The NCUA just lost two board members. Chaos? Maybe. Opportunity? Absolutely. In this live episode from NACUSO Reimagine, we break down what it really means—and where credit unions go from here.
In this episode of Grow Your Credit Union, host Joshua Barclay is joined by co-host Becky Reed and guest Dan Daggett, Chief Strategy Officer at Credit Unions First, for a special live recording from NACUSO Reimagine in Las Vegas to break down the implications of a surprise shakeup at the NCUA, explore what deregulation could mean for CUSO partnerships, debate where tech dollars should be spent, and offer candid advice on choosing the right partners.
NCUA Board Firings Spark Big Questions and Big Opportunities
News of President Trump terminating two NCUA board members shook the industry, raising concerns about political interference in credit union regulation. Becky Reed isn’t buying the doom and gloom. “What credit unions do when there’s uncertainty is they pause,” she says. “And they pause so long they don’t get anything done.” She argues now is the time to double down, not freeze up, and push for modernization at NCUA, especially around de novo charters.
Dan Daggett echoes her calm but firm response. “The mission yesterday was to serve the member. Our mission today is to serve the member. And our mission tomorrow is to serve the member.” He reads remarks from former NCUA Chairman Dennis Dollar, who suggests both the Trump and Biden administrations have disrupted regulatory independence and that a long-term power shift could be underway.
Can Deregulation Fuel the Next Wave of CU/CUSO Innovation?
Building on a strategic foresight exercise at the conference, Dan shares ideas born from a roomful of credit union leaders imagining a more open regulatory environment. “What if we increased what credit unions can invest in CUSOs?” he says. “We could actually start to reverse the aging of our membership.”
Becky adds that while deregulation is important, modernization may be even more critical. “If you look at the list of permissible CUSO activities, you’ll see things like ‘computer processing,’” she jokes. “It’s an antiquated list.” She also challenges the field of membership rules, arguing that digital communities, like online gaming groups, can represent real common bonds. Deregulation, in her view, must include updates that reflect how people live and connect today.
Where Should Credit Unions Bet on Tech?
With new fintechs and platforms flooding the expo floor, it’s tempting to chase shiny objects. But where should limited tech budgets really go? Becky picks distributed ledger technology. “Not cryptocurrency,” she clarifies, “but the rails they ride on. This is going to revolutionize global payments.”
Dan takes a more cautious approach. “I don’t think I’m throwing my members’ money into any one technology,” he says. Instead, he advocates investing through vetted partners like Curql Collective, who filter hundreds of fintechs to identify the best fits for credit unions.
Both agree: the tech itself is less important than what it enables. For Becky, it’s about helping a Ukrainian-American member send money home safely and instantly. “It’s not about blockchain,” she says. “It’s about buying milk.”
What Makes a Great CUSO Partner?
When it comes to selecting a CUSO partner, Dan has one guiding principle: “What’s the benefit or detriment to the member?” He encourages leaders to go beyond legal reviews and run financial impact assessments on every contract. “Ask your CFO to review it. You might find pitfalls you weren’t expecting.”
Becky gets straight to the point. “Can you give me a better price?” she says. Too many CUSOs, in her view, price out small and mid-sized credit unions. “That’s a travesty,” she says. “We don’t negotiate enough.” She urges leaders to push back, ask for pilot programs, and make vendors earn their business.
The conversation closes with an audience question about a potential NCUA consolidation into the Treasury or FDIC. Becky says, “Necessity is the mother of invention. We’ll survive. We’ll move forward. We’ll figure it out.”
Dan agrees. “Let’s convert that fear into energy,” he says. “We were together when this happened, let’s move this industry forward together.”
Top Takeaways from This Episode
- The NCUA board shakeup is not a reason to pause, it’s a reason to push for modernization.
- Deregulation should include updated definitions of common bonds and CUSO activities.
- Distributed ledger technology could transform payments, but credit unions should vet tech partners through trusted networks.
- Always ask CUSO partners tough questions, about pricing, alignment, and member benefit.
- Uncertainty creates opportunity. Credit unions that keep moving will be the last boat standing.
