That was the case with the recent Credit Union Governance Modernization Act, as well as a number of other spending priorities of credit unions, which were included in a much larger spending bill that was sent to the president for his signature. It was also the case earlier in this Congress when the National Defense Authorization Act carried Bank Secrecy Act-related legislation.
NAFCU VP-Legislative Affairs Brad Thaler said he couldn’t rule out that a credit union-bill might still pass on its own, but “overall, in this Congress, omnibus-type legislation is a vehicle for any number of bills, not just credit unions. Given the current environment, there are limited opportunities for things to pass. Even things that in the past that might have been easier to pass are more difficult. The era of large packages is here, unless something is really needed and can be passed unanimously. In election years this is pretty common. You see large packages as the vehicles for getting legislation across the finish line.”
‘In the Works for a While’
As to whether the large contingent of credit union representatives who were in town for CUNA’s GAC played a role in pushing forward any legislation, Thaler said it certainly “helped.”
“A lot of what has been happening has been in the works for a while,” said Thaler. “We had been talking with lawmakers for the better part of the last year. As we get into the election cycle we will see everyone getting their election priorities out there. Now that the funding is done we will see less of a focus on congressional action and more of a political focus.”
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