Hear directly from leaders of SBA, CFPB at Virtual Caucus
NAFCU's Virtual Congressional Caucus is less than a month away and the association's award-winning advocacy team is securing a strong lineup of key administration officials, regulators, and lawmakers to give credit unions direct updates on what's happening in Washington. Leaders from the Small Business Administration (SBA), CFPB, NCUA, and Federal Housing Finance Agency (FHFA) are slated to address attendees.
NAFCU has revamped this year's Congressional Caucus to ensure credit unions can remain politically active amid the coronavirus pandemic; although the event will no longer be held in person, the outstanding content attendees are used to is not changing.
Here are some recent additions to the speaker lineup:
- SBA Administrator Jovita Carranza: Confirmed earlier this year to head the agency, Carranza will make her first appearance at NAFCU's Congressional Caucus to provide updates on the SBA's small business lending programs. NAFCU works closely with the SBA – having partnered with the agency since 2015 to expand credit unions' small business lending – and amid the coronavirus pandemic has stepped up its advocacy efforts to ensure credit unions can lend effectively through the new paycheck protection program (PPP). NAFCU continues to call on the SBA, Treasury, and Congress to make additional improvements to the PPP.
- CFPB Director Kathy Kraninger: Kraninger has led the CFPB since 2018 and NAFCU is in consistent contact with her and the bureau to ensure credit union priorities are addressed. Most recently, NAFCU has advocated for an extension of the government-sponsored enterprise (GSE) qualified mortgage (QM) patch, and modernization of the bureau's electronic disclosure and signature-related provisions of all its regulations as the association pursues E-SIGN Act changes. While the Supreme Court recently ruled the CFPB's single-director structure unconstitutional, NAFCU will continue to work closely with Kraninger to ensure credit unions are not overly burdened by regulations.
- NCUA Board Member Todd Harper: Harper last month provided an update to NAFCU's Regulatory and Legislative Committees on the agency's recent activities and his priorities for the rest of the year, and previously met with NAFCU President and CEO Dan Berger to discuss the impact of the coronavirus pandemic on credit unions and opportunities for relief. Harper supports NAFCU's calls for relief under the arbitrary member business lending (MBL) cap, allowing all credit unions to add underserved areas to their fields of membership, increasing funding for the NCUA's Community Development Revolving Loan Fund (CDRLF), and more.
- House Financial Services Committee Ranking Member Patrick McHenry, R-N.C.: NAFCU's advocacy team consistently engages with the House Financial Services Committee as it has oversight of several issues related to credit unions. NAFCU has recently advocated for the committee to consider legislation to eliminate the current expected credit loss (CECL) standard, extend relief related to troubled debt restructurings (TDRs), modernize the E-SIGN Act, ensure the CFPB's revised QM rule works for credit unions, and defend the industry's tax-exempt status and calls for MBL relief. At last year's Congressional Caucus, McHenry stressed the importance of smart regulation and supporting innovation to ensure credit unions can meet the needs of their members, including those in unbanked or underserved areas.
NAFCU previously announced NCUA Chairman Rodney Hood and FHFA Director Dr. Mark Calabria as Caucus speakers, as well as the keynotes for the event.
Virtual Congressional Caucus will be held entirely virtually Sept. 14-15. Registration for the event is currently available online, as are forms to request virtual Capitol Hill meetings with lawmakers. See the full agenda here. Stay tuned to NAFCU Today and follow along on Twitter with #NAFCUCaucus for up to the minute updates.
Ahead of Caucus, credit unions can utilize NAFCU's Grassroots Action Center to get a jumpstart on sharing how their institution has worked to help members amid the pandemic and urge lawmakers to take action on key industry issues.
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