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This week: NAFCU active on Hill as Congress works to end gov't shutdown
The partial government shutdown has now become the longest funding gap in U.S. history. The House and Senate this week will continue work to try to come to an agreement to fund roughly a quarter of the government; the two chambers remain at odds over funding for President Donald Trump's requested wall along the U.S.-Mexico border.
In addition, a winter storm in the Washington area has closed other parts of the federal government and federal agencies. NAFCU's offices are also closed today, but staff remain available (find contacts here).
Credit union efforts to support members that have been furloughed or affected by the shutdown have gained national attention and drawn recognition from members of Congress. Some of the services include one-time loans to those whose pay will be disrupted, line-of-credit limit increases, deferred payments on existing loans, and short-term, reduced rate loans to help meet expenses during the shutdown, to name a few.
NAFCU remains active on Capitol Hill meeting with lawmakers to ensure credit union priorities – such as full funding for the NCUA's Community Development Revolving Loan Fund (CDRLF), Treasury's Community Development Financial Institutions (CDFI) Fund and the Small Business Administration's (SBA) 7(a) and 504 loan programs – are included in any solution.
Last week, the Democratic-controlled House passed a number of bills to provide full year funding for some departments and agencies, including Treasury, Transportation, Housing and Urban Development and Agriculture, as well as the IRS and Food and Drug Administration. Congress also cleared legislation that would give federal workers back pay once the shutdown ends.
The piecemeal strategy is an attempt to reopen most of the government while providing short-term funding for the Department of Homeland Security to allow Congress and the president time to come to a compromise on border security and immigration reform.
Also happening this week:
- congressional committee membership is still being finalized;
- the Senate Special Committee on Aging on Wednesday will hold a hearing on preventing elder fraud and abuse;
- NAFCU's Regulatory Compliance team on Thursday will provide credit unions with an update on recent guidance, rules and regulations from the NCUA and Bureau of Consumer Financial Protection (register here for the free webinar); and
- Thursday, the NCUA Board meets to discuss its 2019 annual performance plan and civil money penalty statutory inflation adjustment (read more here).