WASHINGTON—As Congress moves closer to its end-of-year recess, both the Defense Credit Union Council and America’s Credit Unions are focused on finalization of the National Defense Authorization Act (NDAA).
As CUToday.info reported, the House’s official NDAA text released this weekend did not include the Durbin-Marshall Credit Card Competition Act (CCCA) or any language that would call for changes to the Federal Credit Union Act that would allow credit unions to accept non-member deposits and provide non-member share insurance.
Chief Advocacy Officer Jason Stverak said DCUC will be following activity in the House today.
“We will be monitoring discussions among members of the House Rules Committee late this afternoon and early evening to make sure there is no additional attempt to move forward on amendments on those two specific issues (changes to FCUA and CCCA),” he said.
Stverak also said DCUC has been informed there may be an attempt by senators Richard Durbin (D-IL) and Roger Marshall (R-KS) to offer the CCCA as an amendment on the Senate floor.
DCUC will also be watching proceedings as CFPB Director Rohit Chopra testifies Wednesday at the Senate Banking Committee hearing titled Consumer Protection: Protecting Workers’ Money and Fighting for the Dignity of Work.
“We look forward to the new administration and a new director, and working with that individual to roll back much of the regulatory overreach that we have seen from the current director,” Stverak said. “We hope that with a new director there will be an opportunity for common-sense reforms.”
ACU's Perspective
America’s Credit Union Senior Vice President of Advocacy Greg Mesack stated ACU is pleased with the NDAA text released by the House this weekend.
“From our perspective it's good because it's relatively clean and there are no real controversial provisions in this, no policy riders that are troublesome for credit unions,” Mesack said.
Mesack addressed Chopra’s appearance this week in front of the Senate Banking Committee.
“Obviously we will be providing some comments,” Mesack said. “Even though (Chopra) is on his way out, there's still quite a lot going on at the CFPB, so quite a few things we have concerns about.”
Mesack pointed out 11 days remain until government funding needs to be wrapped up.
“We still firmly believe that a continuing resolution will pass,” he said. “No one on the Hill exactly knows the duration of that continuing resolution…We are confident both parties do not want a government shutdown.”