WASHINGTON–With Congress set to return to Washington in September, credit unions are paying particular attention to a number of issues expected to be on the agenda, topped by the fight over the Credit Card Competition Act when it comes to financial services.
“We expect a very busy fall,” said NAFCU VP-Legislative Affairs Brad Thaler.
That Credit Card Competition Act, which is as strongly opposed by credit unions and banks as it is supported by merchants and retailers, will be the primary focus of credit union delegations that will be hiking the Hill this autumn, according to Jason Stverak, deputy chief advocacy officer for federal affairs for CUNA.
Thaler noted merchants had said earlier they plan to get a “vote in the fall” on the interchange bill, and one of the bill’s primary co-sponsors has also promised to bring the bill to a vote. The legislation failed to move in the prior Congress.
In addition to the league Hill hikes, NAFCU will also be hosting its Congressional Caucus during September at which several-hundred people are expected to be in attendance.
Other Areas of Focus
Stverak said other areas of focus by credit unions in Washington will be work done by CUs to promote financial well-being, member business lending and field of membership expansion, with the latter about taking the “ties off credit unions so that we can help serve everybody…particularly those that have been overlooked and forgotten by other institutions across this country.”
Passage of the National Defense Authorization Act is expected when Congress returns, with Stverak saying there is little expectation language will be added back to that bill giving banks lease access to military bases equal to that of credit unions.
“We believe that has been effectively put to bed,” said Stverak, citing a Defense Department study that sided with CUs on the issue.
They’re Back
Two other annual issues will also be back before Congress: funding of the National Flood Insurance Program as well as the even bigger issue of funding the federal government itself.
The federal government is currently set to run out of funds on Sept. 30. Congress will need to act to avoid a shutdown, with Stverak saying he expects either a comprehensive omnibus bill or a so-called mini-bus bill to be passed.
Stverak said CUNA will also be monitoring the RECOUP Act legislation, which stands for Recovering Executive Compensation Obtained from Unaccountable Practices, which was introduced in the wake of bonuses paid to executives at banks that failed.
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