Now that election season has passed and Congress is back in session, there are several credit union initiatives and key meetings playing out in D.C. over the coming weeks that credit unions should keep their eyes on. Eager to wrap matters up before the holiday season (and before Congressional seats potentially change hands in January), this week is full of meetings and hearings, starting today when Congress will begin considering matters related to interchange.
Tuesday
Today, the Senate Judiciary Committee is conducting a hearing on “Breaking the Visa-Mastercard Duopoly: Bringing Competition and Lower Fees to the Credit Card System.” This is a long-awaited update on the Credit Card Competition Act, which will potentially lower interchange fees and increase merchant payrail choice.
The hearing begins at 10 AM on Tuesday and will have six witnesses, including Linda Kirkpatrick, President of America Mastercard, and Bill Sheedy, the Senior Advisor to the CEO of Visa, who will undoubtedly join credit unions in fighting against the proposed Act. You can learn more about the hearing or watch it here.
Jumping over to America’s Credit Unions, the group will be hosting a Town Hall session today at 1 PM ET for midsize credit unions via Zoom. The goal of the session, according to ACU, is to “share the latest updates shaping our organization, key advocacy priorities, and information about membership benefits as we head into 2025. We will leave ample time for you to ask questions and share feedback with our leadership team.” You can register or learn more here.
Wednesday
Then, on Wednesday, November 20th, NCUA Chairman Todd Harper will be testifying at the House Financial Services Committee’s hearing on “Oversight of Prudential Regulators.” Specifically, the hearing will be considering the removal of Federal Deposit Insurance Corporation Chairman Martin J. Gruenberg from his position. You can find out more about the hearing or watch it live via the Committee’s website.
Additionally, America’s Credit Unions will be hosting a second Town Hall on Wednesday, this time for large credit unions, at 1 PM ET. The goal of the meeting is the same as outlined for midsize credit unions, though the content will potentially differ. Large credit unions interested in learning more can do so here.
Thursday and Friday
The NCUA is no slouch during this time period either and will be hosting its monthly board meeting on Thursday, November 21st, quickly followed by a 2025-2026 budget meeting on Friday, November 22nd. On the agenda for the Thursday board meeting are two items:
- Board Briefing, Share Insurance Fund Quarterly Report.
- Central Liquidity Facility’s 2025-2026 Budget. (The NCUA Board, in its capacity as the Central Liquidity Facility Board.)
The budget meeting on Friday will also include a presentation from America’s Credit Unions (though on what, specifically, they have not said). You can find out more about the board meeting and budget meeting on NCUA’s website.
