In case you missed it, last week was the annual Governmental Affairs Conference in Washington D.C., hosted by America’s Credit Unions. During this time, thousands of credit union leaders flock to the nation’s capital for advocacy work and to discuss key issues and topics ongoing in the industry.
This year’s conference left no shortage of things to discuss, and with so much content to cover, it can be challenging for credit unions to know where to begin and how to prioritize everything. So, today, let’s cover some of the bigger picture items and key takeaways for you to bring back to your credit union. If you’d like to hear about everything the conference covered, you can check out our special reporting series, which details every day and every speaker of the event.
Using the GENIUS Act as an advantage
With the signing of the GENIUS Act into law last summer, much of the conversation at this year’s GAC revolved around how credit unions can take advantage of this new opportunity and jump on the cryptocurrency bandwagon to engage new and old members alike. The bill specifically establishes a regulatory framework that allows financial institutions to begin working with Stablecoin—a reliable form of cryptocurrency backed by reserve assets (gold, the US dollar, etc.).
(Don’t quite get Stablecoins? You’re not the only one. We’ll be taking a deep dive into how this form of payment functions during April’s Financial Literacy Month, so stay tuned!)
Much of the discussion regarding Stablecoin was a resounding agreement that Stablecoin and other such cryptocurrencies are not going away. They are not a mere trend or temporary fad—instead, they are most likely the next phase of payments, following in the footsteps of credit cards, instant payments, and money transfer apps such as Zelle, Venmo, etc. As Stablecoin promises to bring down transaction costs significantly and allow for faster, safer payments, it’s not a matter of if, but when it will become commonplace and required.
Credit unions, experts emphasized, must not approach the adoption of Stablecoin with their standard slow trepidation, but with an eager willingness to engage with the technology. Now, this, of course, does not mean approach without caution, but if credit unions are looking to add Stablecoin 5-10 years down the line, it will be much too late.
The takeaway: Start assessing how and in what ways your credit union can add Stablecoin. What would the process look like? What do you need to figure out, etc.?
The future of the NCUA
NCUA Board Chairman Kyle Hauptman made two separate appearances during the GAC festivities to talk about the organization’s deregulation efforts, as well as the future of the board. The latter, in particular, has created no small amount of noise over the last year, after the firings of board members Tanya Otsuka and Todd Harper last spring. Now, nearly a year after their removal and subsequent lawsuit, no conclusion has been reached, no replacements have been made, and little to no word has been given on the matter.
This issue was one of the first things Hauptman addressed in his sessions. First, Hauptman reassured credit unions as to the legitimacy and legality of a one-member board, citing historical precedent and noting that in these instances, one-member boards even created rules that were still on the books today.
Second, Hauptman commented on his future with the board after an announcement last month that he had been appointed to the SEC-managed Public Company Accounting Oversight Board. While his new position at the PCAOB will not begin until he leaves the NCUA, Hauptman did note that a successor had supposedly been chosen and that he had been in contact with them. He did not state who the successor was or when the announcement would be made, but he made it sound sooner rather than later.
As for the other two seats, Hauptman was clear that this hinged on the outcome of his former colleagues’ lawsuit, to which he had little knowledge.
Regarding the NCUA’s recent deregulation efforts, Hauptman noted that this move was somewhat necessary, following the downsizing of the organization’s staff by 20%. Fewer examiners means that processes need to be simplified and that no remaining member of staff can waste time on unnecessary tasks. To aid in that effort, the NCUA has undergone a “spring cleaning,” or an attempt to streamline the exam process and the number of documents required.
The takeaway: While still unnamed, Hauptman will most likely depart from the NCUA board soon, though his deregulation efforts shall remain and possibly continue in the coming year.
Bringing on young leaders
Credit unions have been looking to connect and better understand the younger generations for a while now. However, the desire to reach them has been purely out of the desire to bring them into the fold as new members. But efforts must extend to the other side of operations as well; we must be looking to bring young leaders and champions into our credit unions as employees, board members, and future executives.
For the credit union movement to continue, and in order for it to remain true to its mission, it will need engaged advocates and strong leaders in the next decade and beyond. But many credit union executives do not seem eager to embrace this idea. Instead of finding new leaders, credit unions are merging due to a lack of succession plans and “no one to step up.”
This is an entirely preventable problem. As the young professionals panel at GAC last week stressed, there are a number of young and excited credit union employees ready to take on these roles. Credit unions simply need to make room for them both in the board room and in leadership roles. By reaching out a hand and mentoring these young professionals, current credit union leaders can set the future of the industry up for success.
As Gordon Holzberg, Legislative Advocacy Director at America’s Credit Unions and moderator of the panel, said, “There are so many others that need access, not just to your financial services, but to your knowledge, your help, and your mentorship. Please reach back and help lift everyone up.”
The takeaway: How can you bring young leaders into the credit union? Are you creating space for them in your boardroom? Do you have any young professionals who could be mentored and led into leadership roles in the future?
Changing our mindset
Going hand in hand with our last takeaway, as well as the GENIUS Act, is our next, which focuses on the need for leaders to increase their willingness to engage with new technologies, new ideas, and disrupt the status quo.
Throughout the week and across several keynote speakers, breakout sessions, and more, a key theme of the week was the need for the credit union industry and its leaders to adapt their mindsets and approaches. To let go of “that’s the way we’ve always done things,” and step into new ideas and possibilities.
While this applies to new technologies such as Artificial Intelligence and cryptocurrency that are reshaping the way many financial institutions operate, it also applies to those younger leaders stepping into the credit union and the knowledge and ideas they bring with them. In order to make the most out of all of these, and bring the biggest advantage to the credit union, current leaders need to be open to readjusting their way of thinking and questioning their current assumptions about what will work and what won’t.
Just as Netflix was once laughed out of boardrooms, the next great idea might seem impossible and impractical. Financial literacy education taking place on TikTok may sound crazy, but it’s a reality now. Credit unions operating in cryptocurrency may sound like something from a sci-fi, but it’s already happening. You never know what the next best thing might be and who it might come from.
The takeaway: Instead of writing ideas off simply because they never would have worked in the past or because they don’t fit into the way the credit union currently operates, reassess if you’re making that judgment call based on old assumptions or a desire to cling to the familiar.
The work doesn’t end here
While GAC is a great time for our industry to reconnect and reassess, it’s important to remember that it is meant to be a starting line, not a finish line. The work that started at GAC and the discussions held there, and topics broached, should not be left in D.C.—they should be brought back to the credit union for leaders to continue working on and implementing. These key takeaways should inspire you to start thinking about how they fit into your credit union.
It’s also important to remember that while these were certainly the highlights of the week, this was not, by any means, a comprehensive list of everything covered at GAC this year. There’s a lot more to learn and digest, some of which we’ll be covering in future articles. If you’re interested in seeing a more detailed breakdown of the week and all the topics covered, you can find all our daily reporting from the 2026 Governmental Affairs Conference below.
