WASHINGTON— America’s Credit Unions said it is heading into a pivotal week on Capitol Hill with appropriations, regulatory relief and reconciliation all in play, as Congress moves quickly on the FY27 Financial Services and General Government spending bill and the House Financial Services Committee prepares to mark up legislation with direct implications for credit unions.
ACU said the House Appropriations Financial Services and General Government Subcommittee last week included funding for the CDFI Fund in its FY27 bill—below the full $324 million provided in FY26, but at what the trade group called a workable starting point. ACU noted the same thing happened in the FY26 cycle, when lawmakers initially proposed a lower level before ultimately restoring full funding, and said it will again push during this week’s full committee markup to increase support for both the CDFI Fund and the NCUA Community Development Revolving Loan Fund.
At the same time, ACU said it is closely watching House Financial Services Committee action on two bills. The group said it supports legislation to tailor Section 1071 of Dodd-Frank by establishing dollar-loan thresholds, arguing the current small business lending data reporting requirements impose outsized compliance, liability and operational burdens on smaller institutions and should be focused more heavily on larger lenders.
But ACU said it has concerns with legislation that would repeal the Corporate Transparency Act, arguing the law’s FinCEN beneficial ownership database was intended to ease, not increase, the burden on financial institutions that otherwise must independently determine who controls business accounts.
ACU also said it is monitoring Senate movement on “reconciliation 2.0,” with lawmakers potentially attempting to move a budget resolution this week that could trigger a vote-a-rama. The group said it is cautiously optimistic leaders will try to keep any package narrow and focused on funding frontline ICE and CBP personnel during the ongoing DHS shutdown, but stressed that Senate floor action can shift quickly and that it will continue engaging with members of the Senate Finance and Budget committees, as well as the House Budget and Ways and Means committees, as the process unfolds.
Other events in Washington this week:
- Tuesday, Senate Banking Committee nomination hearing for Kevin Warsh to serve as the next Federal Reserve Chairman
- Tuesday, House Homeland Security Committee hearing covering online scams and cryptocurrency fraud
- Wednesday, the Senate Appropriations Committee will hear testimony from Treasury Secretary Scott Bessent on the agency’s FY27 budget request