ARLINGTON, Va.–Credit union advocates in Washington this week will have their eyes on the Senate, where negotiations, arm twisting and deal-cutting will be taking place on both the Build Back Better Act and the National Defense Authorization Act (NDAA).
Both pieces of legislation have already passed the Senate and both include numerous provisions that will directly or indirectly affect credit unions.
The House version of the NDAA includes several credit union-backed priorities, including remote notary and the SAFE Banking Act, which would remove federal prohibitions on financial institutions serving cannabis-related businesses in states that have passed bills permitting cannabis usage (see related story).
Also important to credit unions: the House version of the bill does not include language that would grant banks rent-free access to military bases. Credit unions are pressing the Senate during the reconciliation process to ensure the language is not reinserted.
Rules & Personalities
Meanwhile, when it comes to the trillion-dollar-plus Build Back Better bill, NAFCU’s VP-Legislative Affairs Brad Thaler said, “I think ultimately what the Senate writes is going to be the final version of the bill.”
The Senate version will be affected by a number of parliamentary rules and procedural issues, including the Byrd Rule, which prohibits the Senate from considering extraneous matters as part of a reconciliation bill or resolution. Moreover, noted Thaler, there are also individual senators such as Joe Mancin (D-WV) and Krysten Sinema (D-AZ) who will play an outsize role in influencing how the legislation fares.
“But in a 50/50 Senate, any senator could have influence on it,” observed Thaler, who reminded that whatever version of the Build Back Better Act passes the Senate will then need to pass the House again.
But what about the timing? Thaler said an arbitrary deadline of this year’s Christmas holidays has been discussed, but that could easily push into the new year.
Asked to offer his own forecast for the chances some version of the bill passes, Thaler said, “I think it’s likely something will pass but it’s not certain that something will pass. The Democrats want something done. They have a lot invested in getting something done. They are going to pass something and whatever it is they will say it is a big win. There is not a lot of flexibility in terms of the vote.”
Also on the Agenda
Also in Washington this week, CUNA said it will be watching the following hearings:
Today
Senate Banking, Housing and Urban Affairs Committee hearing: "CARES Act Oversight of Treasury and the Federal Reserve: Building a Resilient Economy."
Wednesday
House Committee on Financial Services hearing, “Oversight of the Treasury Department's and Federal Reserve's Pandemic Response.”