February 10, 2017

Senate votes on Mnuchin, McMahon this week

The Senate is set to vote for President Donald Trump's Treasury pick, Steven Mnuchin, today, followed by a vote on Small Business Administration pick Linda McMahon tomorrow.

NAFCU will monitor both votes as well as other progress in filling the new cabinet.

NAFCU's Regulatory Committee will meet tomorrow to discuss the top regulatory issues facing the credit union industry. Among the topics slated for discussion are the status of litigation affecting credit unions, the NCUA's progress in streamlining exam processes, and challenges relating to the implementation of the Military Lending Act.

Also this week:

• Federal Reserve Chair Janet Yellen will testify before the Senate Banking Committee on Tuesday and the House Financial Services Committee on Wednesday on the Fed's semiannual monetary policy report.
• NAFCU staff will monitor the CFPB public field hearing on Thursday in Charleston, W. Va., on expanding access to credit via alternative data to determine creditworthiness.

NAFCU staff will also continue to watch for developments on the "Financial CHOICE Act," comprehensive regulatory relief legislation first introduced by House Financial Services Committee Chairman Jeb Hensarling, R-Texas, last year.

A draft committee memorandum that was circulated last week said Republican lawmakers are considering changes to the bill that would include maintaining a single director for the bureau who could be removed by the president at will. The reported changes also include maintaining the current three-member board structure for the NCUA, which NAFCU has supported, and making it easier for credit unions to return to required capital levels necessary for additional regulatory relief.

The bill is also expected to include a repeal of the Durbin interchange amendment. NAFCU has called on credit unions to contact their Representatives to urge them to support the repeal; more information is available at NAFCU's Grassroots Action Center.