WASHINGTON–When it comes to credit union advocacy on Capitol Hill, 2020 may go down as the ultimate example of the best-laid plans.
The credit union legislative priorities at the beginning of the year have largely been sidelined by the coronavirus pandemic and the multiple efforts at providing trillions of dollars in various stimulus. Now the congressional agenda has been further complicated by the national protests over police treatment of African-Americans and racism in the country. And still to come: the national elections, including for the presidency.
“The agenda we had going into the year has definitely changed,” agreed NAFCU’s Vice President of Legislative Affairs Brad Thaler. “There are a lot of dominating factors. But credit unions remain on the front lines of serving the needs of members, and while it may not be the issues we thought it would be at the beginning of the year, it is an opportunity for credit unions to continue to tell that story.”
That includes, he said, sharing the perspectives of small business members as they navigate both the Paycheck Protection Program and the fates of their individual businesses.
Similarly, Eli Joseph, CUNA’s chief advocacy officer, said he expects that as work on coronavirus-related legislation is completed, Congress will return to the kind of focus it typically has during the summertime, which is on appropriations bills.
“Summer is the time for active and often successful advocacy,” Joseph said.
Looking Forward
Looking forward, Thaler said he expects to see a fourth stimulus package coming out of Congress sometime in July, which is later than some expected, but he noted the economy has shown some “resilience.”
By July, said Thaler, Congress will have access to more information around how the economy is performing and which federal programs are proving to be most effective.
“There still seems to be an appetite to do something,” he said.
Hearings Scheduled
Credit unions are watching several hearings in Washington this week, including:
- Today, the full Senate Committee on Banking, Housing and Urban Affairs will hold a hearing on “Oversight of Housing Regulators.”
- On Wednesday, the House Financial Services Committee’s Subcommittee on Housing, Community Development and Insurance will hold a hearing titled, “The Rent is Still Due” America’s Renters, COVID-19 and an Unprecedented Eviction Crisis.
- On Thursday, the House Task Force on Financial Technology will hold a hearing titled, “Inclusive Banking During a Pandemic: Using FedAccounts and Digital Tools to Improve Delivery of Stimulus Payments”