WASHINGTON–The House and Senate are both out of session this week for the Thanksgiving break, but credit union advocates in the capitol are focused on how the just-passed Build Back Better Act will evolve in the Senate, especially related to provisions CUs both strongly support and also strongly oppose.
As CUToday.info reported earlier, the House passed the trillion-dollar Build Back Better Act without language that would have required credit unions to report certain member account inflows/outflows to the Internal Revenue Service.
CUNA’s chief advocacy officer, Ryan Donovan, credited credit union leagues, employees and members for generating 800,000 communications to Congress in opposition to that proposal.
“As we all know for a bill to become law it has to pass the House and Senate in identical form,” noted Donovan. “We remain engaged on this provision, especially in light of the reports there may be potential for an alternative proposal.
“We have long maintained that any reporting proposal like this is a non-starter at any threshold and at any level,” he continued. “Given where we are in the legislative process, it seems to me any sort of compromises or alternative proposals would be misguided and not fully thought through at this point. We will continue to be engaged.”
Focus on NDAA
When Congress returns next week Donovan said credit unions will be especially focused on the Senate where it is expected to continue consideration of the National Defense Authorization Act (NDAA) and any amendments.
Donovan noted the NDAA has traditionally carried “significant banking policy” and this year’s bill is no exception, as the House version contained the SAFE Banking Act, which would eliminate prohibitions on financial institutions that service cannabis-related companies in states where pot has been legalized.
In addition, Donovan said there has also been talk of adding language related to remote notary services to the bill.