WASHINGTON––With Congress remaining in session this week, credit unions remain hopeful some priorities may still find life as part of larger bills, while several hearings that are scheduled are being viewed as potential signals for what the next Congress may have in store.
Remaining in front of Congress as a priority is funding the federal government. With Republicans set to take over control of the House in the new Congress in January, there has been increasing contentiousness between the parties over a budget bill agreement, with Jason Stverak, CUNA’s deputy chief advocacy officer, noting it’s most likely this week will see a one-week continuing resolution to fund the government through sometime around Christmas Eve in order to give Congress another week to pass some sort of omnibus bill.
During a media call, NAFCU SVP-Government Affairs Greg Mesack described the budget situation as Congress trying to “find a way out of the corner into which it has painted itself.”
A critical issue there for credit unions, he noted, is extending funding for the National Flood Insurance Program.
CUs Vigilant
And, as CUToday.info has reported, credit unions remain vigilant around what might be included in the final version of the National Defense Authorization Act. The SAFE Banking Act, which credit unions support, has not made the cut, but CUs remain watchful around whether the Credit Card Competition Act (which credit unions oppose), or portions of that legislation might be included.
As for the latter, Stverak said, “We believe we are in a good place but we continue to educate members and their staffs on the many problems this piece of legislation would cause America’s credit unions.”
Complicating Matters
Complicating matters in an already complicated Congress is the fact Sen. Krysten Sinema has switched her party affiliation from Democrat to independent, while Rep. Karen Bass (D-CA) has exited Congress to become the new mayor of Los Angeles.
“Democrats are down to 218 seats…so there is even less room on the House side for the Democrats to move,” said Brad Thaler, VP-legislative affairs with NAFCU during a call with the media.
In the House Democrats hold a 218-213 majority.
Hearings on the Hill
Meanwhile, there are several hearings on Capitol Hill that will be getting credit unions’ attention, including:
Today
House Committee on Financial Services: Investigating the Collapse of FTX, Part I
Senate Banking Committee Subcommittee: Examining How Capital Markets Serve Diverse Entrepreneurs & Investors
Wednesday
House Committee on Financial Services: Semi-Annual Report of the Consumer Financial Protection Bureau
Senate Banking Committee: Crypto Crash: Why the FTX Bubble Burst and the Harm to Consumers
Thursday
Senate Banking Committee: Semi-Annual Report of the Consumer Financial Protection Bureau
A Signal?
“We are going to be actively engaged on all those hearings,” said Stverak.
NAFCU’s Brad Thaler noted this week’s hearings could send a signal of things to come. The CFPB hearings, for instance, will mark the first time its director, Rohit Chopra, testifies since being sworn into the job. With Republicans leading the committee in the next Congress, the kinds of questions asked of Chopra this week could signal where the attention will be when the GOP takes over. Republicans are expected to bring much more scrutiny to the Bureau.
Similarly, Thaler said he believes the hearings around the failed crypto platform FTX could be a big issue in the upcoming 118th Congress next year, meaning legislation around regulating the crypto/stablecoin space could have traction.
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