January 14, 2020

House passes NAFCU-supported bills related to NCUA transparency, MDIs

Capitol DomeThe House Monday passed three NAFCU-supported bills, two of which are intended to increase transparency at federal financial regulators – including the NCUA – and another one that provides support for minority depository institutions (MDIs). They now head to the Senate for consideration.

All three bills passed by voice vote; here are more details on what the bills would do:

  • The Prudential Regulatory Oversight Act (H.R. 4841) would require annual testimony before Congress from financial regulators, including NCUA.
  • The Cybersecurity and Financial System Resilience Act (H.R. 4458) would require the NCUA, Federal Reserve, and FDIC to provide Congress with an annual report on the individual agency's efforts to strengthen cybersecurity through its supervision of covered financial institutions. 
  • The Expanding Opportunity for MDIs Act (H.R. 5315) would foster mentorship of MDIs through a Treasury Department program, which would also hold outreach events to promote participation in the program. In October, a NAFCU witness shared with a House Financial Services subcommittee the critical role MDIs play in serving diverse and underserved communities. The NCUA recently launched a new mentoring program to support MDIs.

NAFCU will continue to advocate for and support legislation that allows credit unions to better serve more Americans and strengthen the NCUA while ensuring accountability.