ARLINGTON, Va.–The $1.9-trillion stimulus package just passed by the House and Senate deserves attention for another reason, according to one person: the razor-thin vote margin is a sign of what’s to come and who will have the power in Congress.
Carrie Hunt, EVP and general counsel with NAFCU, noted that as expected the vote to pass the massive bill was along party lines, and with the Senate divided evenly between Democrats and Republicans, getting any legislation through the current Congress is going to require some tightrope walking.
“It certainly speaks to how measures are going to pass through Congress,” said Hunt of the vote on the American Rescue Plan. “It’s going to create a lot of debate on issues, many of which are going to require the building of coalitions. There is going to be intense pressure.”
That pressure is going to be on moderates in both parties to bend in various directions, she added.
Hunt again pointed out credit unions have one advantage in that they have broad, bipartisan support in Congress and that NAFCU will continue to push for relief from the member business loan cap.
Seeking Renewal of Rule
As for passage of the legislation that is likely to lead to a new inflow of deposits into credit unions, Hunt said NAFCU remains concerned over how all the new liquidity will affect operations, capital ratios and the equity ratio of the NCUSIF.
She reminded that in late 2020 NCUA allowed to expire an interim final rule on capital forbearance, which NAFCU has asked the agency to renew and extend. Doing so would provide some breathing room for all credit unions rather than requiring them to file individual capital plans, Hunt said.