WASHINGTON—Congress is back in session, with its attention focused on health care and avoiding another government shutdown—issues that do not directly affect credit unions. One issue that has moved forward that could affect CUs is legislation aimed at making housing more affordable.
Greg Mesack, SVP of advocacy with America’s Credit Unions, said he sees progress being made in Congress on a number of bills and sees little appetite for another government shutdown.
“People actually wanted a shutdown last time on both sides,” Mesack said. “People had delusions that it would somehow benefit them. Shutdowns never benefit anyone. No one wants this shutdown. There really is a desire to get something done. Now, the desire and the ability are not always aligned, but I do think there’s going to be a strong effort to get funding done. Knowing this Congress, it will probably take it right down to the wire, but I think the odds of a shutdown are low this time around.”
Mesack noted that Rep. French Hill (R-AR), who chairs the House Financial Services Committee, has been supportive of a “Making Community Banking Great Again” reform package that also keeps credit union interests in mind.
“He has been very transparent that community banking does include credit unions, and we’ve been in discussions with his staff, his office and the committee team,” Mesack said.
Housing Affordability Bills Move
One issue that would affect credit unions is legislation focused on improving housing affordability. Sen. Tim Scott (R-SC) has moved a bipartisan package out of the Senate Banking Committee, and in the House, Hill has advanced similar legislation.
“There’s going to be strong desire to move forward on housing affordability as part of the broader discussion in an election year,” said Mesack. “Consumers will tell you affordability is very important for them. It’s straining budgets. There’s going to be strong desire from the administration and from Congress to try to do something around housing affordability, which could impact credit unions.”
