WASHINGTON–Both the House and the Senate are back in session this week, with credit unions watching for progress on a Phase IV stimulus package, as well as giving attention to a number of committee hearings this week.
Looking at Congress from a “higher level,” Ryan Donovan, chief advocacy officer with CUNA, noted Congress has approximately three weeks left to pass funding legislation before the end of the federal government’s fiscal year, with other pressures also lurking.
“The major questions are can they come together on a COVID package and can they come together on an agreement to fund the government,” said Donovan. “In the past we have seen these as separate and distinct, but there is a very good chance they will come together. Congress seems to work best when facing a crisis and a deadline. And another dynamic affecting Congress in September is the (November) election, a number of members have an interest in passing COVID relief.”
‘Engaged With Congress’
Ryan said CUNA remains “engaged” with Congress and that the association’s priorities remain the same, including an extension of the CARES Act CU provision, expanded TDR accommodations, ongoing expanded authority for the Central Liquidity Facility, PPP loan forgiveness, liability protection for businesses and organizations that need to be open and serving people, and state and local government funding for first responders and schools.
On the appropriations side, he said CUNA also continues to support additional funding for the CDFI Fund, NCUA’s Revolving Loan Fund, and the cooperative loan program.
Hearings This Week
Among the congressional hearings of interest to credit unions this week:
- Today, the Senate Banking Committee will hold a hearing to review the Federal Reserve's emergency lending facilities
- Also today, the House Small Business Committee will hold a hearing to review transparency in small business lending
- On Thursday, the House Financial Services Committee will address financial aid needed to support first responders and schools amid the pandemic
- Also on Thursday, the House Small Business Committee will hold another hearing on how to kick start entrepreneurship and Main Street economic recovery