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Home CU-Opposed Legislation Remains a Threat as Congress Faces New Deadline on Government Funding Measures

CU-Opposed Legislation Remains a Threat as Congress Faces New Deadline on Government Funding Measures

10/3/2023

While we were pleased to see Congress avert a shutdown of the federal government, we’re also quick to recognize we’re facing a fresh deadline for approval of appropriations measures for the coming fiscal year. Importantly, the risk that credit union-opposed legislation – specifically the Credit Card Competition Act (interchange bill) -- will find a way to advance via one of those measures remains extremely high. Your League continues its push this week to derail the CCCA with follow-up contacts to every member of our Congressional delegation.

The CCCA poses a real and significant risk to consumers, especially as it relates to fraud, privacy, and the ability of community financial institutions to provide access to credit. You can aid our advocacy efforts by emailing lawmakers today via our Action Center - https://www.vacul.org/action-center

The latest wrinkle in Washington is the vote this afternoon to oust Rep. Kevin McCarthy as Speaker of the House. North Carolina Rep. Patrick McHenry, who also serves as Chairman of the House Financial Services Committee, will serve as Speaker Pro Tempore as the process begins to elect a new Speaker. This development inserts additional uncertainty into the legislative process as Congress continues to face pressure to fund the government for the coming fiscal year. The Continuing Resolution passed this weekend that allowed Congress to avert a shutdown of the federal government expires Nov. 17.



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