Sweat the small stuff.

Congress won't undertake a massive overhaul of the regulatorysystem during the next two years, but there will no shortage ofaction on lower profile issues that impact credit unions.

Here's a summary of the issues and possible action on them. Butin keeping with the fact that this is Academy Award season, thispolitical primer comes with a twist. In addition to a discussion ofthe issues, there will also be suggestions of movies and actorsthat the issue brings to mind.

As you meet with your member of Congress and are underwhelmed,remember Democratic consultant Paul Begala's observation that“politics is show business for ugly people.”

Interchange. Like the weather, this is something that everybodywill talk about, but it's not clear that anything can be done.Though the House Financial Services Committee held a hearing on theissue–at the behest of credit unions and banks who fear lostrevenue–the merchants will also make a case and also make a lot ofcampaign contributions. Bankers and merchants both have a lot offriends, and there is almost nothing politicians hate to do morethan offend their friends. Therefore, since the issue was dealtwith in the financial overhaul bill passed last year, lawmakers maypunt on it.

Even if the House takes action, it's not clear if theDemocratic-controlled Senate would follow suit.

If you are trying to imagine a movie featuring a House FinancialServices Committee discussion of the issue, think Tommy Lee Jonesas Chairman Spencer Bacchus (R-Ala.) and Dustin Hoffman as rankingDemocrat Barney Frank (D-Mass.).

Member Business Lending. CUNA's and NAFCU's lobbyists probablyfeel like Charlie Brown and the football when it comes to thisissue. Every time they think they are going to get it passed–andcome up with strong policy arguments–the ball gets yanked away.While both trade associations have vowed to push again this year toget the cap lifted–and they persuaded NCUA Chairman Debbie Matz toweigh in–the outlook remains murky.

While CUNA ingratiated itself with Senate Majority Leader HarryReid (D-Nev.) by doing an independent expenditure on his behalf,the banks have been making sure their friends in high places knowthat they are relentlessly opposed to anything that benefits creditunions. In recent years, credit unions have had trouble winningone-on-one battles against the banks, and after this session ofCongress, they may have to channel the mantra of Chicago Cubs fans:Wait 'till next year.

In light of credit unions' close calls, based on title alone,the movie that comes to mind is To Have and Have Not.Unfortunately, there isn't a modern day equivalent of HumphreyBogart or Lauren Bacall in the credit union movement.

Supplemental Capital. The Senate Banking Committee actually hasthe issue on its oversight plan for this year, which means there islikely to be a hearing on this perennial item on the credit unionwish list. But a hearing is one thing, actually passing somethingis quite another.

Matz has weighed in favor of capital reform, and the tradeassociations have come up with something of a consensusposition.

Not to sound like a broken record, but the banks could be anobstacle here, too. However, if credit unions frame the issue interms of safety and soundness, they might increase theirchances.

Senate Banking Committee Chairman Tim Johnson (D-S.D.) is aquintessential laconic son of the Great Plains. If they werecasting someone to play him on the big screen, Tom Hanks, acinematic everyman, could fill the bill. The panel's topRepublican, Richard Shelby (R-Ala.), is a bit harder. Tommy LeeJones could play him also, but since we've already cast him asBacchus, that would be cutting journalistic corners. An obviouspick would be Shelby's former colleague and well known characteractor Fred Thompson.

Regulatory Flexibility. CUNA and NAFCU will both push to restoresome of the items that well-managed credit unions can be exemptfrom. They will plead their case and ask credit union executives todo the same. But given the pro regulation tilt of the Obamaadministration, it's an uphill battle. What are the chances of itactually happening? Not too likely.

In the movie version of this story, Debra Winger could playMatz, a younger Glenn Close would work as Board Member Gigi Hyland.If he were still alive, the great comic actor Danny Kaye would be anatural for NCUA Board Member Michael Fryzel.

Alas, dead men may tell no tales, but they also can't appear inmodern movies. Therefore, Kevin Spacey is this writer's nominee forthe role.

Happy lobbying, and see you at the movies.