WASHINGTON—America’s Credit Unions President and CEO Scott Simpson told attendees at the 2026 Governmental Affairs Conference that what’s truly at stake in Washington isn’t just policy — it’s the “transformational experiences” credit unions create in people’s lives every day.
Scott Simpson addresses the meeting.
Credit unions exist—Simpson reminded the record crowd as he delivered his first GAC address as ACU’s leader—because Congress chose nearly a century ago to expand access to financial services for Americans who were being left behind. The Federal Credit Union Act wasn’t about creating another financial institution model — it was about ensuring middle America could be served. That mission remains intact, but Simpson warned it cannot be taken for granted.
For years, Simpson said he has asked credit union leaders a simple question: Why do credit unions exist? The typical answer — that they are not-for-profit financial cooperatives — is true, but incomplete. Credit unions and their tax-exempt status exist because the government allows them to exist, he said, and that tax status can be taken away.
Banking industry opponents with deep resources and long-standing relationships view the cooperative model as a threat to their bottom line. The CU industry has faced this before. Decades ago, banks mounted a well-funded campaign to eliminate their not-for-profit competition. Credit unions survived — but only because leaders and members defended the model, Simpson reminded.
Last year provided a modern reminder of that vulnerability. As Congress debated how to pay for extended tax cuts, the credit union tax exemption was on the table. Simpson said the movement responded with a unified voice — credit unions, members, leagues and allies advocating on behalf of the 145 million Americans they serve, including military families, teachers, farmers, small-business owners and first responders.
Eliminating the tax status would cost the country billions, he said, but more importantly it would weaken a proven pathway to economic mobility. The immediate threat was beaten back — but it has not disappeared, he added.
Simpson pushed back on a common criticism: that credit union growth represents a departure from cooperative principles. Growth, he argued, does not equal mission drift. Despite record membership levels, credit unions still hold modest market share compared to large financial institutions. In fact, he noted, they are often described as one of the “best kept secrets” in financial services.
That creates a challenge. If members don’t fully understand what makes credit unions different, policymakers won’t either. That’s why advocacy must be central to everything America’s Credit Unions does, Simpson said. If government does not permit credit unions to operate with a tax break, many may not operate. Advocacy is not optional.
Simpson urged attendees to make clear to lawmakers that credit unions are already delivering solutions to affordability challenges. With 145 million members — and voters — the movement represents a powerful equalizer when facing well-funded opposition.
He also outlined policy priorities for the week on Capitol Hill, including opposition to interest-rate caps and interchange mandates that function as government price controls; modernization of outdated reporting thresholds; and reforms to lending restrictions that limit credit unions’ ability to serve small businesses. Fraud and scams, he added, are devastating members and costing institutions billions — an area where lawmakers should focus genuine consumer protection efforts.
Throughout his remarks, Simpson returned to a central theme: credit unions are people-helping-people cooperatives operating at scale. That combination is rare in American finance, he said.
“We are stewards of a social movement,” he told attendees. “One hundred forty-five million Americans are counting on us to protect their pathway to economic freedom.”
Simpson emphasized that the credit union industry is more than a business model.
"It’s one of the most successful social movements in the history of America,” Simpson said.
Simpson touted the amount of lives credit unions have touched, including his and his family’s.
“Credit unions’ greatness is the sum of millions of individual stories. You and I have seen them up close. And we’ve lived them in my family.”
Capturing and amplifying credit unions’ stories is a core feature of this year’s GAC, he said.
“That’s a humanity that isn’t found anywhere else in retail financial services, and you as credit union leaders—as board members, marketers, communicators, and advocates—you’re part of the process of capturing, and retelling, these stories of humanity,” Simpson stressed. "“As someone who has spent a career on both sides of policy meetings, I can tell you just one of those stories, coupled with data that brings the scope and scale of this work, resonates a hundred times deeper than any chart. Every meeting has graphs, facts, and figures, but most do not have a ready example of a life changed for the better. These transformational experiences are also what’s at stake if we don’t advocate."
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