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$1.7T omnibus excludes NAFCU-opposed CCCA, NCUA vendor authority provisions
Congress Tuesday released the final text of a $1.7 trillion omnibus spending package to fund the government. In a win for the industry, the package notably does not include the NAFCU-opposed Credit Card Competition Act or provisions to provide the NCUA with expanded third-party vendor authority. In addition, the bill includes a NAFCU-sought increase to funding for the Community Development Financial Institutions (CDFI) Fund and includes report language that directs the CDFI Fund to listen to stakeholders regarding its new application process.
The package will be debated and voted on in the Senate as soon as today and then sent to the House for final passage. Current funding is set to expire this Friday after Congress passed a short-term continuing resolution last week to provide more time to finalize the omnibus.
NAFCU Senior Vice President of Government Affairs Greg Mesack commended lawmakers for “advancing a funding package that is free of any harmful provisions that would place added burdens on credit unions.”
“Our credit union members and diligent advocacy team were successful in keeping the Credit Card Competition Act as well as any provision to grant the NCUA with additional third-party vendor authority out of the package,” said Mesack. “This omnibus also gives CDFI funding a well-deserved boost and directs the Fund to listen to concerns of stakeholders, something NAFCU has pushed for consistently.
“While the NAFCU-backed SAFE Banking Act, CLF changes, and Credit Union Board Modernization Act were not included, we will continue to work with lawmakers in the new Congress to pass legislation that is advantageous for credit unions and their 134 million members,” concluded Mesack.
Stay tuned to NAFCU Today for updates on the status of government funding.