February 09, 2018

This week: House to vote on NAFCU-sought ADA, reg relief bills; NCUA discusses NCUSIF distributions

The House and Senate are in session this week and NAFCU lobbyists continue to engage with lawmakers on Capitol Hill to ensure the credit union industry's perspective is heard on important issues including the Americans with Disabilities Act (ADA) and data security.

Tomorrow, the House Rules Committee will consider three NAFCU-sought bills – focused on addressing issues with the ADA and providing credit unions with regulatory relief – that are expected to be voted on by the full House this week:

  • The ADA Education and Reform Act (H.R. 620), introduced by Rep. Ted Poe, R-Texas, would set conditions for filing civil actions over the failure to remove an architectural barrier to an existing public place, among other things. NAFCU has engaged with Poe and other representatives to try to expand some of the bill's protections to help curb the meritless lawsuits filed against credit unions for website accessibility under the ADA.
  • The Protecting Consumers' Access to Credit Act (H.R. 3299), introduced by Reps. Patrick McHenry, R-N.C., and Gregory Meeks, D-N.Y., would amend various banking laws, including the Federal Credit Union Act, to provide that federal interest rate preemption applies "regardless of whether the loan is subsequently sold, assigned, or otherwise transferred to a third party," including a non-bank purchaser.
  • The TRID Improvement Act (H.R. 3978), introduced by Rep. French Hill, R-Ark., would amend the CFPB's TILA/RESPA integrated disclosures rule (TRID), specifically how fees are presented on loan estimates and closing disclosure forms.

On Thursday, the NCUA Board is expected to discuss future equity distributions from the National Credit Union Share Insurance Fund (NCUSIF) as it votes on a final methodology for distributing the refunds to credit unions during its open board meeting. It will also receive a quarterly briefing on the share insurance fund and discuss 2017 share insurance fund equity distribution.

Other congressional hearings of note this week include:

Also happening this week: