December 06, 2018

NAFCU engaged as House, Senate set to avert gov't shutdown

Capitol domeNAFCU lobbyists remain active on Capitol Hill as the House and Senate are expected to take action on a number of key items in the coming days, including legislation to avert a partial government shutdown and confirm Kathy Kraninger to lead the Bureau of Consumer Financial Protection. Some current funding is set to expire at midnight tomorrow; President Donald Trump has previously indicated he would support a short-term extension.

With as few as two expected legislative weeks left in this Congress, Congress must still finish work on some government spending, including the financial services and general government (FSGG) appropriations measure. The short-term bill unveiled earlier this week would extend funding, as well as the National Flood Insurance Program (NFIP), through Dec. 21. The House could pass the legislation as early as today; the Senate is expected to approve the bill and send it to the president before tomorrow's deadline.

NAFCU has heavily advocated for full funding for the NCUA's Community Development Revolving Loan Fund (CDRLF) and Treasury's Community Development Financial Institutions (CDFI) Fund, which is included in the Senate-passed version of the bill. Both Senate- and House-passed bills include full funding for the Small Business Administration's (SBA) 7(a) and 504 loan programs, which are used by credit unions. The association has also urged congressional leaders to not let the NFIP lapse.

Other items that could receive votes yet this week:

  • Kraninger's nomination to lead the bureau is expected in the Senate this afternoon. Last week, Senate Banking Committee Chairman Mike Crapo, R-Idaho, noted NAFCU's comments on the need for a full-time director in floor remarks.

  • A tax extenders and fixes package (H.R. 88) in the House. This package addresses some concerns raised by NAFCU regarding the 21 percent excise tax included in the Tax Cuts and Jobs Act (TCJA). NAFCU has been working with Congress to seek relief for credit unions from this new tax imposed on certain not-for-profits. The bill includes a manager's amendment from House Ways and Means Committee Chairman Kevin Brady, R-Texas, which repeals the tax on fridge benefits, but not on executive compensation.

NAFCU will remain active on Capitol Hill and keep credit unions updated on these votes.