WASHINGTON–It’s election day, and credit unions are joining the rest of the country in waiting to see the results, which will determine the fate of CU priorities in the lame duck session of the current Congress as well as the next.
And, as one CUNA Hill advocate reminded, it isn’t just Congress where the outcomes of the vote will be important; elections at the state level will also have consequences.
But as Brad Thaler, VP-legislative affairs with NAFCU reminded, just because the 2022 mid-term elections will be over when the polls close in Alaska and Hawaii, it doesn’t mean the results will be known on Wednesday.
“Keep in mind in 2020 it took several days for things to play out,” said Thaler. “it depends on how close things are.”
Once election results are finalized, and prognosticators are calling for the Republicans to at least win back control of the House, attention will return to the lame duck session of Congress.
A ‘Big Impact’
“Congress will return next week for the lame duck and what happens (today) will have a big impact on that,” said Thaler. “If the Democrats lose control they could try to move things in the lame duck and clear the plate. There has also been an argument that the GOP wouldn’t mind the Democrats handling some of the big issues to give them a clear start if they win (the House or control of Congress).”
One of the biggest issues before Congress is funding the federal government. Thaler noted the lame duck session could pass a continuing resolution that would fund the government into early 2023, leaving a “fight” over longer-term funding to what could be a Congress controlled by the Republicans, some of whom have said they would “shut down” the government.
Should the Democrats push through a raft of priorities before the next Congress, could that next session, if controlled by the GOP, then reverse all of that legislation?
“I’m sure there would be some interested in doing that, but with a Democratic administration it would be a hard road to reverse anything,” said Thaler. “There are always going to be political messaging bills. You can see that in number of things we’ve seen in recent years with messaging votes, even if just a Republican House. They may try to object to or repeal things that have passed over the last few years. But that will be tough with a Democratic administration.”
Priorities in the Lame Duck
In the lame duck session, Thaler said NAFCU’s priorities include:
- The SAFE Banking Act, which has been on the table for inclusion in the National Defense Authorization Act. “There is bipartisan support in both chambers; it’s just been procedures and posturing that has been holding it up,” said Thaler.
- The CU Board Modernization Act. “It also has bipartisan support. We think the Senate should clear it. It’s a common sense idea that doesn’t really have opposition that should be enacted into law.”
- Opposing legislation such as the interchange bill, bills related to overdraft programs and pricing, and any effort to give NCUA expanded authority of credit union vendors.
Educating Congress
As is always the case, new members of Congress arrive in Washington with varying levels of familiarity with credit unions. Thaler said he expects that will be the case again.
“We always have work to do. People recognize and understand the role of credit unions. One great thing about credit unions is they have support on both sides of the aisle,” he said. “Usually, the credit unions in their districts have already built relationships. We realize there are others out there who will seek to tell other stories on credit unions. We want to make sure we are there telling the credit union story about the value credit unions bring.”
The Elections at the State Level
Meanwhile, Jason Stverak, deputy chief advocacy officer with CUNA, said there has also been “incredible effort” being put forth by credit unions at the state advocacy level in races for legislatures and governorships.
“Bills are already being pre-filed in many states,” said Stverak. “There are many bills that could impact credit unions that we will be looking to modify, propose and support.”
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