WASHINGTON–The failure by Congress to pass legislation that would have replaced Obamacare with the American Health Care Act has “complicated” credit union plans for regulatory reforms.
Ryan Donovan, CUNA’s chief advocacy officer, said the divide among Republicans and the Trump Administration over what would have been an early signature piece of legislation is going to be felt in Congress as credit unions seek to move forward with their own legislative priorities.
“I think that certainly the things that happen in Washington do not happen in a vacuum,” said Donovan. “What happened last week, I think, does have a little bit of an impact on financial reform and Dodd Frank reform this year,” he said. “To a certain extent, it makes a complicated matter a little more complicated. We knew that going in. We knew we were going to have to fight to get to the top of the agenda. Now our challenge is complicated a little more by the dynamics in the House and the White House.”
Donovan said CUNA’s “Campaign for Common Sense Regulation” has only become more important.
“If the impact on credit union members is adverse, we’re going to need to work just as hard if not harder to get those issues to the top of agenda and to help those inclined to help us in Congress.”
Separately, Donovan noted President Trump’s current proposed budget seeks to zero out the Community Development Financial Institutions (CDFI) Fund, and CUNA is launching an effort to ensure funding remains in place.
“We strongly support that fund and will be working with CDFI credit unions to encourage full funding by Congress,” said Donovan. “(The fund) provides critical resources that credit unions and other financial institutions use to improve their communities. We plan to engage appropriators early in this process.”
As CUToday.info reported here, some well-known names in credit unions have launched an effort to keep the funds from being axed.
Also in Congress this week:
- The Senate Banking Committee’s Committee on Banking, Housing and Urban Affairs will hold a hearing today on “Fostering Economic Growth: The Role of Financial Companies.”
- The House Financial Services Committee will hold a hearing titled “The State of Bank Lending in America” at 2 p.m. ET today.
- On Thursday, the CFPB’s Credit Union Advisory Committee will hold its March meeting. Both CUNA and NAFCU have been working to provide a briefing to participants.