Congress' Final Sprint: Credit Union Groups Eye Busy Week On Capitol Hill
By CU Today Staff —
WASHINGTON— The Defense Credit Union Council and America’s Credit Unions are warning this could be one of the busiest legislative weeks before Congress leaves for its August recess, with lawmakers expected to tackle regulatory relief, NCUA nominations, the National Defense Authorization Act (NDAA), cryptocurrency legislation and several oversight hearings affecting financial institutions.
DCUC, during its weekly press briefing, said the House still appears on track to adjourn by Thursday or Friday despite recent speculation lawmakers might remain in session next week. DCUC Chief Advocacy Officer Jason Stverak said Congress is "rounding the last lap" before the August recess, making the coming days critical for advancing key financial services and credit union legislation.
Among the week's biggest items is H.R. 6955, the Main Street Capital Access Act, which the House Rules Committee is expected to advance before floor consideration. Stverak noted the bill originally included the Credit Union Board Modernization Act and several de novo credit union provisions, but those measures were removed after being enacted as part of the 21st Century Road to Housing Act. Even so, he said the measure still contains numerous provisions important to credit unions.
"While it's primarily a banking deregulation bill, it contains a significant number of important credit union priorities," Stverak said.
DCUC has urged House leaders to approve the legislation and view it as a first step toward broader regulatory relief for community financial institutions, while encouraging House Financial Services Committee Chairman French Hill to build on it with what Stverak described as a broader "Make Credit Unions Great Again" legislative package.
"We look forward to working with both sides of the aisle, the NCUA and our regulators to ensure credit unions are freed up to provide the maximum amount of support they can for their members," he said.
The organization is also monitoring several House hearings, including Financial Services subcommittee reviews of FinCEN oversight and the Federal Home Loan Bank System, as well as a House Appropriations Committee hearing examining the potential effects of a government shutdown. Stverak said defense credit unions have repeatedly helped military families weather previous shutdowns by assisting with mortgages, auto loans and other financial obligations, and argued Congress should ensure active-duty military personnel, Coast Guard members and their families are protected whenever the government closes.
On the Senate side, DCUC's top priority is Thursday's Senate Banking Committee executive session, where lawmakers are expected to vote on John Crews' nomination to the NCUA Board. Stverak called prompt action important, noting it has been nearly a year since Chairman Kyle Hauptman's term expired, and said DCUC will continue urging both the committee and the full Senate to confirm Crews before the August recess.
DCUC is also closely following negotiations over the NDAA. While the House had hoped to complete action before the July Fourth recess, partisan disputes have delayed the measure, and the Senate is expected to begin floor consideration if leaders can secure enough votes to invoke cloture. Stverak said the legislation remains particularly important because of its impact on servicemembers and the defense credit unions that serve them.
America's Credit Unions outlined a similarly full agenda for the week, saying Congress is expected to focus on the NDAA, financial services legislation, regulatory nominations and cryptocurrency policy before departing for the August recess. Along with Thursday's Senate Banking Committee vote on John Crews' nomination to the NCUA board, the trade group is watching the committee's hearing on CFPB director nominee Brian Johnson and possible Senate floor action on the CLARITY Act as bipartisan negotiations continue.
On the House side, America's Credit Unions is monitoring consideration of the Main Street Capital Access Act, hearings examining FinCEN oversight and the Federal Home Loan Bank System, and NCUA's implementation of the GENIUS Act. The organization also said it will continue tracking House and Senate negotiations over the NDAA, while its political action committee is following Tuesday's Arizona primary elections, where it is backing several congressional candidates.
Originally reported by CU Today.