Newsroom

The House and Senate return to Washington this week, and NAFCU will be active on Capitol Hill advocating on key credit union issues, including the National Defense Authorization Act (NDAA). Of note, Federal Reserve Chairman Jerome Powell is set to deliver the agency's semiannual Monetary Policy Report to Congress and the House Financial Services Committee will hold a markup on a number of bills.

The House is expected to vote on its version of the fiscal year 2020 NDAA this week. NAFCU successfully worked to prevent a banker-sought provision that would treat big banks the same as not-for-profit credit unions from being included in the bill during committee markup and is remaining vigilant to oppose any effort to add it on the floor. The Senate recently passed its version of the bill, which does contain the NAFCU-opposed provision. The association will work to ensure House and Senate conferees drop the provision as they reconcile differences between the two bills.

Powell will deliver his update on the economy before the House Financial Services Committee Wednesday and before the Senate Banking Committee Thursday. Both hearings are scheduled to begin at 10 a.m. Eastern. NAFCU will monitor the hearings; the association's Chief Economist and Vice President of Research Curt Long expects the Fed to move forward with a rate cut in the third quarter of this year.

Thursday, the House Financial Services Committee is set to markup more than 20 bills, including a number related to credit reporting, home buying assistance, rural housing, accountability and more. NAFCU continues to advocate for the use of new credit scoring models to allow credit unions to better serve underserved and rural communities, and for its housing finance reform principles.

Also happening on Capitol Hill this week:

• Wednesday, the House Small Business Committee will discuss ways to foster entrepreneurship among returning service members;
• a House Financial Services subcommittee hearing Wednesday will review various disclosures to ensure a sustainable and competitive economy; and
• Thursday, a House Small Business subcommittee will review the Small Business Administration's management and oversight of its SCORE program.

NAFCU will continue its advocacy efforts on a number of issues; learn more about these issues and join NAFCU in its efforts through its Grassroots Action Center.

There are also a few deadlines for credit union feedback this week:

• responses are due Wednesday for NAFCU's Economic and CU Monitor report, focused this month on financial technology (take the survey online here); and
• comments are due Friday to NAFCU on the NCUA's proposal to delay the risk-based capital rule to 2022 (learn more and submit comments through NAFCU's Regulatory Alert).