Although credit union trade associations are still pushing for avote on Senate Bill 2231, which would raise the member business lending cap from 12.25% of assets to 27.5%, thecongressmen and women who spoke at NAFCU's Congressional CaucusSept. 12-14 had other topics on their minds.

Here's a look at what other legislative issues Caucus speakerssaid would affect credit unions in the coming months.

1. Taxreform

Several Caucus speakers, including Rep. Ed Royce (R-Calif.),Rep. Tom Price (R-Ga.), Rep. Patrick McHenry (R-N.C.), Rep. JohnCampbell (R-Calif.), Rep. Gary Peters (D-Mich.), Rep. Gary Miller(R-Calif.) and Rep. Shelley Moore Capito (R-W.V.), said tax reformdebates next year could mean lawmakers reconsider the credit uniontax exemption. Others said banking lobbyists are alreadytalking up the topic. However, all speakers affirmed their supportof keeping credit unions not-for-profit.

Peters said he thinks there are exclusions and deductions hethinks should be eliminated from the tax code. However, he addedthat “as we are debating that tax code reform, I'm going tocontinue to stand firm that credit unions should continue to getthe tax exemption. You provide a very important role that needs tobe protected.”

Credit union supporter Royce urged credit unions to explain totheir members of Congress that the credit union tax exempt status“correlates exactly with the essence of a credit union's structure,which is a cooperative model.” So long as credit unions stay trueto their original mission, Royce said, the taxation argument “willcontinue to fall short.” 2. Fiscal cliff

The lame duck session is expected to be dominated by debate overhow to resolve the so-called fiscal cliff, which would occur iflegislation that mandates tax increases and spending cuts next yearisn't remedied. While the changes would reduce the federal deficit,most economists say it would also trigger a double-dip recession in2013.

Rep. John Campbell (R-Calif.) said there isn't a lot of time topass legislation this year, because after the elections Congresswill have a few short weeks between Thanksgiving and Christmas to“get stuff done.” He added that making matters worse, when ahuge issue like the fiscal cliff hangs like a cloud overWashington, it “tends to suck all the oxygen out and keep otherthings from getting done.”

Rep. Ed Perlmutter (D-Colo.) said the lame duck session will bedominated by deficit reduction deal making. But, he added that theSenate is putting together a package that will appeal enough toboth parties to propose by the end of the year.

“I don't think we'll kick the can down the road as some peoplefear,” he said.

Regardless, the fiscal cliff issue is certain to take priorityover credit union issues.

3. CFPBand Dodd-Frank

Talk about the Dodd-Frank Act and Consumer Financial Protection Bureau was predictably partisan,but should Republicans gain control of the White House, build upontheir control of the House or take control of the Senate, pullingback the reins on the CFPB would be a priority.

Rep. Jason Chaffetz (R-Utah) said in order to justify itsexistence, CFPB officials “wake up every morning and regulatethings.” Rather than address problems on Wall Street and beef upthe SEC, Congress instead “created another bureaucracy that hasuntold consequences”.

Rep.Jeb Hensarling (R-Texas) drew applause from the audience whenhe referred to the CFPB and Dodd-Frank as a “legislative drive-byshooting”. He described the Dodd-Frank Act as an outline of a lawaimed at guiding bureaucrats in the creation of more bureaucracy.The problems with the CFPB and the Dodd-Frank, in his view, arethat the agency is an attack on individual liberty and that the actis nothing more than a wave of additional regulations.

Campbell said dismantling and rewriting Dodd-Frank is on hislist of priorities for 2013, and other fellow Republicans feel thesame way.

“Too big to fail wasn't helped by Dodd-Frank, it wasentrenched,” he said. 4. Interchange

Rep. Sean Duffy (R-Wis.) said he doesn't think government can doa better job of setting fees than the market can. And, he said,reducing interchange income has resulted in an increase in the costof checking accounts and credit cards, which doesn't benefitconsumers.

Tucker Foote, head of U.S. government affairs and vicepresident, public policy for MasterCard Worldwide said despitereceiving an $8 billion windfall from the Durbin Amendment andanother $7.5 billion from the interchange settlement, merchantswant more.

“They will continue to try to take profits from the cardindustry to offset their expenses,” he said. 5. Secondary mortgage market

Rep. Scott Garrett (R-N.J.) brought along a PowerPointpresentation to drum up support for H.R. 3644, the Private MortgageMarket Investment Act. Garrett said credit risk for the secondarymortgage market should be transferred from taxpayers, who aresupporting the conserved Fannie Mae and Freddie Mac, to privateinvestors.

He asked credit unions to propose ways a privatized secondarymarket could be structured so small institutions could access sucha market.

Garrett was followed by Ted Tozer, president of Ginny Mae, whosaid the HUD-owned corporation was considering a partnership withcredit unions to designate a large credit union to serve as a leadaggregator for pooling mortgages from small credit unions intosecurities.

Tozer said most credit unions he's aware of work with big banksto aggregate 30-year fixed mortgages they don't want to keep ontheir books. The problems in the housing market were created byservices that saw borrowers as a number and dehumanized theprocess.

“But for credit unions, they're your neighbors, and you care howthey're treated,” he said.