All eyes are on Washington this week as President-elect Joe Biden prepares to take the oath of office on an Inauguration Day like no other.
Along with inaugural activities in the coming days, new senators representing Georgia and California – in the latter's case the seat formerly held by Vice President-elect Kamala Harris – are expected to be sworn in Wednesday. That will solidify Democrats’ majority in Washington, which could have a
But with Democrats holding such a narrow margin in the Senate, bipartisanship and collaboration will likely be necessary to advance legislation. With that in mind, the National Association of Federally-Insured Credit Unions has outlined a variety of areas where the new Congress can come together and help advance key issues for the industry, including increased funding for community development financial institutions, field of membership reform, changes related to commercial lending and more.
The House and Senate are both in session this week, though much of the Senate’s business Tuesday will be taken up with confirmation hearings for various Biden appointees, including Secretary of the Treasury nominee Janet Yellen. The former Fed chair received a warm welcome from the credit union industry when her nomination was announced in November, with NAFCU noting that Yellen met annually with the trade group between 2012 and 2017 for updates on how the Fed’s actions intersected with the credit union industry.
With Biden’s inauguration, this week could also see the long-expected elevation of National Credit Union Administration board member Todd Harper to the chairmanship. However, it’s unclear when Biden might make that move; President Trump elevated former board member Mark McWatters to acting chairman the day after his inauguration. With the Senate considering various Biden nominees as well as preparing for Trump’s second impeachment trial, quickly promoting Harper and other Democrats to leadership positions at various agencies could allow the new president to put his stamp on the government right away.
In advance of transition at the agency, current Chairman Rodney Hood has released a
“As I continue my work on the NCUA board, I remain steadfastly committed to serving the American people and the credit union system,” Hood said in a press release. “In 2021, I look forward to working with my fellow board members, the NCUA staff, and stakeholders in the credit union system to create a modern regulatory structure that fulfills our obligations to credit unions and their members, fosters innovation and financial inclusion, and protects the National Credit Union Share Insurance Fund.”
Lastly, many financial institutions, including some credit unions, temporarily closed down due to fears of violence on Election Day, and some institutions are making similar moves in advance of Inauguration Day, particularly in the wake of the Jan. 6 riots at the U.S. Capitol. It's unclear how widespread those closures will be.
