CU Times: Can you give an overview of your interpretation of this Executive Order?
Hunt: “You know, it seeks to really double down on an interpretation of the power of the executive. And this really goes to some core constitutional law issues as to what is the role of the president relative to various agencies. And if you go back and look at various administrations, different administrations, whether it's the Obama Administration or the, the first Trump Administration, [they] have taken different approaches [to Executive Orders]. And Department of Justice has written different memos and taken different approaches to just how far and how expansive the power of the administrative state should be.”
“So ultimately, I think this order is a reflection on consolidating power in the executive [branch] irrespective of independent agencies. And I think we'll have to see ultimately what that true impact is down the road.”

CU Times: Is this EO a direct threat to NCUA’s independence?
Hunt: Well, I do think if we have an independent board that is not removal by the president. So that is a statutory construct. So again, a couple of things will, can happen. So either that board will pass rules that will have the approval of OMB and the administration, or that board will not. So either we will end up with a set of rules that are very politically tied to the goals of the administration, or we will have likely no action. So I think that if we were to continue down this road, it could have the potential to create a lot of uncertainty for credit unions. If all of the agency's rulemaking and interpretations we're going to be tied to how one administration views things over another. And that is really what gets at the core of what an independent agency is.

CU Times: With these changes, will you and other lobbying groups have to change strategy to lobby directly at the White House?
Hunt: So America's Credit Unions already and always has been lobbying the administration part of the work that we do. I think that that work has been, you're correct in stating that that has been more directed at overall policy issues, whether it is how Congress is looking at a certain issue or not, but it bleeds into the regulatory space as well. And certainly America's Credit Unions has raised issues and concerns with the CFPB, with every recent administration that has been in office, whether they've been Democrat or Republican. And of course you may recall the legacy organizations of America's Credit Unions, CUNA and NAFCU, and leaders of those organizations met with President Trump during this first administration. So ensuring that the administration understands the credit union difference, ensuring that we can work with any administration is incredibly important and has always been part of our lobbying efforts.

CU Times: With this EO, are you concerned Congress won’t offer any pushback?
Hunt: I think the separation of powers and what that means is such a core issue to our democracy. I would be very surprised if there weren't further debate and discussion and if Congress did not weigh in one way or the other it is relative to ensuring that laws are enforced. And again, this is why we have a court system and certainly we support the rule of law. Again, with all of the uncertainty though that is swirling around D.C. you do have to separate what is actually happening versus some of the just general activity. I think when you look at the CFPB, that that's an example. The credit unions still have to follow the statute and rules and regulations, even though supervision has been what likely is temporarily suspended until potentially there [are] changes there. So, there is a lot of change, but what those real changes are and what that looks like long term, we're obviously still trying to figure out. America's Credit Unions is focused on what we're hearing from our members, focusing on those core priorities and making sure that the administration understands those. And there are many, many things that we are aligned on relative to regulatory relief for credit unions.