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NAFCU staff are set to meet with representatives from CFPB and the Federal Housing Finance Agency this week and will monitor a vote in the House on the Labor Department's fiduciary rule.

NAFCU President and CEO Dan Berger, Executive Vice President of Government Affairs and General Counsel Carrie Hunt and Director of Regulatory Affairs Alexander Monterrubio will meet today with CFPB Director Richard Cordray today to discuss the bureau's exemption authority and its upcoming payday lending rule.

NAFCU has urged CFPB to use its exemption authority to protect credit unions that make short-term, small-dollar loans in accordance with current state and federal laws, such as the payday alternative loan (PAL) program.

Today and tomorrow, Hunt and Regulatory Affairs Counsel Kavitha Subramanian will attend roundtables at FHFA on the agency's duty-to-serve proposal. The proposal would require government-sponsored enterprises Fannie Mae and Freddie Mac to create plans for future service to underserved markets. NAFCU has pushed the agency to revise its proposal to allow credit unions with experience making chattel loans on manufactured housing to be eligible for duty-to-serve credits.

Also this week, the House is expected to vote on a resolution from Reps. Phil Roe, R-Tenn., Charles Boustany, R-La., and Ann Wagner, R-Mo., to stop the Obama administration from implementing a recently revised Labor Department fiduciary rule for financial advisers. NAFCU has expressed concerns about the rule.

On Wednesday, the House Armed Services Committee will mark up the fiscal year 2017 National Defense Authorization Act. NAFCU will also be monitoring a Senate Finance Committee hearing tomorrow on business tax reform.