WASHINGTON–With the federal government shutdown now more than a month old and set to become the longest in history, and with both political parties entrenched in their positions, at least for now, there is little scheduled to take place on Capitol Hill this week affecting credit unions other than behind-the-scenes negotiations over legislation in which CUs have an interest, especially the National Defense Authorization Act.
As the CU Daily reported earlier, credit unions remain wary that the Credit Card Competition Act or language from that CU-opposed legislation could be attached to a must-pass bill such as the NDAA.
Greg Mesack, senior vice president of advocacy with America’s Credit Unions, noted that beyond just the CCCA, the Senate version of the NDAA includes some financial services-related bills credit unions support, including money for the CDFI fund and NCUA’s Central Liquidity Facility, and protections for Defense Financial Institutions (DFIs).
“We’re working to ensure the good stuff is retained,” Mesack said.
Signs of Progress?
Jason Stverak, chief advocacy officer with the Defense Credit Union Council, said he believes there are signs of progress on Capitol Hill, with both parties reportedly moving toward a possible agreement to reopen the government later this week—potentially following tomorrow’s state elections in New York, New Jersey, and Virginia.
“However, any continuing resolution passed is expected to be short-term, lasting roughly two to three weeks before another funding deadline later this month,” DCUC noted.
The NDAA has passed both the House and Senate, and informal conference committee discussions are now underway. Committees are seeking final sign-offs on outstanding provisions by Friday, according to DCUC.
Senate Veterans Affairs Hearing
The Senate Veterans Affairs Committee will hold a hearing on Thursday titled “A Grateful Nation: Maximizing Veteran Success After Service.”
The DCUC noted it wrote to the committee in support of S.110—the Veterans Member Business Loan Act—which would lift the member business lending (MBL) cap for loans to veteran-owned small businesses.
“This legislation represents a vital opportunity to empower veterans and their families as they transition to civilian life,” DCUC said. “Many veterans aspire to start their own businesses but face limited access to capital. Credit unions, many having served these members throughout their military careers/lifecycles, are uniquely positioned to help—but are often constrained by existing MBL limits. DCUC continues to advocate for this important reform to ensure veterans receive the support they deserve.”
