ARLINGTON, Va.–It’s unlikely credit unions will see any of the kind of broad regulatory relief measures passed by the new Congress, and will instead have to focus on
smaller, more targeted efforts, according to NAFCU’s Carrie Hunt.
Hunt, EVP-government affairs and general counsel with the trade association, said the transition to Democratic control of the House and the large number of new members are just some of the reasons big pieces of legislation affecting credit unions are unlikely. Many Democratic House members have also indicated they are focused on investigations of the Trump administration.
“Anytime you have a new Congress there is always education involved with new members. And there is a shift in focus with the new Democratic House,” said Hunt. “We have been encouraging our members to go out and meet with new members. Any type of large regulatory relief package is off the table. So, our focus will be on the smaller measures rather than the omnibus bills.”
Such small measures, Hunt told CUToday.info, could include having underserved areas added to credit union fields of membership and other bills that support CU growth.
Slow Start
While some legislation has been introduced in the new Congress, Hunt said the new session does appear to be getting off to a slower start than usual, in part due to focus on the partial federal government shutdown. She noted some members of the Senate Banking Committee and House Financial Services Committee still need to be named, and both committees must still define their agendas for the next two years.
Hunt said data security remains a priority for NAFCU, as does getting issues addressed related to TCPA. She said the trade group will also be working with NCUA on secondary capital and fidelity bonds, among other concerns.