This week: Kraninger gives CFPB update as Congress returns
After a two-week recess, the House and Senate are back in session today. NAFCU will continue its advocacy efforts on a number of key credit union issues, including the FY 2020 National Defense Authorization Act, and CFPB Director Kathy Kraninger will provide an update on the bureau's efforts to the House Financial Services Committee and Senate Banking Committee Wednesday and Thursday, respectively.
At NAFCU's Congressional Caucus, Kraninger emphasized the need for cost benefit analysis when it comes to solid policymaking, as well as the need to preserve consumer choice in policies and rulemakings. The bureau is currently considering ways to reduce the burden of Home Mortgage Disclosure Act compliance while ensuring data collection and reporting meet the law's statutory objectives to eliminate discriminatory lending.
The CFPB is also pursuing efforts to increase innovation in the financial services marketplace. NAFCU is currently seeking comment from members on the CFPB's proposed "tech sprints," and has a Final Regulation available on the bureau's recently issued innovation policies. NAFCU President and CEO Dan Berger has urged regulators and lawmakers to enact regulation to achieve a level playing field between fintech companies and traditional financial institutions. He shared the association's new fintech whitepaper with a number of industry leaders, including Kraninger.
A number of House Financial Services subcommittees will also hold hearings throughout the week to:
- examine corporate priorities, specifically related to the impact of stock buybacks;
- promote inclusion and diversity in America's workforce; and
- evaluate cloud computing, including how financial data is stored, protected, and maintained.
Also happening this week:
- today, NAFCU is hosting its Q3 Member Call at 4 p.m. Eastern and members can still register to participate;
- the Financial Accounting Standards Board (FASB) tomorrow is set to discuss its proposed delay – until 2023 for credit unions – to the current expected credit loss (CECL) standard;
- tomorrow, NAFCU is hosting a webinar on 10 leading ways to engage employees, and a webinar Thursday on probing questions to ask during risk review;
- tomorrow, the House Small Business Committee will hold a hearing on challenges facing the Small Business Administration and another one Thursday on the impact of opportunity zones; and
- Friday is the last day credit unions can submit comments to NAFCU on the Federal Reserve's FedNow Service – a 24/7/365 real-time gross settlement service. Comments are due to the Fed Nov. 7.