Federal government funding expires on Friday at midnight, which means Congress is under the gun to enact a new resolution to fund the government past this deadline, and hopefully to remain in place through the end of the fiscal year (Sept. 30). We are aware that negotiators made a great deal of progress, but the White House has come in at the last-minute demanding funding for a southern border wall. Democrats have threatened to filibuster any funding bill that includes certain priorities of the president, including funds to pay for a wall on our southern border. Democrats are also seeking funding for Obamacare subsidies.
Why It Matters to Credit Unions: One issue of concern to credit unions in this process is funding for the Community Development Financial Institutions (CDFI) Fund. In FY2016, the CDFIF was funded at $233.5 million. CUNA, its state partners, individual credit unions, and concerned credit union members, have engaged in a large lobbying and grassroots effort to convince Congress to fully fund the Community Development Financial Institutions (CDFI) Fund as part of this bill.
This week on the floor, the House has scheduled votes on H.R. 1695, the Register of Copyrights Selection and Accountability Act of 2017 as well as H.R. 1694, the Fannie and Freddie Open Records Act of 2017.
Credit Unions will want to follow several committee meetings on both sides of the Capitol including the following:
Tomorrow, the House Committee on Oversight and Government Reform Subcommittee on Government Operations will hold a hearing on “Reviewing the Unintended Consequences of the Foreign Account Tax Compliance Act.”
Also tomorrow, the House Financial Services Committee will hold a full committee markup of the Financial CHOICE Act.
On Thursday, the Senate Banking, Housing and Urban Affairs Committee will hold a hearing titled “Countering Russia: Further Assessing Options for Sanctions.” The House Committee on Financial Services Subcommittee on Terrorism and Illicit Finance will hold a hearing on “Safeguarding the Financial System from Terrorist Financing.”