Mon, Nov 14, 2016
District Of Columbia
CUNA advocacy and political affairs staff unveiled its white paper on the results of the 2016 election Thursday in a conference call attended by nearly 500. In the paper, CUNA staff analyzed the impact the new administration and Congress can have on credit unions, including regulatory relief, potential changes in key congressional committees and NCUA board appointments.
“Without question, the 2016 cycle has been unpredictable and unprecedented. But credit unions are poised to succeed in the new Congress because CUNA has always believed that the cyclical nature of party control in Congress requires that we build strong relationships with both Republican and Democratic Senators and Members of Congress,” the paper reads. “This is a practice that we will continue.”
CUNA and the league system has already seen success in the election of a pro-credit union majority in the 115th Congress that will take office in January. Credit union-friendly candidates won 96% of the 364 races they were involved in.
The main goals and priorities of President-elect Donald Trump remain largely unknown due to his lack of political experience. CUNA’s engagement with the Trump campaign over the last several months has shown that he has strong support for reducing overly burdensome regulations.
In Congress, Sen. Mike Crapo (R-Idaho), incoming chair of the Senate Banking Committee, may also look to seek more regulatory relief than current chair Sen. Richard Shelby (R-Ala.).
CUNA expects Rep. Jeb Hensarling (R-Texas) to remain chair of the House Financial Services Committee, while leadership of its subcommittees may shift due to retirements and electoral defeats. Rep. Maxine Waters (D-Calif.) will also likely remain as ranking member.
The House Ways and Means Committee will also likely retain its chair, Rep. Kevin Brady (R-Texas), and ranking member, Rep. Sandy Levin (D-Mich.).
Tax reform is likely to be a priority for the committee, and with Democrats and Republicans far apart on potential solutions, CUNA will remain vigilant in its defense of the credit union tax status.
Other highlights of the paper include:
- CUNA expects Trump will designate NCUA board member J. Mark McWatters as chairman of the NCUA board;
- The CFPB may try to finalize its arbitration and short-term, small dollar lending proposals, with the former having a greater likelihood. If a new director is appointed by Trump, he or she is more likely to review and simplify current regulatory changes as opposed to publishing new rulemakings; and
- Federal Communications Commission Chair Tom Wheeler will likely follow custom and resign in January.
An archived version of the call, featuring analysis of the election from CUNA President/CEO Jim Nussle, Chief Operating Officer Rich Meade and Chief Advocacy Officer Ryan Donovan, can be found here within the next 24 hours.
Source: CUNA News Now