WASHINGTON (3/30/15)--An amendment to the U.S. Senate budget resolution passed last week would establish a deficit-neutral reserve fund to address disproportionate regulatory burdens on credit unions and community banks.
Proposed by Sen. Kelly Ayotte (R-N.H.), the amendment allows for one or more bills, joint resolutions, amendments, amendments between the houses, motions or conference reports that would alleviate regulatory burden.
Both chambers of the U.S. Congress passed budget resolutions last week, and CUNA continues to analyze the budget resolutions for anything that could potentially affect credit unions.
Another amendment to the Senate resolution would end "too big to fail" bailouts of banks with $500 billion in assets or more.
A number of other issues of note to credit unions were addressed in the Senate's "vote-a-rama" which stretched to Friday morning but weren't adopted.
The Senate passed its budget resolution by a vote of 52-46.
The House budget resolution consisted of six different budget plans; a budget developed by the House Budget Committee, and consideration of five other budgets. A version of the budget that mirrored the House Budget Committee offering with an additional $2 billion in defense spending passed by a 228-199 vote.
The next step in the budget process is a conference committee between the House and Senate to work through details of both resolutions and come out with a common budget that will be sent to both houses for final passage.
The Senate and House will be in recess for the next two weeks for a spring district work session.