As Bill ‘Ping Pongs’ Between House, Senate, Question is Which, if Any, CU Provisions Will be Included

WASHINGTON–For credit unions in the near term, the question now in Washington is which CU-favored priorities will survive either a reconciliation process or just the give-and-take between the House and Senate over the 21^st Century ROAD to Housing Act.

While the name is the same on the legislation the House and Senate have passed, the language is different. The Senate bill does not include provisions that had been included in the House bill, including the Board Modernization Act, the Veterans MBL bill, and language related to de novo credit unions, NCUA’s Central Liquidity Facility and  loan maturities.

“We’ll be asking the conferees to put back in credit union priorities and to expand their list of options available to look,” said Jason Stverak, chief advocacy officer with the Defense Credit Union Council.

Stverak said all of the CU-backed legislation had been introduced on a bipartisan basis and has a “tremendous amount of support.

“We’re encouraged, especially with this being an election year and because there are not many standalone pieces of legislation that are moving, that they will consider these incredibly important credit union priorities,” he said.

Potential for ‘Ping Pong’

Greg Mesack, senior VP-advocacy with America’s Credit Unions, said he’s unsure whether the ROAD to Housing Act will even go to conference committee or whether it will “ping pong back and forth” between the two legislative bodies a has become “the more common practice.”

“The path forward is still very unclear,” he said. “I do think (House Financial Services Chairman French Hill (R-AR) has made it a clear priority to include more than just housing (related legislation). But there’s clearly a big gulf between the House and the Senate right now and I think it’s going to take a little while to bridge that gulf, I do think it’s doable.”

Mesack added that Sen. Elizabeth Warren (D-MA), the ranking member on Senate Banking, has “made it clear: she doesn’t want a lot of financial institution regulatory relief included in the bill, which will complicate progress.