WASHINGTON—Both credit union trade associations said they are focused on two major bills still ahead in 2015 for the 114th Congress, which is expected to hold its final week of meetings for the year.
“The two pieces of legislation—the omnibus appropriations bill and the tax extenders package could come together as one,” said CUNA Chief Advocacy Officer Ryan Donovan. “We continue to hope that the omnibus bill will include some of the several regulatory relief provisions we have been working on this year. I know the appropriators have been working on the riders to the omnibus bill over the weekend. But there is still more work to be done before the legislation will be filed, which we expect will take place today or Tuesday, setting up a vote on the House Wednesday or Thursday and then in the Senate shortly after that. So we are in a wait-and-see-approach at this point but we are paying close attention to it.”
NAFCU said it, too, is closely watching the legislation, which if passed would avoid a government shutdown this week. The Senate voted Thursday and the House on Friday to extend the deadline from last Friday to Dec. 16.
NAFCU noted that potential rifts between parties remain as the final details are debated, mostly centering around allowing policy riders on the appropriations bill.
“NAFCU has been watching this process as a potential vehicle for Congress to tackle additional regulatory relief this year, but a number of Democrats have objected to moving regulatory relief in this manner,” NAFCU explained.
Also this week, the House Financial Services Committee Subcommittee on Oversight and Investigation will hold a hearing Wednesday on the CFPB massive data collection program.
NAFCU added that Executive Vice President of Government Affairs and General Counsel Carrie Hunt, along with other NAFCU staff, will meet with Treasury Department’s Brian Peretti on Wednesday to discuss the Federal Financial Institutions Examination Council’s cybersecurity assessment tool, as well as other cybersecurity issues.