Newsroom

April 28, 2017

NAFCU monitoring CHOICE Act mark-up, flood insurance hearing, more

NAFCU tomorrow will monitor the House Financial Services Committee mark-up of the Financial CHOICE Act (H.R. 10), slated for 10 a.m. Eastern, and will make credit unions aware of any legislative updates to the bill affecting the industry.

The CHOICE Act contains numerous NAFCU-sought measures, including Durbin interchange amendment repeal and other Dodd-Frank Act reforms. Two separate hearings were held on the bill last week; one which often cited the Dodd-Frank's impact on the current regulatory environment and credit unions.

NAFCU encourages credit unions to reach out to their members of Congress and seek support for repealing the Dodd-Frank Act's Durbin amendment through NAFCU's Grassroots Action Center.

In hearings this week:

  • The Senate Banking Committee on Thursday will examine the reauthorization of the National Flood Insurance Program. Slated for 10 a.m. Eastern, the hearing includes witnesses from the Association for State Floodplain Managers and others.
  • The Senate Budget Committee will hold a hearing at 10:30 a.m. Eastern Wednesday on private sector growth and the economy. Witnesses include representatives from the American Enterprise Institute and National Federation of Independent Businesses.

NAFCU this week will also follow ongoing discussion regarding a federal government spending bill. On Friday, Congress passed a short-term bill to prevent a federal government shutdown, but that funding only lasts through May 5. Reports indicate that Congress is finalizing details on a spending bill that will carry the federal government through September.

The association is watching for any discussion of the Community Development Financial Institutions Fund program, which President Donald Trump proposed eliminating in his draft budget released in March; and for regulatory relief-related legislation or report language being included with the spending bill.

Also this week, the NAFCU Board of Directors and Supervisory Committee Conference runs today through Thursday in Charleston, S.C. NAFCU President and CEO Dan Berger will give the welcome address to credit union attendees tomorrow.

Savings of $100 also run out this week on two NAFCU webcasts. Early-bird savings run out tomorrow on NAFCU's "NCUA Share Insurance Advertising Requirements" webcast and on Wednesday for the webcast titled, "ACH Rules and Operational Guidance for Credit Unions."