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This week: NAFCU gears up for new Congress after gov’t funding cleared
Congress is out for the remainder of the year after lawmakers finished work on the omnibus funding package late last week. The $1.7 trillion spending bill excluded several NAFCU-opposed provisions – including those that would have extended debit interchange routing requirements to credit cards and given NCUA third-party vendor authority.
After the two chambers reached a compromise on what would be included in the omnibus, debate in the Senate and potential amendments caused some delay. Senators eventually passed the bill Thursday afternoon and sent it to the House, which approved of it Friday. President Joe Biden is expected to sign the legislation this week; Congress also passed another short-term continuing resolution to fund the government through Dec. 30 to ensure enough time to enact the large omnibus.
The spending bill did include NAFCU-sought increased funding for Community Development Financial Institutions (CDFIs) and report language that directs the CDFI Fund to listen to stakeholders regarding its new application process. NAFCU shared concerns with lawmakers and CDFI stakeholders about changes to CDFI certification standards and application, as well as the lack of communication with CDFI credit unions.
In addition, President Biden signed the 2023 National Defense Authorization Act (NDAA). The final NDAA was free of NAFCU-opposed provisions, and included some provisions the association is supportive of related to fair hiring practices and easily accessible data published by federal financial regulators.
NAFCU’s advocacy team is currently preparing for the 118th Congress to be sworn in Jan. 3, and will unveil its 2023 priorities in support of credit union industry growth, regulatory relief, and more.
Credit unions are encouraged to review the association’s efforts and stay informed of industry hot topics via the Federal Advocacy page on the association’s website. Registration is also open for NAFCU’s 2023 conferences, designed to provide credit unions with the insights needed to stay compliant and competitive in the evolving financial services industry. Credit unions can save $300 on registrations for all 2023 conferences and online training subscriptions with code HOLIDAY through Jan. 6.
Stay tuned to NAFCU Today for the latest out of Washington.