Week ahead: Credit unions lay out lame-duck priorities

Register now

With a winner forecast in the presidential race and most congressional contests settled, credit unions are gearing up for the final legislative push of the year.

Lawmakers will resume normal business this week, with the Senate in formal session and the House in a pro forma session. Financial regulators, including National Credit Union Administration Chairman Rodney Hood, are scheduled to appear before the Senate Banking Committee and House Financial Services Committee on Tuesday and Thursday, respectively.

The industry is calling for Republicans and Democrats to come together to pass additional COVID-19 relief legislation during the lame-duck session, including extending provisions from the Coronavirus Aid, Relief, and Economic Security Act that expanded NCUA's Central Liquidity Facility, affected troubled-debt restructuring and more. The National Defense Authorization Act must also be reapproved, and a new government-funding bill will also need to be passed.

Both the National Association of Federally-Insured Credit Unions and the Credit Union National Association over the weekend congratulated President-elect Joe Biden and Vice President-elect Kamala Harris on winning the election and called for the upcoming administration and Congress to work together to move forward legislation that benefits consumers and enables credit unions to fulfil their mission.

Lastly, voters in five states approved ballot measures last week to legalize marijuana for either recreational or medicinal use. While pot banking has been on the backburner most of the year, those results could push Congress to finally move forward on meaningful legislation on that front.

For reprint and licensing requests for this article, click here.
Law and regulation Liquidity Credit unions NCUA