WASHINGTON–With a credit union priority on the agenda, it’s expected to be a busy week in Congress. But how exactly it will play out remains in flux due to competing priorities of the Trump administration and Congress, and with a deadline to fund the federal government looking over all of it.
Eli Joseph, CUNA’s deputy chief advocacy officer, said that among the issues in front of the House, for instance, is what’s expected to be another swing at repealing and replacing Obamacare. President Trump has also announced “big” plans for a tax overhaul plan to be announced on Wednesday.
“This is Important to us because time on the House floor is precious and there can be a butterfly effect on other priorities,” said Joseph. “It could delay other matters, such as financial regulatory relief.”
That regulatory relief is currently represented in the CHOICE Act 2.0, sponsored by Financial Services Committee Chairman Jeb Hensarling (R-TX). As CUToday.info reported here, the full committee is scheduled to hold a hearing on the legislation on Wednesday.
Joseph said that while the legislation includes language that would provide regulatory relief to credit unions, it also includes “several provisions we have concerns about” that CUNA intends to raise in a letter to the committee.
NAFCU similarly said it also has worries over the CHOICE Act. “There are also areas of concern, such as a proposal to subject the NCUA to congressional appropriations,” said NAFCU.
In the meantime, CUNA, like much of the country, is watching how Congress addresses funding of the federal government. The current funding expires on Friday. “We understand that over the (congressional) recess negotiators worked to craft a package,” said Joseph.
As part of that funding package Joseph said CUNA is watching to see if funding is maintained for the CDFI Fund. A Trump administration draft budget previously called for eliminating the CDFI fund, which received $233 million in 2016. A number of parties within credit unions have been lobbying to restore the funds.
Credit unions are also keeping an eye on whether language will survive in legislation that would direct the CFPB executive director to report on how the agency’s exemption authority is being used.
NAFCU reminded there are other hearings scheduled in Washington this week that credit unions will want to watch, including:
- On Thursday, the House Financial Services Subcommittee on Terrorism and Illicit Finance will hold a hearing titled "Safeguarding the Financial System from Terrorist Financing."
- Also on Thursday, the House Small Business Committee will hold a hearing examining how small businesses are the key to economic growth.