NAFCU's Carrie Hunt Remains Positive Even as Congress Is Unlikely to Tackle Big Legislation

With Congress unlikely to enact much meaningful legislation this year, NAFCU plans to concentrate more of its lobbying effort on federal agencies, Carrie Hunt, the trade group’s executive vice president of government affairs and general counsel said this week.

The Senate is likely to be occupied with an impeachment trial, both Houses will want to leave Washington to campaign back home and deep divides remain on Capitol Hill on virtually every issue.

As a result, Congress is unlikely to accomplish much.

“A lot of our focus is going to be on the regulatory side,” Hunt told the CU Times in a recent interview. “Certainly the House has time to do some things while the Senate is busy,” she added.

Hunt said she expects the NCUA board to try to finish some projects members have discussed, such as subordinated debt, remaining risk-based capital issues and the question of whether the agency needs to provide a clearer regulatory structure for credit unions that want to purchase community banks.

Each of those issues are important to NAFCU members.

The board faces some uncertainty, since the term of Republican J. Mark McWatters has expired. President Trump is likely to want to nominate a Republican to replace McWatters, but the confirmation process might take some time.

“I do think the White House would want to nominate someone else,” Hunt said.

If McWatters decided to leave before a replacement is confirmed, it would leave Chairman Rodney Hood, a Republican and board member Todd Harper, a Democrat as board members.

Harper, Hunt pointed out, has voted against Hood’s proposals on several occasions.

The Trump Administration is pushing plans to take the housing Government Sponsored Enterprises private and Hunt said any effort to overhaul housing programs must protect credit unions.

“We still think there needs to be some protection for credit unions [on] fair pricing and fair access,” she said.

Hunt said some small issues may be addressed on Capitol Hill.

“There is a possibility for some small, non-controversial things that can pass,” she said, mentioning that changes to the federal anti-money laundering and bank secrecy laws could be likely candidates.

But some high-profile legislation may remain for the next Congress, Hunt said.

For instance, legislation to give financial services providers a safe harbor for providing services to marijuana-related businesses is unlikely to see final action.

Senate Banking Committee Chairman Mike Crapo (R-Id.) has said he has serious reservations about such legislation and has asked interested parties to address them.

“I think we’re a long way from seeing anything being signed into law,” Hunt said.

Hun said she does not foresee on the ongoing battle between banks and credit unions to calm down, although she added that banks have not come up with new ammunition in the battle.

“I have not seen any new messages from the banks,” she said. Nonetheless, she added, “I think we will spend as much time and effort as we did last year” on the skirmish.

Hunt said that data privacy and data security remain high on NAFCU’s legislative wish list.

Even in the face a toxic atmosphere on Capitol Hill and the continued attacks by bankers, Hunt said she feels positive about some things.

“I’m super positive,” she said. “I’m incredibly proud of what credit unions have done in the last couple of years.”

And she understands the limits of policymaking in the nation’s capital.

“I can’t control Congress,” she said. “I can control what we do as far as our advocacy is concerned.”