The House and Senate are both out of session this week for the Thanksgiving holiday. Next week, the full Senate is expected to consider and vote on the Senate’s version of the “Tax Cuts and Jobs Act.” Should it pass the Senate, House and Senate negotiators are expected to immediately begin a conference committee to iron out differences in the House and Senate bills in order to send a consensus tax cut package back to both chambers for final passage. In addition, funding for the federal government will expire Dec. 8. We expect Congress to pass a short-term funding bill until an omnibus bill can be agreed to that will fund government operations through the end of fiscal year 2018.

This week, we expect the Senate to release its version of the Financial Services and General Government Appropriations Act for fiscal year 2018. As with the House bill, CUNA and its League/Association partners have been advocating for Senate lawmakers to fully fund credit union priorities like the Community Development Revolving Loan Fund and the Community Development Financial Institutions Fund. CUNA has also advocated for Senate lawmakers not to strip away the independence of the National Credit Union Administration by placing the agency under the appropriations process. Finally, we expect the Senate Banking Committee to consider on Dec. 5 a bipartisan regulatory relief package for community banks and credit unions. Read the full Washington Wire here.