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Budget reconciliation package passed by House, heads to POTUS desk
In a 220-207 vote, the House passed the Democrat budget reconciliation package on Friday. Earlier this month, the Senate passed the package in a 51-50 vote. The package now heads to President Joe Biden's desk to sign into law. Of note, while the package includes funds for increased IRS enforcement, it does not include a NAFCU-opposed provision that would have required new account information reporting by financial institutions.
NAFCU's award-winning advocacy team remains hard at work for credit unions to keep industry priorities top-of-mind for lawmakers. Specifically, NAFCU remains focused on voicing opposition for the Credit Card Competition Act by alerting lawmakers about the negative impacts of imposing any new caps or restrictions on interchange fees.
NAFCU credit union members are encouraged to share a statement that the association can share publicly with media, members of Congress, and others to oppose this legislation. They are also encouraged to register their opposition with Senators by visiting NAFCU’s Grassroots Action Center.
NAFCU will continue to monitor developments of this package, as well as other legislation affecting credit unions on the Hill.