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Congress and the president reached a deal Friday to end the partial government shutdown and fund the nine departments affected by it through Feb. 15. NAFCU will follow developments as Congress now works to pass a longer-term spending bill.

In addition, NAFCU Senior Counsel for Research and Policy Andrew Morris today will attend the Financial Accounting Standards Board's (FASB) public roundtable discussion on implementation issues related to the current expected credit loss (CECL) standard. (Read more here)

The House and Senate on Friday passed – and the president signed – a short-term funding resolution to reopen the closed departments and agencies for three weeks. During that time, Congress will work on a longer-term funding solution, including a package to fund the Department of Homeland Security and address various border security issues.

During the 35-day shutdown, credit unions across the nation stepped up to provide various products and services to support members who were impacted by it. Credit union efforts were acknowledged by the administration and members of Congress.

NAFCU will keep credit unions updated as Congress works on a longer-term solution.

Aside from funding discussions, also happening this week:

• the chambers continue to work on finalizing committee assignments and operational rules for the 116th Congress;

• the House and Senate Budget Committees tomorrow will hear from the Congressional Budget Office on its budget and economic outlook for fiscal years 2019-2029; and

• the Senate Judiciary Committee tomorrow will consider a number of nominations, including William Barr to be U.S. Attorney General. During his confirmation hearing, Barr indicated he would not pursue action against marijuana businesses that rely on the Financial Crimes Enforcement Network's (FinCEN) previously issued guidance on the issue.

Also happening this week:

• the Federal Open Market Committee (FOMC) begins its two-day policy-setting meeting tomorrow, which is not expected to end with a rate hike as the committee raised rates in December;

• Thursday, NAFCU will meet at the Treasury Department to discuss cybersecurity concerns and initiatives;

• NAFCU is offering a webinar tomorrow with the Bureau of Consumer Financial Protection on elder financial exploitation (register here); and

• NAFCU is offering a free webinar Thursday with various housing finance experts on reform efforts (register here).