WASHINGTON— Congress has just 14 days left in session to sort through more than 700 amendments tied to one critical bill credit unions are closely monitoring—while also finding a way to fund the federal government before Sept. 30 to avert another shutdown.
“The threat of a government shutdown is very real and is leading all the discussion here in D.C.,” said Jason Stverak, chief advocacy officer with the Defense Credit Union Council (DCUC). “We have been continually pushing not only defense credit unions but the entire credit union industry to begin reaching out to their members who may be impacted by a government shutdown either directly through the loss of a paycheck or indirectly through government contracts.”
DCUC has established a Government Shutdown Resource Center for credit unions.
In addition to finding a funding agreement, Stverak noted Congress has set numerous other “lofty goals” for September, including passage of the National Defense Authorization Act (NDAA). The massive spending bill, which has passed for 64 consecutive years, often carries unrelated legislation because of its must-pass status.
Positives and Negatives
This year is no different. Greg Mesack, senior vice president of advocacy at America’s Credit Unions, pointed out that more than 700 amendments have been filed for the NDAA.
He said the trade group sees positives among them, including provisions tied to the CDFI Fund and a housing bill advanced by the Senate Banking Committee.
On the downside, credit unions remain on guard against the Credit Card Competition Act, which would affect interchange fees and is strongly opposed by the industry. While it has not been filed as an NDAA amendment, both DCUC and America’s Credit Unions are wary of related language concerning military commissaries and interchange.
Deposit Insurance Amendment
Another amendment drawing attention is the Hagerty-Alsobrooks proposal, sponsored by Sens. Bill Hagerty (R-Tenn.) and Angela Alsobrooks (D-Md.). It would raise the FDIC/NCUSIF insurance cap on business transaction accounts to $20 million at community banks and credit unions, aiming to stabilize small businesses by protecting payroll and operating funds.
Credit unions support the measure, though it could require an NCUSIF assessment. America’s Credit Unions also flagged some “technical” issues it would like to see addressed in the amendment.
Longer Calendar?
Asked by The CU Daily whether the short 14-day schedule and heavy amendment load could push Congress to pass a “clean” NDAA, Mesack said he doubts it.
“There’s too much pent-up demand,” he said. “What will happen, which is very common, is Republicans and Democrats will strike a deal on a bipartisan bill…to get this done in a reasonable amount of time. They’ll package a bunch of amendments into a couple of big unanimous consent agreements so they can get it done this week and then move on.”
As for extending the legislative calendar, Stverak said that’s unlikely, noting Congress already plans to recess for Rosh Hashanah. More likely, he added, lawmakers will need to lengthen their workdays and workweeks.
