WASHINGTON–Both the House and the Senate are back in session this week, with the National Defense Authorization Act for FY 2023 (NDAA) still the focus of the House agenda as well as credit union attention for what it might or might not include.
As CUToday.info has reported, the NDAA is one of the few bills that need to pass Congress and, as a result, will be the vehicle for carrying other smaller bills that are attached as amendments.
“Obviously, there are many credit union priorities that may be included in that legislation and others that we don’t,” said Jason Stverak, deputy chief advocacy officer with CUNA.
Among the legislation with CU backing: the SAFE Banking Act. That which credit unions oppose includes the Credit Card Competition Act and any legislation that would give banks equal access with credit unions to military bases.
Other legislation, such as that related to extending authorities granted to NCUA’s Central Liquidity Facility and giving the agency oversight of third party vendors, are considered longer shots.
The Senate will continue to work on nominations until the House acts on the NDAA.
The Funding ‘Parlor Game’
In addition, there is the ongoing “parlor game” in Congress over funding the federal budget, said Stverak. The continuing resolutions currently keeping the federal government’s lights on expires Dec. 15. Stverak said it’s expected another week-long funding patch will be passed, but a longer term solution is unlikely in the short term, given the time the Senate would require to pass any such legislation.
Stverak further noted Congress may act on so-called tax-extenders legislation. If that is the case, he said, CUNA will again stress that any discussion of changes to the credit union tax status is a “no-go” on both sides of the aisle.
Hearings to Watch
Stverak said CUNA will also be paying attention to several hearings this week, including:
Today
- House Committee on Financial Services Subcommittee on Diversity & Inclusion: “Unfinished Business: A Review of Progress Made and a Plan to Achieve Full Economic Inclusion for Everyone”
- House Committee on Financial Services Subcommittee on Investor Protection, Entrepreneurship and Capital Markets: “E, S, G, W: Examining Private Sector Disclosure of Workplace Management, Investment and Diversity
Wednesday
- House Committee on Financial Services Subcommittee on Oversight and Investigations: “An Enduring Legacy: The Role of Financial Institutions in the Horrors of Slavery and the Need for Atonement”
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