WASHINGTON–President Joe Biden’s decision on whether to remain in the race for the presidency or to step aside amid the rising calls that he do so is being as closely monitored by America’s Credit Unions as much as other political observers.
With the president’s age and preparedness for the job under scrutiny, including within his own party, Carrie Hunt, chief advocacy officer with America’s Credit Unions said the trade group is much more focused on what the presidential race will mean for congressional races as well as the congressional calendar.
Affect on Agenda
“We've had internal discussions that, because there is more focus on Democrats to look more proactive, we could see some additional legislative issues pop up that previously appeared to be waiting until after the election,” said Hunt.
Legislation that is backed by Democrats will almost certainly be affected by the outcome of November’s elections, with certain pieces perhaps moved up in priority or attached to must-pass bills, such as appropriations bills, noted Hunt.
Be Careful of the ‘Flip Side’
That scenario could apply to legislation related to veterans and member business loans, the Board Modernization Act, and more.
“On the flip side, that means we need to make sure that we are incredibly active on legislation that we do not want, such as interchange,” said Hunt. “If Congress starts to look like they're going to be much more active than anticipated, it just means we need to make sure that we're stepping on the gas.”
Hearings Getting Attention
Meanwhile, Hunt said the trade group is also watching a number of hearings this week, with both the Fed chairman and Treasury secretary testifying, including:
- Today: House Financial Services Committee hearing, “The Annual Testimony of the Secretary of the Treasury on the State of the International Financial System”
- Today: Senate Committee on Banking, Housing & Urban Affairs hearing, “Federal Reserve’s Semi-Annual Monetary Policy Report” (with Fed Chairman Jerome Powell testifying)
- Wednesday: House Financial Services Committee: Federal Reserve’s Semi-Annual Monetary Policy Report (with Fed Chairman Jerome Powell testifying)
- Friday: House Financial Services Committee hearing, “Financial Institution-Fintech Partnerships: Leveraging Third-Party Relationships to Increase Access to Financial Services
Letters in the Mail
Hunt said America’s Credit Unions will be sending letters up to the Hill in advance of the hearings.
“Particularly relative to the Powell hearing, we will be reiterating our concerns with their changes to regulation II,” Hunt said.
DCUC Sends Message
Ahead of Powell's testimony, the Defense Credit Union Council (DCUC) urged the Fed Chairman to endorse the Secure Payments Act (H.R. 7531), introduced by Rep. Blaine Luetkemeyer (R-MO), and to also support Sen. Ted Budd’s (R-NC) recent proposal for a study on the debit card interchange fee cap.
Chairman Powell is scheduled to deliver his report before the Senate Banking, Housing, and Urban Affairs Committee and the House Financial Services Committee tomorrow and Wednesday, respectively.
In a statement, DCUC said it continues to emphasize the critical role credit unions have in providing accessible financial services to their members, especially in underserved communities nationwide.
“DCUC remains concerned about the impact of debit interchange fee restrictions on these services and, consequently, on the financial security of all consumers,” the organization said.