Credit Union Trades Eye Busy Final Senate Week Before Midterms
By CU Today Staff —
WASHINGTON—With the House away and the Senate beginning its final week in session before the midterm elections, credit union trade groups are watching for action ranging from legislation addressing the end of penny production to regulatory decisions involving telecommunications, NCUA oversight and financial services policy.
Defense Credit Union Council Chief Advocacy Officer Jason Stverak said the trade group is tracking NCUA priorities under Chairman John Crews and the agency’s forthcoming 2027 budget, with particular attention to proposed spending, staffing and technology investments and their potential effects on credit unions. DCUC is also watching Wednesday’s Federal Communications Commission vote on revisions to its “revoke all” consent rules, which the group and other financial services associations have supported while seeking additional flexibility and clarification.
DCUC’s broader agenda includes monitoring Illinois interchange litigation, the FDIC’s proposed bank-merger policy and FY2027 National Defense Authorization Act negotiations, where it is seeking permanent Central Liquidity Facility enhancements, modernized loan-maturity authority and the Veterans Member Business Loan Act. The group is also seeking greater NCUA clarity on permissible credit union digital-asset activities and is pursuing changes involving membership eligibility, CFPB governance and Bank Secrecy Act reporting requirements.
America’s Credit Unions, meanwhile, is focused heavily on the Senate’s final legislative push before the election recess, including a possible vote on the House-passed Common Cents Act. ACU urged Senate leaders last week to approve the legislation, which addresses the end of penny production, and send it to the president.
ACU is also watching Wednesday’s FCC hearing and the Senate Small Business Committee oversight hearing on the Small Business Administration, and Thursday’s Senate Banking Committee hearing on nominees to the Treasury Department, Department of Housing and Urban Development and Export-Import Bank. The Banking Committee has already advanced Brian Johnson’s nomination to lead the CFPB, although a Senate floor vote has not been scheduled.
Beyond those immediate developments, DCUC is monitoring proposed third-party risk-management guidance, separate legislation expanding NCUA’s vendor-examination authority and developments involving disputed Community Development Financial Institutions Fund money.
Originally reported by CU Today.