WASHINGTON–A world that has changed much since the beginning of this congressional session has sidetracked many CU priorities.
Case in point—one piece of legislation Congress is debating this week will have to do with police reform, which wasn’t among the highest of priorities when the year began, but recent events have upended everything.
But that doesn’t mean some legislation important to credit unions won’t pass this session of Congress. NAFCU’s VP-legislative affairs, Brad Thaler, told CUToday.info he remains optimistic around legislation that has bipartisan support and which isn’t tied to pandemic relief or politics, such as AML/BSA reform.
Legislation related to NCUA’s Central Liquidity Facility would fall into that same bucket. He said there is hope, too, for legislation related to business lending changes, even if it’s not about the member business lending cap under which credit unions currently operate.
Then there are the credit union priorities that might be swept up in any fourth round of stimulus spending related to pandemic recovery, he said. “There is still an appetite for business lending reform there,” said Thaler, noting that could include additional changes to the Paycheck Protection Program that might focus on pushing more funds to CDFIs and to smaller businesses. “That really depends on what happens with the economy and with the virus. And that’s different in different parts of the country.
The application period for the current phase of the PPP, which has more than $100 billion remaining, closes June 30.
NDAA On Agenda
Thaler said he expects to see additional changes to the PPP, especially around the forgiveness portions of the program.
Both the House and the Senate are in session this week, with the House physically returning for votes on Thursday and Friday. The National Defense Authorization Act is back in front of both bodies. The Senate version contains language that grants banks similar access to military bases as credit unions currently enjoy, while the House version does not.