U.S. President Donald Trump arrives for a business session Monday, Feb. 26, 2018. Photographer: Yuri Gripas/Bloomberg
Having met with President Trump Monday afternoon, the leaders of the two major credit union trade groups said they are convinced that Trump understands their worries about the regulatory burden they face and that he wants to help.
"He seemed concerned about the same concerns that we have," CUNA President/CEO Jim Nussle told the CU Times following the meeting.
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"He has a clear understanding of credit unions in the financial services marketplace," said NAFCU President/CEO B. Dan Berger in a conference call with reporters.
The two said that Trump clearly supports overhauling Dodd-Frank.
CUNA and NAFCU also were represented by officials from several credit unions from across the country.
"They related their concerns about one-size-fits-all" regulations, Nussle said, adding that "There was no question that he was engaged."
Nussle and Berger said that Trump gave no indication of when he will nominate people to fill the two vacancies on the NCUA board or when he would select a permanent CFPB director.
And Berger said there was no discussion of the credit union tax exemption. Senate Finance Chairman Orrin Hatch (R-Utah) has expressed concerns that the tax exemption might be outdated.
That has reignited the battle between banks that want the exemption eliminated and credit unions that want it preserved.
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