NAFCU’s advocacy team tracking issues on Hill
NAFCU’s advocacy team provided an update to the association’s Legislative Committee members Wednesday on efforts underway on Capitol Hill related to interchange, the CFPB, and digital assets. In addition, the association continues to monitor discussions related to government funding and the debt ceiling.
Related to government funding issues, the House Wednesday passed legislation to raise the debt ceiling and make funding cuts to certain programs, as well as adjust requirements for some programs. The Senate has not started work on its version to address the debt limit and some Democrats have urged the Biden Administration to restart negotiations with House Speaker Kevin McCarthy, R-Calif. The Treasury Department is expected to soon release its projected date the ceiling will be reached, though updated analyses indicate sometime in July is likely.
Today, the House Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion holds a hearing on regulatory gaps in the digital assets market; NAFCU sent a letter reiterating credit unions’ priorities on the issue.
On interchange, NAFCU highlighted its ongoing advocacy against efforts to further cap interchange fees. While no bill has been formally introduced in either chamber this congressional session, NAFCU relentlessly advocated against interchange expansion last Congress and is prepared to fight back again. Credit unions are encouraged to join the association’s efforts via its Grassroots Action Center, through which members can send messages of opposition directly to senators and representatives.
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