Engaging with Treasury staff on debanking

A meeting with Treasury officials Thursday focused on the administration’s Executive Order Guaranteeing Fair Banking for All Americans. America’s Credit Unions Senior Vice President of Advocacy Greg Mesack and Regulatory Advocacy Senior Counsel Luke Martone sought clarity on the executive order directing Treasury to develop a comprehensive strategy to address debanking.

America’s Credit Unions highlighted the need for clear definitions, consistent expectations across regulators, and practical guidance that does not impede legitimate risk management or member-service functions.

Mesack and Martone emphasized that credit unions do not engage in politicized or ideological debanking, and that decisions about account openings or closures are based on legitimate business and regulatory considerations.

They also urged Treasury to take a coordinated and clear approach as it carries out its review under the executive order, and that any guidance developed by Treasury, NCUA, or financial regulators should be straightforward and practical, especially given the resource constraints many credit unions face.

America’s Credit Unions will continue to work with the Treasury to ensure that any policy decisions support fair access and allow credit unions to serve their members safely and effectively.