We’ve been going to the GAC for a decade and have never seen more concern that credit unions’ tax-exempt status could be in danger. The issue seemed to come up in nearly every conversation and in almost all break-out sessions. In fact, America’s Credit Unions has issued an action alert in support of the credit union tax status.

“The time is now for credit unions to stand up with a unified voice and protect the tax status that is under threat. Its value is being questioned right when credit unions are needed the most to support members and get the economy back on track,” said America’s Credit Unions President/CEO Jim Nussle. “Not a single elected official came to Washington, D.C., to knowingly raise taxes on 140 million Americans, and it’s time they understand that’s exactly what changing the tax status would mean for their constituents.”

With new revenue streams hard to find, several sources mentioned that there may be opportunities to take some market share from community banks in the commercial space. In a breakout session called “fueling growth: the future of commercial lending in credit unions,” panelists said that commercial lending is a business line that credit unions are sometimes hesitant to get involved in due to the risks involved and a lack of expertise in that portfolio.

“Take it from someone who crossed over and left the dark side, it’s a good thing and it will help your credit union,” said Mike Sims, chief commercial banking officer at Georgia’s Own Credit Union. The credit union in 2022 acquired Smyrna, Georgia-based Vinings Bank, where Sims previously worked.

Or at least they should be. For the unfamiliar, it’s a practice in which CEOs work for multiple organizations at the same time. Considering the war for talent that is now raging across the industry, it’s an alternative that helps some small credit unions survive and resist being forced into a merger with another institution.

One CEO already taking the challenge is Karen Griffo, chief executive of $46 million-asset Roswell Community FCU in New Mexico. Griffo is also currently serving as CEO of $5 million-asset Rincones Presbyterian Credit Union 200 miles away in Chacon.

“I’ve taken out a deer, I’ve had more speeding tickets than I’d like to admit and I definitely have some road-time put in, but it has been rewarding,” she said.

Some industry observers at the GAC wondered if the constant pushback against credit union-buying-bank deals from the banking trades might finally be gaining some traction. Others suggested the frantic early days of the Trump administration may have caused potential buyers to step back, at least temporarily.

“I think credit unions and banks are waiting to see how things will play out in Washington, D.C. related to taxation and the regulatory agencies,” said attorney Jeff Cardone of Luse Gorman. “That said, I still have a strong pipeline of deals.”

There has only been one such deal announced thus far in 2025. The $1.5 billion-asset Frontwave Credit Union in Oceanside, California, in January said it agreed to acquire the $316 million-asset Community Valley Bank in El Centro. Those in the know, however, say that deal number two could be announced this week.

The new Chairman of the Senate Banking Committee, Scott spent seven years on the board of Heritage Trust Credit Union, which is now known as REV FCU.

“The foundation of the way I view the financial lens started back when I was simply a volunteer member of the board of directors at REV, and it was such a powerful experience to understand that there were financial institutions created with one objective – making sure that the person feels seen,” he said.

Scott, who is from South Carolina, said one of the most important things financial institutions can do is to ensure that the consumers walking through their doors never lose the sense of relationship. “And one of the reasons why I’m a raving fan of credit unions is because you guys have done such a good job of maintaining this sense of intimacy that is missing in so many financial institutions,” he said.