December 16, 2015

Omnibus deal reached, details under review

House Speaker Paul Ryan, R-Wis., last night said an agreement was reached on the content of a government funding bill that includes NAFCU-backed cybersecurity legislation.

This omnibus spending package for fiscal 2016 is projected to be passed by Congress within the next week, and the president is expected to sign the bill. NAFCU is reviewing the package for any language addressing regulatory relief for credit unions.

Early indications last night were that the House-Senate report on the spending bill – which represents some $1.1 trillion – includes the conference report for the NAFCU-backed S. 754, the "Cybersecurity Information Sharing Act." The bill, also known as CISA, would encourage faster sharing of cyber-threat information among the business and government sectors. It was cleared by the Senate in October on a 74-21 vote.

Key lawmakers have long discussed the possibility of providing some measure of regulatory relief for financial institutions, including credit unions, by amendment to larger measures such as federal spending.

As this omnibus measure moves through the legislative process, Congress is expected to pass another short-term government funding bill by tonight's deadline to avoid a government shutdown.

NAFCU will keep members apprised of any developments on this bill having an impact on credit unions.