Perhaps it is apropos that this Monday was Columbus Day, because Congress and the Administration appear to be leading us into some uncharted waters. 

The House and the Senate remain in session this week despite the Federal holiday to attempt to resolve the debt ceiling crisis and, perhaps, reopen the Federal Government.  The House returned on Monday and considered the American Indian and Alaska Native, Health, Education, and Safety Act.  The Senate is considering judicial nominations as well as a motion to proceed to consider S. 1569, which would suspend the limit on federal borrowing through Dec. 31, 2014.  The schedule for the remainder of the week is still being determined.  Because this was a scheduled recess week for both chambers and because Committee staffs have been operating at reduced staff levels for the past two weeks, there are no hearings scheduled.

The Cheney Report



  • Despite Shutdown, Lawmakers Hear ‘Don’t Tax My Credit Union’
  • Yet More Carping From Bankers About CU Tax
  • Credit Unions Step Up after Gov’t Shutdown
  • CUNA Emphasizes Reg Relief, Good CU Deals, in CFPB CARD Hearing
  • Simplifying Your Digital Life
  • Read the entire Cheney Report HERE

With Oct. 17--International Credit Union Day--fast approaching, more than 196 million credit union members in 100 countries are preparing to "unite for good" with a variety of activities to celebrate the credit union difference and demonstrate the value of credit unions. Credit unions already are tweeting their excitement.  Read More


CUNA Legislative Update 
September 30, 2013

It’s new fiscal year’s eve here in Washington, but don’t expect to find any big parties. The House and the Senate remain in stalemate over the funding resolution for the first few months of fiscal year 2014. Over the weekend, the House sent the Senate another continuing resolution (CR) funding the government until December 15 and postponing the Affordable Care Act for one year. The Senate stayed in recess throughout the weekend and will reconvene at 2pm. When the upper chamber reconvenes this afternoon, it is expected to quickly amend the House-passed CR, replacing it with a “clean” CR, funding the government through November 15, and to send the amended legislation back to the House. This will leave the House leadership with a decision to make about how to move forward. Funding for most of the government expires at midnight.

Except for a handful of suspension bills that the House will consider today, no legislative business related to matters other than the CR has been announced in either chamber for this week. It would be reasonable to assume that both chambers will stay at this until they figure it out. However, as the clock winds down on the fiscal year and shutdown seems more certain, the clock is also ticking down on the debt ceiling. Last week, Treasury Secretary Lew notified Congress that the government will reach the debt ceiling no later than October 17. So, if you’re fan of government operating in crisis mode, this is your time; if you’re like the rest of us, hold on tight. It could get a little bumpy.

Impact of the Shutdown

Since it has been nearly 20 years since the last significant government shutdown, there are understandably a number of questions about what will happen and how it will affect us. For those of you coming to Washington this week for Hike the Hill or other meetings, my advice to you is this: check with the Congressional offices with which you’re meeting today to see what they’re going to do about meetings for the remainder of the week. Congressional staff deemed “essential” will continue to work throughout the shutdown, but others will not. Each office is going to handle this differently, so touch base today before the shutdown when all staff should be there.

READ MORE (members only)

The Cheney Report



  • Should Look to Credit Unions
  • Lawsuits Target Big Banks – And Maybe Some Recoveries for Credit Unions
  • Focus is On the CU Difference in Letter to Accounting Standards Group
  • Join Our National, Virtual Rally For ‘Don’t Tax My Credit Union’ Oct. 2
  • An Additional Tool For Answering Lawmakers’ Questions About Our Tax Exemption
  • League Leaders Pull Their Weight in Defending the Tax Exemption
  • To read the entire Cheney Report, click HERE

The Cheney Report



  • Interchange rules remain in force; ‘expedited’ appeal accepted
  • ‘Stress Test’ Proposal for Large Credit Unions Worth Close Scrutiny
  • NCUA Urged To Weigh in on FASB ‘Business Entity’ Accounting Proposal
  • New Loan Participation Rule Takes Effect Monday
  • Welcome Guidance Sought by CUNA
  • Regulatory Relief Efforts Active in Congress
  • Save the Date: Oct. 2, National Online Rally for ‘Don’t Tax My Credit Union’
  • Some Solid Words in the Press for Our Tax Exemption – from a 3rd Party
  • ‘Boots on the Ground’ Needed for 2014 GAC
  • Farewell – And Thanks – to a 35-Year Veteran of Serving Credit Unions
  • Read the entire Cheney Report HERE


CUNA Legislative Update
September 23, 2013
Although the House of Representatives was scheduled to have a recess this week, both chambers will be in session to consider a funding resolution for the first part of the next fiscal year and continue negotiations over the debt ceiling.

Floor Schedule
The Senate reconvened at 2:00 pm on Monday to consider the nomination of Todd M. Hughes to be United States Circuit Judge for the Federal Circuit.  For the remainder of the week, the Senate is considering the House passed continuing resolution.  The Senate is likely to remove the language in the House-passed CR and insert new bill text and send it back to the House, probably at the end of the week.  A continuing resolution must be enacted before October 1 to avoid a shutdown of the federal government. 

Cheney: Interchange Rule Stay Will Keep Order
Credit Union National Association President/CEO Bill Cheney said a Friday court decision to allow existing debit interchange fee cap rules to stay in place during an appeals means there will be an order in place that will provide certainty, at least for now.

The existing Federal Reserve rules implementing the debit interchange fee cap and network exclusivity provisions required by the Durbin Amendment will stay in place throughout an appeals process as the Fed seeks to overturn a July court ruling that declared those rules illegal. Read More
Credit Unions Push Against Banks Via CUNA's 'Don't Tax' Message
Credit unions are pushing back against banks' taxation arguments by using the Credit Union National Association's "Don't Tax My Credit Union" message in media, in tweets, and in visits with members of Congress.

Tweets to members of Congress through CUNA's plug-in tool at, which was launched on Don't Tax Tuesday II, Sept. 10, have totaled 12,000, including the 5,000 messages tweeted that day by credit union members and credit unions that day.
Read More

CUNA Legislative Update 
September 16, 2013

Both the House and the Senate are in session this week as the end of the fiscal year and debt ceiling loom large. In fact, the House leadership warned lawmakers last week that next week’s scheduled recess may be in jeopardy if progress is not made on the appropriations front. We expect an announcement of next week’s House schedule later this week; conventional wisdom is that the House will be in session. But before we can get to next week, we have to get through this week...

Read More (members only)