April 15, 2014 – With members of Congress out on a two-week district work period, NAFCU continues to meet with congressional staffers concerning housing finance, patent and data security reforms.
Here’s a quick breakdown of key issues pending further action:
Risk-based capital: NAFCU is working with members of the House Financial Services Committee on further follow-up to last week’s regulator oversight hearing, during which NCUA General Counsel Mike McKenna was questioned on the proposed risk-based capital rule. Lawmakers may send a letter with comments on the proposed rule or posing additional questions about NCUA’s activities.
NAFCU has several concerns about the proposed rule. It is encouraging member credit unions to submit comments on the proposal to NCUA; comments are due May 28.
Housing finance reform: NAFCU, CUNA and the Independent Community Bankers of America joined last week in writing Senate Banking Committee Chairman Tim Johnson, D-S.D., and Ranking Member Mike Crapo, R-Idaho, on shared concerns about the senators’ housing finance reform draft.
NAFCU continues to meet with congressional staffers, the White House and administration staff to press competitive secondary mortgage market access for small lenders. Mark-up of the Johnson-Crapo draft is slated for April 29.
Patent reform: The Senate Judiciary Committee reached a bipartisan agreement last week and is expected to release details April 28, when Congress resumes work in Washington. NAFCU will monitor any actions taken on the agreement.
Data security: NAFCU continues to press for action on merchant data security standards amid ongoing concerns about the Target Corporation data breach and others. The association supports S. 1927, the “Data Security Act,” introduced by Sens. Tom Carper, D-Del., and Roy Blunt, R-Mo., which would set a federal standard for protecting data and exempt financial institutions already subject to the Gramm-Leach-Bliley Act.