WASHINGTON–The giant reconciliation bill may now have the president’s signature on it, but the work for credit unions remains as numerous provisions raise new questions and offer some new challenges, according to America’s Credit Unions. 

The trade group has published an updated list of FAQs for member CUs, according to Carrie Hunt, chief advocacy officer with America’s Credit Unions.

The Questions

But there are many questions that affect credit unions that have yet to be answered, noted Hunt, including, as the CU Daily has previously reported, around new taxes on remittances and on how the CFPB will be funded.

“Certainly, what that shrunken CFPB looks like it is top of mind for us as Congress is putting pen to paper (related to) appropriations for next year,” said Hunt.

Other questions remain around:

Federal Government Shutdown

There is the potential for another federal government shutdown in the Fall. “It’s certainly too early to tell, but that will suck up a lot of time and energy in Congress,” Hunt said during a call with the media.

The NDAA

As the CU Daily reports separately, the Defense Credit Union Council (DCUC) has expressed its concerns over the inclusion into the National Defense Authorization Act (NDAA) of provisions credit unions oppose, and Hunt said America’s Credit Unions is eyeing that legislation, as well.

The huge, must-pass NDAA often acts as a “Christmas tree” for numerous other pieces of legislation. 

Crypto

Hunt noted Congress is now turning its attention to crypto with the GENIUS Act in the Senate and the CLARITY Act in the House, legislation that could pave the way for expanded stablecoin, cryptocurrency and other related, new financial instruments. “It’s we look forward to ensuring that credit unions are a part of,” said Hunt.