WASHINGTON—Credit union trade groups are preparing for a busy week of advocacy on Capitol Hill, with hearings on tax policy, financial regulation, data privacy, defense spending and the Department of Homeland Security all expected to draw industry attention.
During separate media briefings Monday, America’s Credit Unions and the Defense Credit Union Council outlined a packed congressional agenda, highlighting concerns ranging from Coast Guard funding and protection of the credit union tax exemption to interchange regulation and the future of the Community Development Financial Institutions (CDFI) Fund.
DCUC Chief Advocacy Officer Jason Stverak said one of the organization’s top priorities this week will be hearings in both the House and Senate examining the Department of Homeland Security budget. Stverak said DCUC continues to advocate for a permanent funding mechanism for the U.S. Coast Guard, noting that because the service is funded through DHS rather than the Department of Defense, Coast Guard personnel have repeatedly faced funding uncertainty during congressional budget disputes. Those disruptions, he said, can create additional financial strain for credit unions serving Coast Guard members and their families.
Stverak said DCUC also will closely monitor appearances by Treasury Secretary Scott Bessent before Congress, where tax policy is expected to be a major focus. He said protecting the credit union tax status remains the organization’s top advocacy priority, while also pushing lawmakers to preserve and strengthen the CDFI Fund. In addition, DCUC plans to engage lawmakers ahead of Thursday’s House Financial Services Committee hearing featuring federal prudential regulators, including NCUA Chairman Kyle Hauptman.
Stverak said the group hopes lawmakers will question regulators about NCUA’s interim final rule clarifying federal credit unions’ authority over non-interest charges and fees, which would mirror recent actions by the Office of the Comptroller of the Currency related to the Illinois Interchange Fee Prohibition Act.
Meanwhile, America’s Credit Unions Senior Vice President of Advocacy Greg Mesack described the week ahead as “incredibly busy,” pointing to Thursday’s House Financial Services Committee hearing with federal regulators, which could potentially be one of Hauptman’s final congressional appearances depending on the status of the nomination of John Crews.
Mesack also highlighted upcoming testimony by Bessent before both authorizing and appropriations committees, a House Energy and Commerce Committee hearing on data security and privacy legislation, and the start of House Armed Services Committee work on the annual National Defense Authorization Act.
Mesack noted Congress is returning to Washington with expectations that lawmakers will resume efforts on budget reconciliation legislation that stalled before the Memorial Day recess. He added that America’s Credit Unions President and CEO Scott Simpson will be meeting with key lawmakers throughout the week to advance the industry’s priorities.
Separately, America’s Credit Unions PAC is supporting 55 candidates in primary elections being held Tuesday in California, Iowa, Montana, New Jersey, New Mexico and South Dakota, including incumbents and longtime credit union allies Reps. Young Kim (R-CA) and Brad Sherman (D-CA) who are facing primary challenges.