The U.S. House of Representatives voted Wednesday to advance its version of the FY27 National Defense Authorization Act (NDAA) and legislation funding the federal government through Dec. 4.
The NDAA contains no financial services-related provisions. America’s Credit Unions strongly opposed potential amendments to extend Electronic Funds Transfer Act liability to financial institutions for “fraudulently induced” transactions made by servicemembers; and suspend debit card surcharges for certain individuals with commissary privileges.
The federal government is currently funded through Sept. 30. The extended funding measure must now pass the Senate.
The House is expected to adjourn for the August recess, with the Senate remaining in town through the first week of August.
The House also voted Tuesday 270-155-1 to advance the Main Street Capital Access Act (H.R. 6955). The bill contains a number of regulatory relief provisions benefitting both credit unions and banks, along with a number of bank-specific measures. America’s Credit Unions expressed the association’s support for the bill while all continuing to call for additional credit union relief in a letter to House leaders on Monday.
The bill contains provisions that address credit union modernization, relief, tailoring, and flexibility.
“Community financial institutions have endured a regulatory onslaught that has resulted in closures and reduced services for Americans. Credit unions thank House Financial Services Committee Chairman French Hill and Financial Institutions Subcommittee Chairman Andy Barr for their leadership in tackling regulatory modernization for community financial institutions,” said America’s Credit Union Chief Advocacy Officer Kathleen Coulombe. “This legislation is a positive first step towards right-sizing regulations, and America’s Credit Unions looks forward to continued collaboration with lawmakers to advance policy priorities that support credit unions and their members. We remain steadfast in our advocacy to ensure credit unions have the specific relief and tools they need to serve their 146 million members and reach more communities.”
Prior to the House vote, America’s Credit Unions emphasized additional legislation that would provide credit unions additional needed relief if added to the bill. Those include updating credit union loan maturities, easing access to the Federal Home Bank System, providing additional capital to veteran-owned businesses, and raising the threshold for loans that count as credit union business loans.
America’s Credit Unions remains engaged with Congress to advance those priorities.
