ARLINGTON, Va.–In recent weeks credit unions have seen victories in Congress—legislation advanced on priorities such as board modernization, e-signatures, funding for the CDLRF--as well as bills CUs adamantly oppose, including limits on overdraft fees, giving NCUA third-party vendor oversight authority, and a new interchange bill. What is happening?
“There is a lot of activity going on, but it’s not necessarily things that are going to happen,” said NAFCU VP-Legislative Affairs Brad Thaler. “There are not a lot of paths for things to become law in a divided Congress. We’re going to see a lot more ideas pop up and get discussion. At NAFCU, we take things that can be damaging to credit unions very seriously. We will work on those to ensure they don’t pass. But there are positive things happening too, and we will look for ways to get those into law.”
Concern as Year-End Approaches
Thaler said NAFCU is especially aware of what’s taking place on Capitol Hill as the end of a congressional election year approaches. He noted, for instance, that in lame duck sessions there are always omnibus bills to which “buried” amendments can be included.
“Anytime that happens in larger packages it can make it more difficult to defeat,” he said.
Then there is the appropriations process and the reconciliation processes that are ongoing, into which language can also be inserted. And, finally, credit unions are watching the National Defense Authorization Act, a giant bill in which credit unions have been especially watchful around language related to giving banks access to military bases on an equal basis to that of credit unions.
The SAFE Banking Act, which would remove federal prohibitions on financial institutions doing business with cannabis-related businesses, is also included in the House-passed version of the NDAA.
On the flip side, the NDAA also includes language that would give NCUA third party oversight authority, which credit unions have opposed.
The NDAA still needs to pass the Senate before being sent for conference.
“We will remain engaged in that,” said Thaler.
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