Newsroom

With both the Senate and House back in session, NAFCU is committed to ensuring your credit union has access to all need-to-know information. Here are a few updates to watch this week:

House CR passes, now it’s up to the Senate
House Democrats Tuesday introduced legislation offering a continuing resolution through Dec. 3 aimed at preventing a government shutdown. The short-term government funding bill contains additional relief funds towards Afghan refugee aid and the recent natural disasters. The continuing resolution would suspend the debt limit into Dec. 2022. 

The House passed the bill last evening, but it’s unclear as to whether it will pass the Senate in its current form. Stay tuned to NAFCU’s newsroom to get the latest updates from Congress. 

What’s next for NDAA
Early this month, the House Armed Services Committee approved its version of the National Defense Authorization Act (NDAA). The bill excluded statutory changes that would threaten the statuses of credit union leases on military bases, a huge win for the credit union industry. The House is set to vote on the bill sometime this week. 

The association consistently advocates against this bank-sought provision in the NDAA and has successfully kept it from being included in the final legislation in the past.

The House late Tuesday included the NAFCU-backed SAFE Banking Act, which provides a safe harbor for financial institutions providing services to marijuana related businesses, to the bill by voice vote.  

NAFCU will continue to advocate for credit unions and their 127 million members as the NDAA moves through the process and report on any breaking developments.

NAFCU tracks Chopra’s CFPB nomination 
Senate Majority Leader Chuck Schumer Tuesday began the process of bringing Rohit Chopra’s nomination as the director of the CFPB, to the Senate Floor.

As part of that process, the Senate yesterday voted 49-48 to discharge Chopra’s nomination from the Senate Banking Committee.  This discharge step was necessary, as the Banking Committee previously tied when reporting his nomination in March. The action by the Senate sets up a potential confirmation vote for Chopra later this week.  NAFCU will notify credit union members of any breaking news regarding Chopra’s nomination.