WASHINGTON—With both the House and Senate in session this week, the U.S. budget resolution debate is a key focus of credit union trade groups.
“We do expect the House budget resolution to be on the floor,” said America’s Credit Unions Chief Advocacy Officer Carrie Hunt. “While I wish we could have a clear idea of how long it is going to take to come to an agreement…we don't have any indications at this point in time. But it's something, of course, we are continuing to look at very closely.
“We continue to work with our league partners and credit unions to have meetings with key members of the House Ways and Means Committee and Senate Finance committee,” continued Hunt. “Ensuring that the credit union tax status is preserved is our number-one priority. This is a long game, but we anticipate we will certainly see the House Ways and Means start to put pen to paper in the next few weeks.”
The Defense Credit Union Council said it continues to monitor the budget debate.
“We remain vigilant in communicating to members of Congress, as they start the reconciliation process, to not eliminate the credit union tax status,” said DCUC Chief Advocacy Officer Jason Stverak. “The financial readiness of our military will be adversely impacted if Congress removes the long-established tax status of credit unions.”
Other events in Washington this week:
Wednesday
- The Senate Banking Committee is holding a hearing on digital assets, "Exploring Bipartisan Legislative Frameworks for Digital Assets.” The hearing livestream begins at 2:30 p.m. ET on the Senate banking website
Thursday
- The Senate Banking Committee will consider the nomination of William Pulte to be director of the Federal Housing Finance Agency (FHFA) and Jonathan McKernan to be director of the CFPB. The hearing begins at 10 a.m. ET, with a livestream available on the committee website.
McKernan served as an FDIC board director until stepping down earlier this month. He has experience in banking and consumer financial laws, as well as serving in counsel and advisor roles on the Senate Banking Committee, FHFA, and Treasury Department.