This week: Cordray at NAFCU, data breach hearing, tax bill review
CFPB Director Richard Cordray will be at NAFCU headquarters Tuesday for a meeting with the association's board of directors to discuss various regulatory issues affecting the credit union industry, including the bureau's various lending and Home Mortgage Disclosure Act rules.
Also this week, the Senate Commerce, Science, and Transportation Committee will hold a hearing titled "Protecting Consumers in the Era of Major Data Breaches." Witnesses include executives from Equifax, Yahoo!, Verizon Communications Inc. and Entrust Datacard Corp. It will be the first time Equifax's current CEO will testify on the issue before Congress. Last week, NAFCU recommended ways for Congress to create a national data security standard and greatly minimize the number and impact of data breaches during testimony before a House Financial Services subcommittee.
Today, the House Ways and Means Committee will begin reviewing the Republican tax bill, the Tax Cuts and Jobs Act (H.R. 1), which, as urged by NAFCU, leaves the credit union tax exemption intact. A mark on the bill from House Ways and Means Committee Chairman Kevin Brady, R-Texas, released Friday, further ensures protection of the industry's tax exemption. NAFCU continues to review the bill for any additional impacts on credit unions.
A bill reauthorizing the National Flood Insurance Program will also be up for a vote on the House floor this week. The House Rules Committee will hold a hearing on the bill, H.R. 2874, on Tuesday. The House Financial Services Committee passed the bill in September.
In other happenings this week:
- Today begins NAFCU's inaugural Lending Conference in San Antonio, Texas. Read more here.
- On Tuesday, NAFCU will release its much-anticipated 2017 Report on Credit Unions, which features industry trends and various regulatory and legislative issues facing credit unions.
- On Tuesday, the House Financial Services Subcommittee on Housing and Insurance will continue its series on sustainable housing finance with part III. NAFCU witness Rick Stafford, president and CEO of Tower Federal Credit Union, testified before the subcommittee on the issue two weeks ago.
- On Wednesday, the House Financial Services Subcommittee on Monetary Policy and Trade will hold a hearing titled "Examining Federal Reserve Reform Proposals," which will include the review of several related bills.
- On Wednesday, the Senate Judiciary Committee will hold a hearing titled, "The Impact of Lawsuit Abuse on American Small Businesses and Job Creators."
- On Wednesday, the House Financial Services Subcommittee on Terrorism and Illicit Finance will hold a hearing on Treasury's role in safeguarding the financial system.
- Also on Wednesday, NAFCU hosts a webcast on preventing sexual harassment in the workplace. Register for the webcast here.
- On Thursday, the House Financial Services Subcommittee on Housing and Insurance will look at the role of Ginnie Mae in the housing finance system.
- On Thursday, NAFCU hosts a webcast on recent developments in Americans with Disabilities Act accessibility compliance for credit unions and how institutions can mitigate associated risks. Register for the webcast here.
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