WASHINGTON–With Congress working to finish up the $900-billion National Defense Authorization Act (NDAA) before it adjourns for the holidays, and with the debate around health care subsidies/Obamacare consuming much of what attention is left over, credit unions are watching several appropriations bills, as well as some hearings this week.
Passage of the NDAA is expected by the end of this week or by next week, although as the CU Daily reported here, it doesn’t include some CU-backed provisions.
As Greg Mesack, senior vice president of advocacy, with America’s Credit Unions, passage of the appropriations legislation is necessary to avoid another government shutdown in January of 2026, which he acknowledged will do nothing but create a “messy situation.”
When it comes to the appropriations bills, Mesack said America’s Credit Unions will be paying particular attention to the funding for the CDFI Fund—both the House and the Senate have approved funds, although at different levels.
Funds for CFPB?
The other issue to watch is whether funds will be appropriated to operate the CFPB, which is currently funded by the Fed. The Trump administration has said it will not seek any new funding in 2026 as it seeks to all but shut down the Bureau.
Two Hearings to Watch
Meanwhile, credit unions are watching two hearings this week:
Tuesday
Senate Judiciary Subcommittee on Crime and Counterterrorism
Topic: “Examining the Harm of AI Chatbots”.
Thursday
House Committee on Financial Services
Topic” Right-Sizing the U.S. Bank Capital Framework: A Return to Tailoring, Economic Growth, and Competitiveness Mesack noted America’s Credit Unions sent a detailed letter on capital reform that encouraged flexibility to ensure credit unions have similar reforms
