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NAFCU’s award-winning advocacy team is continuing to fight back against efforts to attach the big box bailout legislation to government funding proposals as lawmakers attempt to avert a government shutdown – and is calling on credit unions to join the effort through the Grassroots Action Center. Current funding is set to expire at midnight Sept. 30.

In the Senate, several lawmakers have filed amendments to the Military Construction, Veterans Affairs, and Related Agencies Appropriations Act, which has been proposed as a “minibus.” Among those holding up a vote on the package are Sens. Roger Marshall, R-Kansas, and Dick Durbin, D-Ill., who want their big box bailout attached to the bill. NAFCU continues to urge senators to oppose their effort, as well as one by Sen. Josh Hawley, R-Mo., to cap credit cards’ annual percentage rate at 18 percent.

Several other industries are also strongly opposed to the big box bailout. Credit unions are urged to bolster the fight by contacting legislators via NAFCU’s Grassroots Action Center.

While the path to avert a shutdown remains uncertain, the House is preparing for potential votes on four issue-specific spending bills this week. Senate Majority Leader Chuck Schumer, D-N.Y., last week took procedural steps to try and move a bill that could be used as a short-term continuing resolution that would provide Congress more time to pass full funding bills, though several House members have expressed opposition to that approach.

NAFCU will monitor funding discussions, warning of the consequences of a shutdown and continuing to advocate for credit union priorities to be addressed.

Also happening this week:

• the Senate Banking Committee Wednesday will hold a markup on the Secure and Fair Enforcement Regulation (SAFER) Banking Act. NAFCU has consistently called on lawmakers to provide credit unions with legal clarity and certainty for serving marijuana-related businesses in states that have legalized marijuana;
• a Senate Banking subcommittee will also hold a hearing Wednesday to examine the state of flood insurance in America. The National Flood Insurance Program (NFIP) is one that would be impacted by a government shutdown. NAFCU consistently advocates for long-term reauthorization of the program;
• the House Small Business Committee holds a hearing Wednesday on ways to recoup stolen pandemic loan funds;
• the House Oversight and Accountability Committee holds a joint hearing Wednesday on combating ransomware attacks;
• NAFCU hosts its Regulatory Compliance & BSA Seminar in Savannah tomorrow through Thursday. While the in-person event is sold out, it is also being offered virtually; and
• NAFCU member CEOs Wednesday have the opportunity to hear from and ask questions of Jim Nussle, who will lead America’s Credit Unions should members approve the CUNA/NAFCU merger, during a virtual forum. Registration details were sent via email to CEOs; please reach out to NAFCU Member Services via email or at 800.344.5580 with questions.

Stay tuned to NAFCU Today for the latest out of Washington.