WASHINGTON–Congress is back in session and credit unions are working to ensure they are heard rather than trampled in the “sprint to the end of the year,” according to one CUNA official.
Both the House and the Senate have returned to Capitol Hill.
A few recent events have had an effect on the agenda on this lame duck session of Congress, according to Jason Stverak, deputy chief advocacy officer, and that includes the collapse of the giant cryptocurrency exchange, FTX.
“Obviously, with what happened with the FTX collapse, there is a greater push to pass some sort of digital asset legislation before the end of this year,” said Stverak. “We have been working with leadership on both sides of the aisle to ensure that as this legislation moves forward credit unions are sitting at the table with everyone else.”
Stverak added there have been some “rumors on Capitol Hill” that legislation related to cannabis banking may also move, after stalling in this and prior sessions of Congress. Rep. Ed Perlmutter (D-CO), the primary proponent behind the SAFE Banking Act in Congress, is retiring at the end of this session and some have suggested the bill could move as a means of honoring him.
Stverak said CUNA will be focused on ensuring the SAFE Banking Act is included in any “must-pass” legislation, such as the National Defense Authorization Act or a federal funding bill.
Hearings Being Watched
Separately, Stverak said several hearings in Congress on Thursday deserve attention, including:
- Senate Committee on Banking, Housing & Urban Affairs Hearing: Fairness in Financial Services: Racism and Discrimination in Banking
- Senate Committee on Agriculture, Nutrition & Forestry: Why Congress Needs to Act: Lessons Learned from the FTX Collapse
Additional Priorities
Separately, Stverak said CUNA will continue to push for its priorities, which include passage of the board modernization act, ensuring the credit card interchange bill isn’t included in any other legislation, and support for extension of expanded authorities for the Central Liquidity Fund.
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