April 17, 2017

Government funding ends April 28; NAFCU following

Congress has until April 28 to pass a bill authorizing continued federal government spending to avoid a government-wide shutdown. The government is currently running on a continuing resolution that passed Congress in December.

In a budget proposal released in March, President Donald Trump requested a $30 billion increase in defense-related spending and an $18 billion cut to non-defense programs. As a part of the cuts, Trump proposed eliminating the Community Development Financial Institutions Fund program. NAFCU reiterated the importance of this program to credit unions in a letter to leaders of key House and Senate subcommittees last month. The association will monitor the program throughout the upcoming government funding negotiations.

NAFCU will also watch out for regulatory relief-related legislation being wrapped into any future spending bill, such as provisions creating a five-person commission at the CFPB. Credit unions are encouraged to reach out to their members of Congress urging them to support regulatory relief measures as part of an ongoing campaign through NAFCU's Grassroots Action Center.

NAFCU is also awaiting more details related to the Financial CHOICE Act. Last week, a revised memo outlining the next draft of the bill was circulated by House Financial Services Committee Chairman Jeb Hensarling, R-Texas, to committee members. According to the memo, the bill would repeal the Durbin interchange amendment and implement other reforms of the Dodd-Frank Act that NAFCU has been seeking for credit unions.

"NAFCU is keeping tabs on a number of key credit union issues as Congress works through government funding and other priorities," said NAFCU Vice President of Legislative Affairs Brad Thaler. "We are meeting regularly with lawmakers and their staff to keep credit unions' concerns top of mind."

NAFCU will keep its members informed of any government funding updates and encourages credit unions to gather contact information for their lawmakers to set up local meetings, review background information on the important issues and find the tools they need to take action through its Grassroots Action Center.