Newsroom

November 22, 2017

This week: Congress returns; tax reform, government funding on agenda

Both the House and Senate return to Washington this week, and their to-do list includes decisions on government funding and reauthorization of the National Flood Insurance Program (NFIP) by Dec. 8. The chambers are also expected to continue moving ahead on their tax reform efforts before year-end.

The Senate Appropriations Committee this week may take up the chairman's mark on the fiscal 2018 financial services and general government appropriations bill, which was released last week, as part of a larger package to address outstanding funding bills before the Dec. 8 deadline. The bill, in a win for credit unions, includes full funding for the NAFCU-supported Community Development Financial Institution Fund (CDFI) and Community Development Revolving Loan Fund (CDRLF). It also brings the CFPB under the congressional appropriations process.

Regarding the NFIP, the House passed its version of reauthorization earlier this month, which now waits Senate action. The Senate, however, has been working on its own bill.

Also this week, the Senate Banking Committee will consider Federal Reserve Gov. Jerome Powell's appointment to Fed chair during a hearing tomorrow. (Read more on Powell's appointment here.)

The Senate is also expected to take up its tax reform legislation, the Tax Cuts and Jobs Act. The House already passed its version of the bill. Both bills leave the credit union tax exemption intact. NAFCU is encouraging association members to push back on recent calls by some in the banking industry to eliminate the credit union tax exemption through grassroots efforts. (More information is available here.) Once the Senate passes its tax reform bill, the House and Senate will have to reconcile legislative differences. Republicans still hope to have a tax reform package passed and signed into law before the end of the year.

Preserving credit unions' tax exemption remains NAFCU's top legislative priority.

NAFCU this week is meeting with Federal Communications Commission Commissioner Mignon Clyburn to discuss Telephone Consumer Protection Act relief for credit unions. The association will also attend the Consumer Federation of America's Financial Services Conference in Washington.

Next week, the Senate Banking Committee will mark up a regulatory reform bill that includes several NAFCU-backed provisions, including one to exempt certain loans from the credit union member business lending (MBL) cap and another to provide relief from certain Home Mortgage Disclosure Act (HMDA) disclosure requirements. (Read more here.)