This week: House vote on S. 2155, RBC delay in mark-up, NAFCU at FHFA
The House on Tuesday is poised to vote on the NAFCU-backed Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155). NAFCU President and CEO Dan Berger, who has held numerous meetings on Capitol Hill in the past week to gather support for the bill, said the association stands ready to work with the House to see this bill passed into law.
The House Rules Committee is slated to take up S. 2155 at 5 p.m. Eastern today, prepping it for tomorrow's vote.
He also met with Reps. Bill Posey, R-Fla., and Denny Heck, D-Wash., last week. The two authored the NAFCU-backed Common Sense Capital Relief Act (H.R. 5288), which would allow the NCUA to revisit and reconsider its approach to its risk-based capital (RBC) rule by delaying the rule's effective date for two years to Jan. 1, 2021. The language in H.R. 5288 is included in the Foreign Investment Risk Review Modernization Act of 2018 (H.R. 5841). The bill is slated for mark-up by the House Financial Services Committee Tuesday.
Throughout the past couple of weeks, Berger has also brought to lawmakers' attention a number of top legislative items still pending before Congress – risk-based capital reform, data and cybersecurity standards, field of membership reforms, and lawsuit abuse under the Americans with Disabilities Act (ADA) – and asked leaders in the House and Senate to work with the association to address these issues to bring the credit union industry even more relief. Berger held a meeting last week with Rep. Ted Poe, R-Texas, to discuss the ongoing issue of credit unions being targeted by lawsuits related to unclear website accessibility requirements under the ADA. NAFCU has worked closely with Poe to get relief on website accessibility demand letters.
Ahead of Tuesday's vote, NAFCU encourages credit unions to reach out to their lawmakers and urge them to support the bill through the association's active grassroots campaign.
Also on Tuesday, NAFCU staff will meet with Federal Housing Finance Agency (FHFA) Director Mel Watt at FHFA headquarters to housing finance reform and other issues of importance to the credit union industry. NAFCU's Berger, Director of Regulatory Affairs Alexander Monterrubio and Regulatory Affairs Counsel Ann Kossachev will attend.
Also this week on Capitol Hill:
- The House Ways and Means Committee on Wednesday will hold a hearing on tax reform and small businesses.
- A House Education and Workforce subcommittee on Wednesday will look at regulatory reform as it relates to economic opportunities for workers and employers.
- A House Financial Services subcommittee on Wednesday will review the impact of autonomous vehicles on the future of insurance.
- A House Financial Services subcommittee on Wednesday will hold a hearing on various legislative proposals aimed at fueling capital and growth on Main Street.
- The Senate Banking Committee on Wednesday will review the status of the housing finance system.
- The Senate Banking Committee on Thursday is holding a hearing on cybersecurity and the risks its poses to the financial services industry.
- The House Rules Committee on Monday is also expected to review the National Defense Authorization Act for fiscal year 2019 (H.R. 5515).
In other events this week:
- NAFCU Services Corporation is holding two webinars this week on digital governance and identity theft.
- NAFCU's Kossachev will attend a Treasury Department roundtable Wednesday on mitigation intervention.
- On Thursday, the NCUA Board will consider a final rule on involuntary liquidations and will also issue a notice of proposed rulemaking related to payday alternative loans (PALs) during its open board meeting. (Read more here)
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