WASHINGTON (12/20/11)--Neither hearings nor other items of interest to credit unions are on the congressional agenda this week, but members of the U.S. House remain in Washington as they continue to work on a potential bipartisan payroll tax cut bill.
The Senate approved a two month extension of the payroll tax cut and federal benefits for the unemployed, but that legislation was rejected by the House on Monday. Most senators have left Washington for a holiday recess, however, and It is not clear if the U.S. Senate will return to session before the end of the holidays to address the legislation.
Credit Union National Association (CUNA) Senior Vice President of Legislative Affairs Ryan Donovan said the House may ask the Senate to hold a conference on this legislation, moving the responsibility for hammering out a bicameral agreement to a small group of leaders. Addressing these issues retroactively early next year also appears to be an option, he added.
Language that would have extended the National Flood Insurance Plan until 2016 was not included in the Senate's payroll tax legislation. However, the NFIP is expected to be extended until May of 2012 once a $1 trillion omnibus federal government funding bill, which was approved by Congress late last week, is signed into law.
That bill also addresses the National Credit Union Administration's (NCUA) Central Liquidity Facility (CLF), the NCUA's Community Development Revolving Loan Fund (CDRLF), the U.S. Treasury Department's Community Development Financial Institution (CDFI) Fund, and the Cooperative Development Program (CDP). (See related Dec. 19 story: NFIP, CLF, other CU issues addressed by spending bill)