WASHINGTON—With Congress returning to session and just two working weeks left on the calendar, the Defense Credit Union Council is bracing for an intense stretch on Capitol Hill, where the passage of the National Defense Authorization Act (NDAA) remains the top priority.
DCUC said it is working to ensure credit unions have a strong voice in fast-moving NDAA policy negotiations.
“Now that Congress is back in session, Washington, D.C., is heading into an incredibly busy two weeks—especially around the priorities DCUC is advocating for and closely tracking on Capitol Hill,” said DCUC Chief Advocacy Officer Jason Stverak during a call with the media Monday morning. “That leaves essentially two full legislative weeks to complete an extremely heavy workload. As this compressed timeline plays out, DCUC will continue making sure credit unions remain well represented in policy discussions on Capitol Hill.
Stverak reminded that House and Senate leadership have been targeting the second week of December to have the bill passed and sent to the president.
“And they still appear on track to meet that goal,” said Stverak. “We’ve been told—and this has been reported—that the core portions of the bill dealing directly with the military are essentially complete. Negotiations continue, however, on issues outside the Armed Services Committees’ jurisdiction. Leadership views the NDAA as the one major legislative vehicle likely to move before year-end, which has prompted conversations about whether other provisions not typically included in the NDAA may get added.”
Stverak noted the area of the legislation getting the most pushback is the financial-services section—specifically the banking title. House Financial Services Committee Chairman French Hill has raised concerns about the ROAD to Housing Act text the Senate added, and he has also expressed reservations about the CDFI language the Senate adopted nearly unanimously last week.
“DCUC has been strongly advocating not only for inclusion of the Senate’s CDFI provision but also for the CLF language, which the Senate also adopted unanimously,” he said. “Our position, communicated to the chairman’s office and the committee, is that both the CDFI and CLF sections should move forward. We understand there may be areas that require continued discussion, but these provisions benefit credit unions—and, in the case of the CDFI language, community banks as well.”
Stverak reiterated a point DCUC has been continually stressing: These issues should not become such a sticking point that the entire financial-services title is stripped out during final negotiations.
“If the schedule holds, we expect to see legislative text in the House around Wednesday or early next week, with Senate text coming in the middle to late part of next week—followed by transmission to President Trump for his signature,” he said. “We will continue to work with the chairman, the committee, and House leadership to ensure credit-union priorities remain in the bill.”’
Events In Washington This Week
Tuesday
- The House Financial Services Committee is set to hear testimony from NCUA Chairman Kyle Hauptman and other federal financial regulators, following a delay caused by the recent government shutdown. The hearing is available via livestream starting Tuesday at 10 a.m. ET.
- The House Small Business Committee will conduct a hearing, “Main Street Under Attack: The Cost of Crime on Small Businesses,” starting at 10 a.m. ET.
Wednesday
- The House Financial Services Committee will discuss the current housing supply.
America’s Credit Union noted that comments on two proposals are due by the end of Monday:
- Financial Crimes Enforcement Network (FinCEN) request for information on Section 314(a) of the PATRIOT Act, which requires credit unions and other financial institutions to determine whether they maintain or have maintained any account or transaction for a named individual or entity and report any matches promptly
- NCUA renewal of information collections on standards for the performance of real estate appraisals in connection with federally related transactions and the regulatory framework for corporate credit unions