Democrats take House, Republicans retain Senate; What does this mean for CUs?

Based on election results as of press time, Democrats have won enough seats to take control of the U.S. House of Representatives in the upcoming 116th Congress; while the Senate will remain in Republican hands, ensuring a “split” Congress in 2019. What does this mean for credit unions?

“Credit unions will continue to have a strong seat at the table as we enjoy bipartisan support in Congress,” said Dan Berger, NAFCU president and CEO. “Whether working with Republicans, Democrats or Independents, our goal is to achieve an appropriate regulatory environment that provides a tailored approach to regulation, a level playing field, and transparent and independent regulatory oversight for credit unions and the 114 million members they serve.”

NAFCU lobbyists expect that a “split” Congress will likely limit legislative activity. “Any legislation, other than must-pass items, will need to be strongly bipartisan to have a chance at passage,” said NAFCU Vice President of Legislative Affairs Brad Thaler. “For credit unions, this means Congress may act on items including fintech, data security and personal privacy, and housing finance reform if bipartisan solutions can be found. Targeted regulatory relief for financial institutions is also still possible in areas addressing the Bank Secrecy Act and anti-money laundering. We expect that there could be a number of hearings, as each side seeks to stake out its position on issues, but getting something moving will take building bipartisan support.”

 

continue reading »