“See you in September” is good advice for credit unions interested in what’s happening on Capitol Hill. That’s because this September may be one of the most consequential in recent memory as several big bills, all potentially containing items of interest for defense credit unions, are being readied for action.
The first bill to watch will probably be dealt with last in the month, the Continuing Resolution (CR) necessary to fund the federal government. This is considered “must-pass” legislation, and it is slated for consideration before September 30. DCUC is closely watching to see if lobbyists for the retail industry attempt to insert the highly contentious Durbin credit interchange cap proposal into the measure.
Hill sources say merchant trade associations believe there is “zero chance” Majority Leader Dick Durbin (D-IL)’s bill passes the Senate as a standalone, so expect an effort to attach Durbin to the CR. That would still have to garner 60 votes, which seems like a tall order. But the fact that there is a bill authored by this influential member of the Democratic Leadership means the issue has a pulse.
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