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News Now

Washington
CUNA Possible lame duck session for 110th Congress
WASHINGTON (9/22/08)—Both houses of Congress are scheduled to adjourn for the year at the end of this week. However, there are pending matters which, if not resolved, may all but demand that federal lawmakers to stay beyond the target adjournment date, or return to Washington in October or November to work them out. On Thursday, Treasury Secretary Henry Paulson and Federal Reserve Chairman Benjamin Bernake met with lawmakers to propose the creation of an entity similar to Resolution Trust Corporation (RTC) as an effort to stabilize the capital markets. An energy bill, defense authorization bill and a continuing resolution to fund the government are also pending before Congress. While sentiment as recently as last week appeared to be solidly against a lame duck session, leaders in both the House and Senate have acknowledged it as a probability. Credit Union National Association Vice President of Legislation Ryan Donovan noted Friday that credit unions could benefit from legislative days being added to the calendar. “A lame duck session gives us more time to keep pushing for action on key credit union issues,” Donovan said. “The CUNA legislative team is in high gear following the legislative proposals to deal with the economic crisis and also trying to push CUBTRRA through the Senate.” The House passed the Credit Union, Bank and Thrift Regulatory Relief Act(CUBTRRA, H.R. 6312) on June 19 by voice vote. CUNA continues to urge the Senate to act on this bill before the end of the 110th Congress. CUBTTRA combined most of the Credit Union Regulatory Relief Act (CURRA) with the Bank and Thrift Regulatory Relief Act


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