WASHINGTON–It’s going to be an “incredibly busy week” for credit unions in Washington, according to one person, and that includes action that may be taken on one bill CUs “adamantly oppose.”
Jason Stverak, deputy chief advocacy officer with CUNA, said both the Senate and the House have issues of interest to credit unions on their agendas this week, and some items that are not yet on the agenda could even make the docket.
The Senate is primarily set to deal with issues broader than credit unions, including the so-called CHIPs bill, legislation around gay marriage and the expansion by NATO to potentially include Finland and Sweden.
“There is also the possibility that reconciliation could pop up,” said Stverak.
Meanwhile, in the House, attention will primarily be on HR 4040, the Advancing Telehealth Beyond COVID-19 Act of 2021, and HR 6132, the Public Safety Health Act.
In addition, said Stverak, there are multiple bills under suspension on which credit unions are urging action. Those include:
- HR 3962, the Securing and Enabling Commerce Using Remote and Electronic Notarization Act of 2021, which has credit union support
- HR 7733, the CDFI Bond Guarantee Program Improvement Act of 2022, which also has CU support
Stverak said there have also been rumors of potential action on compromise digital assets-related legislation that could occur this week.
The Hearing Schedule
Both the Senate and the House have hearings of interest to credit unions on their respective agendas.
Those include:
Today
Senate Banking Committee: Fairness in Financial Services: Racism and Discrimination in Banking
Wednesday
The House Committee on Financial Services is expected to mark up various measures. Two that are of interest to credit unions are HR 4277, the Overdraft Protection Act, to which Stverak said CUNA remains “adamantly opposed,” and HR 6889, the Credit Union Board Modernization Act, which now has 80 bipartisan co-sponsors and which has strong credit union support.
Stverak said if it is passed out of committee the hope is it will be attached to “must-pass” legislation
Thursday
Senate Banking Committee: Protecting Investors & Savers: Understanding Scams & Risks in Crypto and Securities Markets