Housing Bill, NDAA Top Credit Union Agenda In Shortened Week On Capitol Hill
By CU Today Staff —
WASHINGTON—With Congress heading into a shortened legislative week ahead of the Fourth of July recess, the nation's two largest credit union trade groups are pressing lawmakers to advance a series of industry priorities, from housing legislation and anti-money laundering relief to defense authorization measures and small business initiatives.
During separate media briefings Monday, leaders from America's Credit Unions and the Defense Credit Union Council said they expect significant action over the next several days despite the Senate remaining out of session until mid-July. Among the top issues being tracked are the housing bill awaiting President Trump's action, the FY2027 National Defense Authorization Act (NDAA), House Financial Services Committee markups and several proposals aimed at easing regulatory burdens on credit unions.
DCUC Chief Advocacy Officer Jason Stverak noted the House Financial Services Committee is conducting a multi-day markup on several bills. While none are specifically targeted at credit unions, DCUC plans to submit a letter on legislation tied to the nation's upcoming 250th anniversary that highlights the importance of small businesses.
"We'll once again be discussing the need for legislation that helps start small businesses for the American economy," Stverak said, adding DCUC's letter documents the obstacles veterans continue to face in obtaining small-business financing compared with other borrowers.
Stverak also highlighted a targeted "thank you" campaign for Sen. Pete Ricketts (R-NB) over his position on interchange and opposition to the Marshall-Durbin proposal.
"We'll always be the strongest defender of our credit unions on this issue," he said. "But we also understand the pressure members of the House and Senate are under, and we want to thank them whenever possible on this incredibly important issue."
Turning to the FY2027 National Defense Authorization Act (NDAA), Stverak said House leaders hope to bring the bill to the floor this week, but it faces procedural roadblocks.
"There's a group of members who won't advance the rule on this or any other bill unless the Save America Act language is attached," he said. "We don't know how that will play out."
DCUC has already sent letters to House offices thanking lawmakers for bringing the NDAA forward without anti-credit union provisions. However, if the bill is opened for amendments, the organization is urging Congress to include bipartisan credit union priorities, including the Sens. Kevin Cramer/Alex Padilla legislation to modernize the Central Liquidity Facility, changes to loan maturity authority and several other measures.
Looking ahead, Stverak said Congress is expected to move into the Fourth of July recess before returning to focus on legislative priorities ahead of the August recess. Lawmakers hope to complete work on the NDAA and digital asset market structure legislation before August so conference committees can begin.
He added DCUC is still awaiting final confirmation on the status of the housing legislation recently sent to President Trump, including whether it will be signed, vetoed or pocket-vetoed.
Asked how significant the Save America Act dispute could become for the NDAA, Stverak said it has become a major negotiating point within the House Republican conference.
"It's an incredibly strong negotiating point," he said. "There is a very vocal and large portion of the House Republican Conference that says nothing is going to move unless this is part of it. There's an equally strong group saying, 'No way.' They don't seem to be blinking on this one."
Stverak said a compromise could ultimately involve moving the Save America Act on another piece of legislation rather than the NDAA.
"The NDAA could get set aside, and they'll just work on it over the next two weeks," he said. "It's likely to be one of the issues holding things up.”
ACU President and CEO Scott Simpson pointed to the trade association’s Monday launch of its new "Once Upon an American Dream" effort, the trade group’s new national policymaker influence campaign.
“It builds on the foundation of the incredible storytelling our credit unions have been doing for years—stories that demonstrate how credit unions improve the lives of 146 million Americans,” Simpson said. “What we're doing is distilling the essence of that story: from the very beginning, credit unions have helped defend and advance the American Dream by delivering on the promise of financial opportunity and the foundational freedoms that define this country. We couldn't think of a better time to launch this campaign. It coincides with the nation's celebration of the 250th anniversary of the Declaration of Independence, while also aligning with the anniversary of the Federal Credit Union Act.”
America's Credit Unions is closely watching several major legislative developments this week, including expected action on a sweeping housing package, potential regulatory relief for smaller financial institutions, and a series of House committee markups on bills affecting credit unions.
Greg Mesack, senior vice president of advocacy at ACU, said House Speaker Mike Johnson is expected to transmit the housing bill to President Trump on Monday, beginning the Constitution's 10-day review period. Because Sundays are excluded, the legislation would become law by approximately July 10 if the president neither signs nor vetoes it.
According to Mesack, the Administration has indicated President Trump does not plan to veto the measure, even if he opts against holding a formal signing ceremony. The legislation contains several provisions supported by credit unions, including measures designed to expand affordable housing and homeownership opportunities, as well as legislation to modernize the NCUA board.
Mesack, too, noted the House is also expected to consider the NDAA this week, where numerous amendments have been filed. Among the proposals America's Credit Unions is urging lawmakers to adopt is a bipartisan amendment from Reps. Barry Loudermilk (R-GA) and Darren Soto (D-FL) that would raise the reporting thresholds for Currency Transaction Reports (CTRs) and Suspicious Activity Reports (SARs).
Mesack said increasing those thresholds would provide meaningful regulatory relief, particularly for smaller credit unions that shoulder a disproportionate compliance burden associated with anti-money laundering reporting requirements. He noted the proposal would also benefit community banks and other community-based financial institutions.
Meanwhile, the House Financial Services Financial Institutions Subcommittee is scheduled to hear testimony Tuesday from Office of Management and Budget Director Russ Vought. America's Credit Unions will be watching for discussion surrounding funding for the Community Development Financial Institutions Fund. Mesack said the trade group is encouraged that the Treasury Department has begun the CDFI Fund recertification process but remains focused on ensuring funding is distributed before the Sept. 30 deadline.
The House Financial Services Committee is also expected to mark up several bills this week that America's Credit Unions supports, including legislation aimed at combating fraudulent payments and a proposal that would allow utility companies and housing authorities to report nontraditional payment data to credit bureaus.
Mesack said incorporating on-time rent and utility payments into consumers' credit histories could help more Americans establish credit profiles, improve access to affordable financing and bring more consumers into the traditional financial system.
"There's a tremendous amount happening over the next four days," Mesack said. "It's going to be a busy week, but also an exciting one with a number of issues that are very important to credit unions moving through Congress."
Originally reported by CU Today.