Congress Wrestles to Avoid Another Government Shutdown, NCUA Nominees under Consideration, CUNA to Testify at Cannabusiness Hearing

The short-term funding bill that ended the recent partial government shutdown is set to expire at midnight Friday. The House and Senate are expected to consider a longer-term funding solution this week to avoid another shutdown, though there are reports that the two parties are still in disagreement over some aspects, which could prevent a compromise from being reached. As Congress considers potential funding compromises, CUNA is working to ensure credit union priorities, such as full funding for the NCUA's Community Development Revolving Loan Fund (CDRLF), Treasury's Community Development Financial Institutions (CDFI) Fund and the Small Business Administration's (SBA) 7(a) and 504 loan programs, are included.

The Senate Banking Committee on Thursday will hold a hearing to consider the nominations of Rodney Hood and Todd Harper to serve on the NCUA Board, as well as Dr. Mark Calabria to be director of the Federal Housing Finance Agency (FHFA). Both Hood and Harper have previous experience at the NCUA.

On Wednesday, the House Financial Services Subcommittee on Consumer Protection and Financial Institutions will hold a hearing on providing financial services to marijuana-related businesses.

Rachel Pross, chief risk officer at MAPS CU, Salem, Ore., will testify on CUNA’s behalf during the hearing entitled “Challenges and Solutions: Access to Banking Services for Cannabis-Related Businesses.” The hearing is scheduled to begin at 2 p.m. and will be streamed live on the House Financial Services Committee Web site.

CUNA supports the ability of credit unions to serve cannabis-based businesses in states where it is legal but does not have a position on legalization or decriminalization of marijuana.

CUNA previously backed three bills that would clarify the ability of financial institutions to serve legal cannabis businesses, and also supported an amendment to a Senate bill that would have included language saying the same.