WASHINGTON—As Congress returns for the final weeks of sessions before the end-of-year recess, the Defense Credit Union Council (DCUC) and America’s Credit Unions are focused on the National Defense Authorization Act (NDAA) and any language that could prove detrimental to credit unions.
“The NDAA is currently under consideration in the House and is expected to move to the Senate sometime next week,” said DCUC Chief Advocacy Officer Jason Stverak. “DCUC is actively advocating against the inclusion of the Durbin-Marshall language or any amendments to the NDAA that would permit non-member share insurance.”
ACU Chief Advocacy Officer Carrie Hunt said the trade group is anticipating a “relatively clean” NDAA.
“The ink is not dry until it is passed by both chambers and signed into law,” Hunt said. “So, we will see what happens with the NDAA. In general, our biggest worry is interchange language getting attached to that.”
Turning to Continuing Resolution Authority legislation, Stverak said a new proposal is anticipated within the next six months, “following the model of the Trump administration's timeline. With the current CRA set to expire on or around the 20th, the final steps to advance CRA-related provisions remain uncertain. Potential additions include permanent sanctions for the CLF.”
Hunt noted that a great deal of uncertainty exists on the CFPB front in the months ahead.
“But for us, of course, it all comes down to what is most important to credit unions—and overdraft is certainly at the top of that list,” Hunt said.