WASHINGTON–What could have been a very different week in Washington has reverted to the norm following an agreement over the weekend to fund the federal government, and for credit unions that again means focusing on opposing the Credit Card Competition Act.
In Congress, the House is again scheduling hearings and debating 12 different independent spending bills, while the Senate continues to move through the nomination process, noted Jason Stverak, deputy chief advocacy officer for federal government affairs for CUNA.
Of course, as Stverak reminded, the spending measure agreed to in Congress only runs for approximately 45 days, which means Congress and the U.S. could be headed for yet another budget standoff by mid-November.
In the meantime, Stverak said the trade group and credit unions will again be watching to ensure the Credit Card Competition Act or its language is not included in another bill.
‘Highest Priority’
“It remains our highest priority and continues to be a threat to credit unions,” said Stverak, noting CU representatives from 20 states hiked the Hill during September.’
Brad Thaler, VP-legislative affairs with NAFCU, agreed, saying the trade group is similarly monitoring other legislation and minibus spending bills for any language or amendments related to the Credit Card Competition Act.
Also Being Watched
In addition, Thaler said NAFCU will be paying attention to progress on the SAFER Act, which passed out of the Senate Banking, Housing, and Urban Affairs Committee with a 14-9 vote.
As CUToday.info has reported, the bill would provide a safe harbor for financial institutions and employees serving legal cannabis-based businesses. Cannabis currently remains illegal under federal law, leading most financial institutions to decline service to the businesses.
“Leader (Chuck) Schumer (D-NY) indicating that he would like to try to bring it to the Senate floor,” said Thaler. “As we saw in the committee debate there clearly are concerns on the legislation from both the left and the right, so to bring it to the floor (raises some) questions in terms of what package they could get (and can) they get the votes across the aisle to get there?”
Thaler said there is a chance the legislation, which succeeds the SAFE Act that failed to get out of several prior sessions of Congress, could come to the House floor for a vote before the end of the month.
Complicating Things
But progress on that bill and all others, reminded Thaler, could not just be stymied by a government funding impasse in six weeks, but by a challenge by Rep. Matt Gaetz (R-FL) to the House leadership of Rep. Kevin McCarthy (R-CA).
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