WASHINGTON–The uncertain status of credit union priorities in Congress has only grown more so as the legislative body is debating even how long it will be in session through the November elections
The House is scheduled to be in session his week through Thursday, with the Senate not set to return until Sept. 15. For the House, its primary focus will be on HR 6500, the continuing resolution that would fund the federal government through December. The Senate has already passed the CR.
Jason Stverak, chief advocacy officer with the Defense Credit Union Council, said there has been some discussion that if the House can come to an agreement on paying the government’s bills through December, it could agree to adjourn until after November’s mid-terms. It is currently scheduled to recess for 10 days beginning this Friday, before returning on Sept. 15, along with the Senate.
“The House only has three weeks of sessions scheduled until the election,” Stverak said. “It might take all three of them off. I don’t know if the Senate will follow suit. That will complicate movement of our advocacy items, as then there will be the sprint to the election.”
Complicating the Future of the NDAA
When the Senate does return in mid-September its priority will be on the cryptocurrency legislation, the Clarity Act, on which the crypto industry and financial institutions have been divided. All of that also complicates the National Defense Authorization Act (NDAA), the must-pass legislation that has in the past become a carrying horse for language credit unions both support and oppose, as could again be the case this year.
“The NDAA has become a vehicle to advance banking sections,” said Stverak, adding that DCUC would support inclusion of CU priorities that include bills related to the Central Liquidity Facility, loan maturities and the Veterans MBL bill.
The threat for credit unions, of course, is that it also includes language CUs oppose, such as that related to the Credit Card Competition Act, for example.
Hearing Being Monitored
In the meantime, both the Defense Credit Union Council and America’s Credit Unions said they will be monitoring a hearing set to be held Wednesday by the House Financial Services Committee titled, “”Strengthening the American Economy: Promoting Growth, Opportunity, and Prosperity.”
The hearing could include discussion of the American Lending Fairness Act, which has credit union support.
America’s CUs’ Priorities
America’s Credit Unions said in a statement that its legislative priorities in Congress remain:
- Passing the Credit Union Investment Authority Act. “Introduced over the recess by Reps. Janelle Bynum and Young Kim, this legislation would update sections of the Federal Credit Union Act and allow longer maturities on credit union loans.”
- Passing the STOP Payments Fraud Act of 2026.”Introduced by Rep. Young Kim, would provide further resources and ability for credit unions to address fraudulent activities and actors that affect American consumers.”
- Continuing to work with lawmakers to see modernization of CTR and SAR reporting thresholds. “Current thresholds remain as set in the 1970s with no adjustment for inflation leading to countless reports being filed for regular, non-criminal consumer activity.”
- Working with lawmakers to agree to a deal on the CLARITY Act. “The CLARITY Act would allow credit unions to offer digital asset products to consumers. The finalized Act should also protect both credit unions and consumers in the marketplace.”
