, Southeast Financial Credit Union and NASCUS Joint Advisory Council Chair. “This event allowed us to share thought-provoking ideas and participate in thorough, meaningful discussions with state and federal agencies, which we value and look forward to every year.”

In addition to meeting with NCUA leadership, NASCUS met with CUNA Mutual Group, the National Association of Credit Union Service Organizations (NACUSO), the National Association of Federally Insured Credit Unions (NAFCU), Inclusiv, and the American Association of Credit Union Leagues (AACUL).

Topics discussed during NASCUS’s meetings included:

• Needed regulatory and statutory changes that allow for healthy credit union growth and innovation challenges faced by Community Development Financial Institution (CDFI) designated credit unions, as well as related changes in the certification process
• Issues surrounding environmental, social, and governance (ESG) and the complexities of addressing climate change as a safety and soundness concern
• The need to maintain balance in the dual chartering system by matching NCUA’s proactive federal credit union field of membership changes
• NASCUS’s progress in developing the next generation of Interstate Branching/Interstate Activities protocols for state credit unions
• The need for coordination in the development of regulation and supervision of digital assets
• CUSO activities and advancements in Fintech
• The need to scale back preemption of state credit union regulations and re-establish states as the laboratories of supervisory innovation
• The cybersecurity threat landscape, risk mitigation, and more

“While NASCUS maintains regular communication with our members and system stakeholders, we enjoy the opportunity to meet face-to-face and share our perspectives with all industry partners,” commented Brian Knight, President and CEO of NASCUS.