Credit unions and their trade associations are ramping up advocacy efforts the Capitol Hill as Congress returns to Washington after a seven-week recess. No significant CU-related legislation is expected on the agenda during the remaining months of session, although government funding legislation is expected to move through the houses by the end of September.
According to Ryan Donovan, chief advocacy officer for the Credit Union National Association, one of the most important matters on the minds of CU advocates in the coming weeks will be the lame-duck situation in the White House as the year closes. Donovan also suggested a proposal from the Consumer Financial Protection Bureau regarding third- and first-party debt collection is on the horizon. "The next four to six months are critically important to setting the stage for a new administration," he said.
Even though no noteworthy legislation expected to come out of Congress in the months leading up to the election, a few minor bills are expected to be debated in the coming weeks.
"Leaders [are] scrambling to find legislation to put on the floor to keep members in town," Donovan said. He also suggested a government funding bill will capture much of the legislature's attention throughout September.
The two bills set for debate are:
- HR 5424 – The Investment Advisers Modernization Act, which according to the National Association of Federal Credit Unions, would remove duplicative rules in the Investment Advisers Act.
- HR 2357 – The Accelerating Access to Capital Act, which according to NAFCU would simplify the SEC's registration rules for smaller companies.
In addition to minor legislation, two House Financial Services Committee hearings of note will be conducted this week with trade groups attending:
- Monetary Policy and Trade Subcommittee Hearing – "Federal Reserve Districts: Governance, Monetary Policy, and Economic Performance" – to be held on Sept. 7 at 10:00 a.m. "The hearing will examine the governance of the Federal Reserve Banks, and how it relates to the conduct of monetary policy and ultimately economic performance," a committee memo said.
- "Corporate Governance: Fostering a System that Promotes Capital Formation and Maximizes Shareholder Value" – to be held on Sept. 9 at 9:00 a.m.
Congress will recess again in early October before the election and will return on Nov. 14.
CUNA's Donovan noted there are talks of the legislature leaving for recess a week earlier than scheduled.
Hike the Hill
Throughout the month of September, 19 credit union leagues from 26 states will be in Washington as part of CUNA's Hike the Hill campaign. This week, the Nebraska Credit Union League and the Credit Union Association of New Mexico are visiting with lawmakers, regulators and staff from CUNA to discuss the increased regulatory burden affecting the industry. During the visits, CUNA will be making presentations "from a political, advocacy and regulatory standpoints," the trade group said.
