WASHINGTON–Even though another partial federal government shutdown is looming in just three weeks, NAFCU is optimistic Congress will be able to move forward
with other items on its agenda.
NAFCU EVP and General Counsel Carrie Hunt said she is hopeful there will be a “genuine” effort to find compromise on a number of the issues of importance to credit unions and that work will be done behind the scenes to establish a schedule for committee hearings, especially on the fate of the government-sponsored enterprises, Fannie Mae and Freddie Mac. “We don’t want to go back to the previous system,” said Hunt.
NAFCU will also be meeting with representatives of the Treasury Department on issues related to cybersecurity.
With cybersecurity having been on the congressional agenda for some time, Hunt was asked whether progress can be made given that Congress is now divided with Democratic control of the House and Republican control of the Senate. “Ultimately, it will come down to who bears the costs on breaches,” said Hunt. “The costs will have to affect businesses, and we’re not there yet.”
On issues beyond cybersecurity, Hunt said she expects Congress to begin to tackle more substantive issues in the second quarter of this year, but she also conceded, “it’s going to require compromise, and it’s going to be tough.”