WASHINGTON–Whatever hopes credit unions have of for favored legislation to pass in this Congress continue to run up against bigger issues that are likely to delay their agenda.
Representatives of both CUNA and NAFCU have cited both national and global issues that have moved to the front burner in Congress.
“The Ukraine situation is becoming something that is being watched as it develops,” said Brad Thaler, VP-legislative affairs with NAFCU, referring to threats to that country from Russia. “It depends on what happens there and that could have an impact.”
On the domestic front, the announcement by Supreme Court Justice Stephen Breyer that he will retire from the high court has reset the agenda in the Senate, which will need to confirm President Biden’s nominee for the vacant seat.
The Supreme Court vacancy “is going to take up a lot of the oxygen over the next few months,” said Thaler.
Jason Stverak, deputy chief advocacy officer with CUNA, agreed, noting the United Nations this week is also debating the Ukraine situation, as well. Both the House and the Senate will also receive a bipartisan briefing on Thursday.
Another Oxygen Eater
As if an international crisis and the relatively rare Supreme Court vacancy weren’t sucking up enough of that oxygen, another significant domestic issue is looming: the federal government is due to again run out of funds on Feb. 18.
“We are just 18 days away from government running out of money,” said Stverak. “There will likely see a lot of work behind the scenes to find a compromise package to fund the government or do a continuing resolution.”
Stverak said the federal funding impasse does directly involve an issue of importance to credit unions, which is reauthorization of the National Flood Insurance Program. It also expires on Feb. 18.
“Many credit unions come together to serve members who are impacted by this occurrence, but we hope it doesn’t come to that again,” said Stverak.
Other Notes from Washington:
- As CUToday.info reported, the CFPB has announced its intent to crack down on “junk fees” charged by financial institutions. NAFCU has joined with CUNA and other trade groups in objecting to the Bureau’s new focus. Thaler said the CFBP’s plans do not come as a surprise. “We have known for a while the CFPB plans to look at fees. It’s a way for them to look at courtesy pay and fees across the board, and it’s a direction in which we think they are going to continue to look. We will obviously be watching that.”
- NCUA Chairman Todd Harper’s nomination for another full term on the board remains before the Senate, and action could be seen if there are no objections, said Thaler
- On Thursday, the House Financial Services Committee will hold a virtual hearing titled, “Building Opportunity: Addressing the Financial Barriers to Minority and Women-Owned Businesses’ Involvement in Infrastructure Projects”
- Also on Thursday, the Senate Committee on Banking, Housing & Urban Affairs will hold a nomination hearing for three people to join the Federal Reserve’s Board of Governors.