"You've got to look at the calendar," CUNA Chief Advocacy Officer Ryan Donovan added.

The House is scheduled to be in session for 17 days between the beginning of September and Election Day. The Senate is scheduled to be in session for 23 days.

Although Congress is scheduled to be in session for an even shorter period of time after the election, it's difficult to predict what may happen.

"The length of a lame duck session will be determined – in part – by how long the continuing resolution to fund the government lasts," Donovan said. "If that resolution lasts until February, the need for a lame-duck session decreases. If it only lasts until sometime in December, Congress will have to be ready to do some heavy lifting shortly after the election," he added.

"Predictions about lame duck sessions are particularly difficult to make," McKechnie said. "While it's true that the world is likely to look very different after November 8, it's also true that the laws of political gravity will not be repealed, and the same conditions that have caused gridlock for the past 18 months may still be in place."

That's not to to say credit unions should stop pushing for the issues they care about, he said.

"We should be ready to take advantage of last-minute developments on issues of importance to credit unions, and be proactive and aggressive when opportunities present themselves," McKechnie said.

Legislative maneuvering between now and the end of the year is likely to serve two purposes: Appease constituents and set up bills for next year.

First, members of Congress play to their constituents back home and to the constituencies that may support their campaigns. For instance, financial, insurance and real estate political action committees have contributed more than $698,000 to the reelection effort of Senate Banking Chairman Richard Shelby (R-Ala.), according to figures compiled by the Center for Responsive Politics.

Second, members of Congress are setting the stage for a more active legislative effort next year. House Republicans have made it clear they blueprint for a myriad of issues aimed at setting an agenda for next year.

House Financial Services Chairman Jeb Hensarling (R-Texas) is setting the stage for committee action next year on his proposed overhaul of the financial regulatory regime, according to NAFCU Vice President of Legislative Affairs Brad Thaler.

Here's a look at some of the major credit union related-issues that Congress has before it.

Regulatory Reform

Republicans on both sides of Capitol Hill have proposed changes to the financial regulatory regime.

On the Senate side, Shelby has outlined a comprehensive reg relief package, but it has not moved.

"That has been sitting for about 400 days waiting for action in the Senate," Donovan said. "I don't think that's likely to happen."

In the House, Hensarling has outlined his plan as part of a comprehensive GOP legislative package. Republicans have made it clear they will try to move that legislation next year.

House Republicans also have included provisions in appropriations bills that would restrict the CFPB from issuing rules governing arbitration agreements and payday lending. They also have attempted to rein in the agency by converting it to a commission rather than a body governed by its executive director and to make the agency subject to the annual appropriations process.

House Republicans have proposed those plans in past appropriations bills, but the Senate has not.

Thaler said credit union leaders are searching for some regulatory relief measures that might have sufficient bipartisan support to be included in an end-of-year spending bill.

Data Security

Data security legislation has – and likely will remain – involved in intramural squabbles. Hensarling has introduced legislation that would subject retailers to the same data standards as financial institutions.

However, House Energy and Commerce Chairman Fred Upton (R-Mich.) has introduced a bill that is considered much more favorable to retailers.

Until that squabble can be settled, data security legislation may remain hung up in the House.

"I'm not sure that the dynamics have changed much," Donovan said. "It's not even on the agenda for September."

Thaler agreed, but added ominously, "We're one major data breach away from creating some momentum for it."

Nominations

Credit unions care about two nominations – NCUA Board Member J. Mark McWatters' nomination to the Export-Import Bank and Jon Herrera's nomination to the NCUA board.

Shelby, an opponent of the Ex-Im Bank, has said his panel will not consider McWatters' nomination even though the bank cannot make loans exceeding $10 million because it lacks a quorum. Appropriators in both chambers are attempting an end run, tucking a provision into spending bills that would allow the bank board to function without a quorum.

The Banking Committee has not scheduled a hearing for Herrera's nomination either.

Donovan said there is a better chance that McWatters will be confirmed than Herrera, since the Senate already has voted to confirm McWatters to one position – his seat on the NCUA board. The same is not true for Herrera.

Confirmation of nominees can become unpredictable during lame duck sessions. Nominations sometimes are combined into a deal to confirm several choices of interest to various senators.

"There's still a lot we don't know," Donovan said.