WASHINGTON–It’s a short week for the House and Senate before it takes its July 4 recess, but there are still on tap several hearings and pieces of legislation of great interest to credit unions, according to CUNA’s deputy chief advocacy officer for government affairs, Jason Stverak.
The hearings/mark-ups of interest to credit unions include:
Today
House Committee on Financial Services is marking up two bills, including HR 4277, the Overdraft Protection Act, which is opposed in its current form by CUNA; and HR 5912, the Close the ILC Loophole Act, which CUNA supports.
Senate Banking, Housing & Urban Affairs Committee Hearing. Federal Reserve Chairman Jay Powell will deliver the Fed’s Semiannual Monetary Policy Report. The hearing is expected to be of great interest, given inflation and Fed’s move to raise rates last week.
House Appropriations Committee Hearing “Report on the Suballocation of Budget Allocations for FY 2023, Defense, and Legislative Appropriations Bills.” This hearing will include funding for the CDFI fund.
Thursday
House Committee on Financial Services Hearing. The Fed’s Powell gives the same report to the House he delivered to the Senate one day earlier.
Senate Banking, Housing & Urban Affairs Committee Hearing on the “Reauthorization of the National Flood Insurance Program Administrative Perspectives”
Also on Agenda
Meanwhile, with the House having completed its mark-up on the National Defense Authorization Act last week, the Senate will continue to do the same this week, with credit unions watching closely for language related to allowing banks to have facilities on military bases on terms similar to those of credit unions.
The SAFE Act, which is also another credit union priority, will also be up for discussion during the markup of bills, with credit unions advocating for it to be included as part of any larger package.
Primary Support
Separately, the Credit Union Legislative Action Committee (CULAC) is reporting it engaged financially with 11 races in this week’s primaries, backing seven incumbents.
Run-offs took place in Alabama and Georgia, while a primary was held in Virginia.
According to CUNA Director of Political Affairs Andy Byun, CULAC made an additional six-figure investment in Katie Britt, who was in a run-off in the Republican primary in Alabama against Mo Brooks. Those funds went to buy digital ads and send mailers to 150,000 registered Republicans in Alabama who are credit union members. As of late Tuesday nght, the race had been called for Britt.
As CUToday.info reported earlier, CULAC made a six-figure expenditure to back Britt heading into the primary race.
CULAC has also provided support of Republican Dale Strong in the race for Alabama’s fifth congressional district, Republican Rich McCormick in Georgia’s sixth congressional district, and Republican Mike Collins in Georgia’s 10th congressional district.
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