WASHINGTON–It’s going to be a very busy week this week in Congress, at least when it comes to hearings and bills of interest to credit unions.
There will be floor markup of HR 2543, the Federal Reserve Racial and Economic Equity Act, as well as HR 7003, the Expanding Financial Access for Underserved Communities Act, which provides expanded field of membership powers for some credit unions, which is strongly opposed by the banking industry and which at least two Republicans sought to derail (see related story).
Of the latter, Jason Stverak, CUNA’s deputy chief access officer, said, “I think it’s very important the House sees the need to include this bill. It looks like it will be able to pass and then move over to the Senate.”
The effort by two Republicans, Rep. Andy Barr (KY) and William Timmons (SC)–to submit amendments that would delete the field of membership provisions is not expected to go anywhere, according to NAFCU VP-Legislative Affairs Brad Thaler, noting the legislation has the backing of House Financial Services Committee Chair Maxine Waters (D-CA) and House Democrats.
The FOM provisions have been strongly opposed by the banking industry.
Party Line Vote
“The expectation is it will be a party line vote on the floor, because it’s a very Democratic package,” said Thaler. “We don’t expect it to go anywhere in the Senate.
“But, from our perspective it is a significant step if it passes the House, as that allow us to look for ways to try to advance it in the future. We can point out that it has some demonstrated support, whether it’s in this Congress or the next.”
Thaler said there is a “chance” some of the credit union-supported provisions could be picked up and inserted in other legislation, including language related to underserved areas, CDFIs and supporting de novo credit unions, which have had bipartisan support.
“As Congress comes together at end of the year and potentially looks to put together omnibus packages, there are provisions that could reemerge,” he said.
Also Getting Focus
Meanwhile, the House is also marking up HR 5912, the Close the ILC Loophole Act, and HR 4277, the Overdraft Protection Act, both of which have strong interest from credit unions.
Meanwhile, on Thursday, the House Committee on Energy & Commerce will hold a hearing titled, “Protecting America’s Consumers: Bipartisan Legislation to Strengthen Data Privacy & Security” (see related story).
“Obviously, it’s an issue incredibly important to credit unions,” said Stverak.
And then there is the ongoing markup of the National Defense Authorization Act (NDAA) by both the Senate Armed Services Committee and in the House, where language that would give banks equal treatment to credit unions for on-base military facilities remains divisive and is strongly opposed by CUs.