He told attendees of NASCUS' State System Summit that their efforts on this are "very active," and it is possible Congress could pass something during a post-election lame duck session or next year.
He said much of the progress has been behind the scenes but warned that it is "far from a done deal."
Cheney also promised to push Congress hard to allow credit unions to accept supplemental capital when the issue comes up next year.
He said they would stress that any capital will improve the safety and soundness of the credit union system.
Such capital will "augment retained earnings and provide extra protection for the NCUSIF."
Cheney also said he and his colleagues have been meeting with the Treasury Department and regulators to persuade them not to add excessively to the regulatory burden of credit unions.