WASHINGTON–The House and Senate are back in session with credit unions, and the larger financial services community, watching a number of hearings, bills and other issues.
Drawing much of the attention will be Federal Reserve Chairman Jerome Powell, who will appear before the House on Wednesday and the Senate on Thursday to deliver the agency’s semiannual Monetary Policy Report to Congress.
For credit unions, the primary piece of legislation on which they are active remains the 2020 National Defense Authorization Act, with both trade groups seeking to eliminate language that would give banks the same access to military facilities as credit unions. A House committee has passed the NDAA without the provision, while the Senate version of the bill includes the provision.
NAFCU Focus On NDAA
NAFCU EVP/General Counsel Carrie Hunt told CUToday.info the group is continuing to work behind the scenes in the House. The NDAA (HR 2500) must still pass the full House and then go into conference committee to hash out differences.
Separately, the House Financial Services Committee is scheduled to mark up more than 20 bills, including legislation related to credit reporting, home buying assistance, rural housing, accountability and more. Hunt said NAFCU continues to advocate for the use of new credit scoring models to allow credit unions to better serve underserved and rural communities, and for its housing finance reform principles.
On the Washington agenda this week:
· The House Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets will hold a hearing on Building a Sustainable and Competitive Economy: An Examination of Proposals to Improve Environmental, Social and Governance Disclosures Markets
· The House Small Business Committee will discuss ways to foster entrepreneurship among returning servicemembers
· A House Financial Services subcommittee hearing Wednesday will review various disclosures to ensure a sustainable and competitive economy
· A House committee on the Judiciary subcommittee will hold a hearing on Marijuana Laws in America: Racial Justice and the Need for Reform
· The House Small Business Subcommittee will review the Small Business Administration's management and oversight of its SCORE program
· The House Committee on Foreign Affairs will hold a hearing on The State Department and USAID FY 2020 Operations Budget
Also in Washington
· CUNA’s deputy chief advocacy officer, Eli Joseph, said the group is watching a number of pieces of legislation in particular, including HR 1988, the Protecting Affordable Mortgages for Veterans Act of 2019; HR 3050, the Expanding Investment in Small Businesses Act of 2019, and HR 2109, the BRAVE Act.
· The Senate will also be considering a number of nominations.
· Richard Gose, CUNA’s chief political officer, said for the third time in 2019 the trade group is launching its Member Activation Program, this time around data breaches and privacy. CUNA has also updated its site at StopTheDataBreaches.com to include tips on what consumers can do to protect their privacy.
· Later this week the NCUA board will release the schedule for its next board meeting.