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This week: House set to return for reconciliation package vote; NAFCU continues to advocate for CU priorities
The Senate is set to head out for August recess this week after passing the Democratic budget reconciliation package in a 51-50 vote yesterday, with Vice President Kamala Harris casting the tie-breaking vote. With the Senate action, the House is scheduled to return to session from its August recess to vote on the package by the end of the week. While the Senate package did include funds for increased IRS enforcement, it did not include a NAFCU-opposed provision that would have required new account information reporting by financial institutions.
As August recess approaches, NAFCU's award-winning advocacy team remains hard at work for credit unions to keep industry priorities top-of-mind for lawmakers. Specifically, NAFCU remains focused on voicing opposition for the Credit Card Competition Act by alerting lawmakers about the negative impacts of imposing any new caps or restrictions on interchange fees.
NAFCU credit union members are encouraged to share a statement that the association can share publicly with media, members of Congress, and others to oppose this legislation. They are also encouraged to register their opposition with Senators by visiting NAFCU’s Grassroots Action Center.
Other items of note:
- today, comments are due to NAFCU in response to the CFPB’s inquiry into relationship banking and customer service (view NAFCU’s Regulatory Alert on this topic); and
- credit unions are encouraged to submit feedback for the Federal Reserve via NAFCU’s annual survey.
Stay tuned to NAFCU Today for the latest regulatory and legislative developments from Washington.