Congress Passes Short-Term Spending Measure Averting Shutdown

Just hours before a government shutdown, Congress passed and sent the president a last-minute, short-term spending measure on Saturday night that will fund the federal government through Nov. 17.

“While the short-term spending measure means a temporary reprieve from the threat of a government shutdown, your League remains engaged with lawmakers on this issue,” said League President/CEO Carrie Hunt. “We continue to urge lawmakers to avoid a costly government shutdown and we remain watchful for any move to advance credit union-opposed measures by tying them to must-pass appropriations bills.”

We've been waging a months-long fight against the latest iteration of the interchange bill, through various communications to lawmakers, our summer series of Legislative Receptions and Hike the Hill events. The Credit Card Competition Act (S.1838) was recently attached to the so-called "minibus" appropriations package in the U.S. Senate.

We’re also closely monitoring bills from two Senators, who are seeking to advance interest rate cap legislation. One measure would cap credit card interest rates at 18%, inclusive of all finance charges. Another bill would take the “all-in” 36% APR limitation of the Military Lending Act and apply it to all consumer credit, with exceptions for car loans, mortgage loans, and federal credit union loans subject to the 18% interest rate cap. We’ve voiced our opposition to these measures with Senators Waner and Kaine, as have CUNA and NAFCU in joint trade letters.

We also appreciate credit union participation in recent grassroots efforts to derail the CCCA! Please share our Advocacy Action Center link with credit union staff, officials, and members. Urge them to email lawmakers today.