While the majority of the attention this week in Washington, D.C., centered around the funding of the federal government – specifically, whether an agreement could be met on the “Continuing Resolution” that funds government operations – the effort to keep the credit union-supported relief bill S. 2155 that passed last week has not stopped. Credit unions, Leagues and CUNA continue to push for the bill with legislators and media to keep the need for the legislation at the forefront. Passing the Senate is a positive thing; however, the road to having a bill signed into law is tenuous.
Where things stand with the regulatory relief bill: It remains unclear what the House intends to do with the bill (as they have already passed their version of regulatory relief in H.R. 10 previously). The House could take up the Senate bill and pass it without changes, or sit on the legislation and not pass it. However, what is more likely is that the House may attempt to amend the bill and send it back to the Senate for further consideration. This move may be detrimental to the possible success of any regulatory relief (as the Senate has expressed that there is not an appetite to make more changes).
What you can do: This stalemate may take a few weeks to resolve, but in the meantime credit unions can help move this forward by asking the members of the U.S. House to vote YES on S. 2155. You can do so via this link!
