Newsroom

October 20, 2017

This week: NAFCU on the Hill on housing finance; Equifax, FCC oversight hearings

NAFCU will be monitoring congressional hearings this week on the Equifax data breach, Federal Communications Commission (FCC) and recent trends in fintech. The association will also attend an event examining the future of housing finance reform.

NAFCU-member representative Rick Stafford, president and CEO of Tower Federal Credit Union (Laurel, Md.), will also be testifying this week during a House hearing on housing finance reform (read more here).

Democratic members of the House Financial Services Committee on Wednesday will continue examining the Equifax data breach. On Thursday, NAFCU Executive Vice President of Government Affairs and General Counsel Carrie Hunt will hold a call updating member credit unions on the Equifax data breach (read more here).

In other hearings and events this week:

  • FCC Chairman Ajit Pai and FCC Commissioners Brendan Carr, Mignon Clyburn, Michael O'Rielly and Jessica Rosenworcel will all testify Wednesday before the House Energy and Commerce Subcommittee on Communications and Technology. NAFCU has been in consistent contact with the FCC regarding its 2015 declaratory ruling and order that provides limited robocall exemptions under the Telephone Consumer Protection Act for financial institutions making free autodialed calls to consumers. The association has repeatedly told the FCC that the order has led to financial institutions ceasing important communications with members about their accounts over fear of inadvertently violating the rule. NAFCU entered a suit challenging the FCC's order in September 2015. Oral arguments were heard in the case last October in the U.S. Court of Appeals for the D.C. Circuit; the court could issue a decision at any time.
  • NAFCU Regulatory Affairs Counsel Ann Kossachev on Wednesday will attend an event on the future of housing finance reform, which will feature Housing and Urban Development Secretary Ben Carson. The event, sponsored by The Hill newspaper, will cover housing needs in hurricane-impacted regions, HUD's efforts to strengthen the housing market and how to make housing more affordable for those who need it the most. NAFCU-member credit unions and association senior staff met with Carson last month to discuss credit unions' role in helping low-income consumers and how the industry and HUD can work together to advance their goals.
  • The House Small Business Subcommittee on Economic Growth, Tax, and Capital Access will meet for a hearing on Thursday titled, "Financing Through Fintech: Online Lending's Role in Improving Small Business Capital Access." The Subcommittee will "examine recent trends in how small businesses obtain capital, the different business models in the industry, and how online lending fits into the overall lending landscape."
  • The Senate Banking Committee on Thursday will conduct a hearing on the nomination of Brian Montgomery to lead the Federal Housing Administration. If he is confirmed by the Senate, this will be his second time as FHA commissioner.