WASHINGTON–Credit unions are being especially wary as Congress returns to Washington with a limited legislative calendar in September and some potentially enormous bills to be considered.
It’s a combination that can lead to language being slipped unnoticed into bills that in turn can have enormous implications.
Ryan Donovan, CUNA’s chief political officer, said Congress has a “huge to-do list” that includes appropriations bills, dealing with the debt ceiling, tax reform and infrastructure discussions, and the border wall. But at the top of its list is emergency assistance for victims of Hurricane/Tropical Storm Harvey.
“One of the things we will be paying close attention to is an appropriations bill on the House floor this week,” said Donovan.
That “massive” appropriations bill, he said, could actually include up to eight other appropriations bills brought to the floor for a single vote. In addition, he said the House Rules Committee will be meeting today to consider as many as 1,000 amendments.
Of specific interest to credit unions in all of those amendments and bills is funding levels for the CDFI Fund and NCUA’s Revolving Loan Fund, which have been targeted for reductions by the House this session, as well as language that would subject the NCUA budget to the appropriations process.
Also in Washington:
- CUNA’s chief political officer, Richard Gose, said that over the next two months CU groups representing 24 states will be hiking the hill and meeting with Congress and others in Washington. A special training on effective advocacy will also be held for young professionals in credit unions.
- Elizabeth Eurgubian, deputy chief advocacy officer, noted that when the Credit Union Advisory Council meets with the CFPB next week there will be a special emphasis on the agency’s proposed rules for overdraft protection and HMDA compliance. Credit unions have argued the CFBP’s conclusions on overdrafts are based on research that included only the nation’s largest banks and did not take CU practices into consideration. When meeting with the CFPB credit unions are also expected to discuss its payday lending proposal and to request an exemption from requirements related to data collection for small business loans.