WASHINGTON—As the year winds down, America’s Credit Unions said it is stepping up its advocacy push, submitting comment letters to the CFPB, pressing House Financial Services Committee leaders on the operational support credit unions will need as the penny is phased out, and rolling out a year-end video that underscores what the group calls a consequential year for the credit union movement.
Meeting With Credit Unions Of All Sizes
America’s Credit Unions said its new CEO, Scott Simpson, has made outreach to member credit unions an early focus of his tenure, emphasizing listening sessions with leaders to better understand the challenges they face and how the trade group can respond. The organization said Simpson spent Monday meeting with midsize credit union CEOs and, by Tuesday, will have held discussions with executives representing institutions across the asset spectrum, from under $250 million to more than $5 billion.
Letter on Fair Lending Rules
America’s Credit Unions submitted a detailed comment letter supporting the CFPB’s proposal to remove disparate impact liability from Regulation B and to clarify the scope of the discouragement standard under the Equal Credit Opportunity Act. The letter emphasizes credit unions’ longstanding commitment to fair lending while urging the Bureau to align its regulations with statutory text and Supreme Court precedent to provide greater clarity and certainty for lenders and consumers alike.
“America’s Credit Unions supports the objective of gathering meaningful small business lending data while ensuring that regulatory requirements are aligned with operational realities, market dynamics, and the unique structure of credit union lenders,” stated James Akin, ACU head of regulatory advocacy.
Letter On Small Business Lending Data Requirements
In a separate letter, America’s Credit Unions welcomed the CFPB’s reconsideration of its Section 1071 small business lending rule and strongly supported proposed changes to reduce regulatory burden. The letter endorses raising the origination threshold for covered institutions, narrowing the definition of small business, eliminating discretionary data points, and establishing a single, later compliance date. Combined these steps would allow credit unions to continue serving small businesses without unnecessary operational strain.
“America’s Credit Unions supports the objective of gathering meaningful small business lending data, and strongly endorses the CFPB’s efforts to reduce compliance burdens by narrowing the scope of covered transactions, raising the origination threshold, refining the definition of small business, and simplifying data collection requirements. These changes appropriately balance transparency and fair lending enforcement with the practical challenges credit unions face, enabling them to continue serving members effectively,” stated John Vatian, ACU regulatory advocacy counsel, innovation and technology
Letter Urging Action on Phaseout of the Penny
As more credit unions seek guidance on how to best proceed following Treasury’s penny phaseout announcement, America’s Credit Unions sent a letter to House Financial Services Chairman French Hill and Ranking Member Maxine Waters calling for swift congressional action to address the challenges faced by the notice. The letter supports legislation, the Commons Cents Act, to establish a uniform national rounding standard for cash transactions.
It also goes to warn that without clear federal rules, credit unions and consumers could face inconsistent practices, higher compliance costs, and general confusion at the point of sale. The letter also urged Congress to lean into its oversight role to ensure continued access to coin depots, transparent communication from Federal Reserve as penny inventories decline, and coordinated guidance from federal regulators to support financial institutions to manage the transition fairly and consistently.
“With penny production ending, inventories at Federal Reserve distribution sites are shrinking without a national rounding standard, creating uncertainty and operational challenges for credit unions and other financial institutions. If Congress does not set uniform rules, differences among state approaches to rounding will raise compliance, signage, audit, and complaint risks for credit unions,” stated Greg Mesack, ACU senior vice president of advocacy.
Year-End Video: Reflecting On A Pivotal Year
Alongside its regulatory advocacy, America’s Credit Unions released a year-end video highlighting key milestones from 2025 and reaffirming the movement’s mission to advance, empower and protect the future of credit unions. The video underscores the industry’s unified advocacy, commitment to members, and readiness to meet the challenges ahead, ACU explained.
Watch the video here: https://www.youtube.com/watch?v=0lvYPNMBDpc