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The partial government shutdown has now lasted longer than a month and Congress and the president are still at odds over a solution. Tomorrow, NAFCU will attend an industry roundtable to discuss issues associated with providing financial services to marijuana-related businesses.

Over the past two weeks, the House has attempted piecemeal and short-term funding strategies; Democrat leaders have said these are to try to reopen the government while allowing conversations on issues such as border security to continue. These efforts are expected to continue this week.

However, the Republican-controlled Senate has said it will not take up any legislation that does not have the support of the president. President Donald Trump continues to press for full funding to construct a wall along the U.S.-Mexico border. The president did sign legislation that would give federal workers back pay once the shutdown ends.

On Thursday, the House Ways and Means Committee has scheduled a hearing to discuss the impact of the shutdown on taxes and the IRS. However, Treasury Secretary Steven Mnuchin has declined the invite to testify.

NAFCU remains engaged on Capitol Hill and will continue to advocate for credit union funding priorities, such as full funding for the NCUA's Community Development Revolving Loan Fund (CDRLF), Treasury's Community Development Financial Institutions (CDFI) Fund and the Small Business Administration's (SBA) 7(a) and 504 loan programs.

Tomorrow's marijuana banking event will feature a roundtable discussion with other financial services trades on how member institutions are – or are not – serving marijuana-related businesses. The groups will also discuss the prospects for a federal legislative solution in 2019.

Last week, Comptroller of the Currency and interim director of the Federal Housing Finance Agency Joseph Otting called on Congress to take action on marijuana legalization to provide financial institutions with more clarity on how they can serve marijuana-related businesses. (Read more here)

Also happening this week:

• Today, NAFCU is hosting a webinar on changes to the NACHA operating rules for 2019. Register for the webinar here.

• The Financial Accounting Standards Board (FASB) meets tomorrow and is set to discuss some issues related to the current expected credit losses (CECL) standard. NAFCU will provide any updates to credit unions.

• NAFCU Director of Regulatory Affairs Ann Kossachev will attend a roundtable discussion tomorrow at the U.S. Mint on the circulation of the penny.