Newsroom

October 02, 2015

This week on the Hill: NAFCU testimony, House vote on TRID

NAFCU staff will be monitoring several hearings and events on Capitol Hill this week, including a vote in the House to create a safe harbor on TRID compliance, elections to choose a new speaker of the House and a hearing at which a NAFCU witness will testify on the EMV transition.

On Wednesday, Jan Roche, president and CEO of State Department Federal Credit Union in Alexandria, Va., will testify on behalf of NAFCU before the House Small Business Committee on the recent EMV liability shift and how credit unions are preparing for the upgraded chip cards and new payments structure. She will also discuss how the new technology needs to be adopted by all parties within the payments system to best prevent cyber and data attacks.

NAFCU has consistently urged for the establishment of a strong national data security standard for retailers that holds them responsible if they fail to protect consumer data.

Also on Wednesday, the House is scheduled to vote on H.R. 3192, the "Homebuyers Assistance Act," a NAFCU-backed bill that would establish a hold-harmless period under TRID to last to Feb. 1, 2016.

Last week, House Speaker John Boehner announced the leadership election for a candidate for his replacement as speaker will take place on Thursday. Republican lawmakers will hold closed-door elections to choose a new leadership slate, which would be voted on by the full House at a later date. House Majority Leader Kevin McCarthy, R-Calif., is expected to win the speaker position.

Also on Thursday, the House Financial Services Committee will hold a full committee hearing on the Housing and Urban Development Department. The hearing is titled "The Future of Housing in America: 50 Years of HUD and its impact on Federal Housing Policy."

The same morning, the House Small Business Subcommittee on Investigations, Oversight and Regulations will hold a hearing, titled "The Consequences of DOL's One-Size-Fits-All Overtime Rule for Small Businesses and their Employees," on the Labor Department's proposed rule changes to federal overtime provisions. The witnesses will include representatives from the National Restaurant Association, the National Association of Home Builders and the National Retail Federation.

NAFCU has raised concerns about the proposed rule's lack of consideration for geographic salary differences and non-salary-based advancement opportunities such as travel and training.