WASHINGTON–Both the House and Senate are back in session this week, and credit union attention will be on the markup of eight bills in the House as well as any signals related to the timetable for GSE reform.
The eight bills that will go before the House Financial Services Committee beginning today include:
- H.R. 2162, the “Housing Financial Literacy” amendment
- H.R. 2513, the “Corporate Transparency Act of 2019”
- H.R. 2763, the “Keeping Families Together Act of 2019”
- H.R. 3018, the “Ensuring Equal Access to Shelter Act of 2019”
- H.R. 3111, the “National Flood Insurance Program Administration Reform Act of 2019”
- H.R. 3141, the “FHA Loan Affordability Act of 2019”
- H.R. 3154, the “Homeownership for Dreamers Act”
- H.R. 2578, the “National Flood Insurance Program Reauthorization Act of 2019”
Of Particular Interest
In particular, said Brad Thaler, VP-legislative affairs with NAFCU, the association is watching the Corporate Transparency Act’s progress, as it continues CU-supported provisions around beneficial ownership and BSA/AML.
Specifically, the Corporate Transparency Act, introduced by Rep. Carolyn Maloney (D-NY), would help financial institutions comply with the new customer due-diligence (CDD) rule by requiring companies to disclose their true "beneficial owners" to the Financial Crimes Enforcement Network (FinCEN) for creation of a database of beneficial ownership information that would be available to law enforcement agencies and financial institutions.
That legislation earlier passed overwhelmingly and Thaler said NAFCU expects it to go before the full House in the Fall.
Credit unions are also watching the reauthorization of the National Flood Insurance Program, as the legislation would fund it for five years, rather than the short-term funding extensions the program as seen recently.
The House will also vote on moving forward some $300 million in funding for the CDFI Fund, as well as support for NCUA’s Revolving Loan Fund. “We expect the full funding to move through the House and then on to the Senate, which has also been supportive,” said Thaler.
The appropriations bill includes language that would direct NCUA and other regulators to conduct a joint study on the economic impact of the CECL standard, with a report due within 180 days of passage of the legislation.
Meeting With FHFA
On Friday, NAFCU CEO Dan Berger and others are scheduled to meet with Federal Housing Finance Agency (FHFA) Director Dr. Mark Calabria to discuss housing finance reform. As CUToday.info reported earlier, the Trump Administration said it plans to announce soon a plan for releasing Fannie Mae and Freddie Mac from conservatorship.
Also On Agenda
This week’s congressional agenda also includes:
- Markup by the House Appropriations Committee on the FY2020 financial services and general government bill; details here
- Markup on Wednesday by the House Armed Forces Committee on the FY2020 National Defense Authorization Act, which could include provisions related to financial services on military basses.
There are also several hearings set for Capitol Hill this week of interest to credit unions, including:
- A House Financial Services subcommittee hearing tomorrow on state oversight of the student loan servicing market
- A Senate Banking Committee hearing on data brokers and the impact on financial data privacy, credit, insurance, employment and housing
- A House Small Business subcommittee hearing on the Small Business Administration's (SBA) state trade expansion program
- A Senate Commerce Committee oversight hearing Wednesday with the Federal Communications Commission
- A Senate Small Business Committee hearing on the SBA's contracting programs