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NAFCU’s award-winning advocacy team is active in Washington this week as both the House and Senate are in session and the NCUA Board holds its June meeting. In Congress, the association is monitoring markups of the National Defense Authorization Act (NDAA), as well as the Federal Reserve’s semiannual report to Congress.

After subcommittees reviewed the FY2024 NDAA last week, the full House Armed Services Committee is set to markup the bill tomorrow. The Senate Armed Services subcommittees begin their work this week, with full committee markups scheduled for the latter half of the week.

NAFCU, along with the Defense Credit Union Council (DCUC) and CUNA, continues to urge lawmakers to oppose any changes to the NDAA that would allow banks to operate rent-free on military bases.

The association is also watching for potential efforts to attach to the NDAA a bill sought by big-box retailers to expand interchange price controls to credit cards. NAFCU and other financial services trade groups are relentlessly fighting against this legislation – which they were successful in stopping last year – highlighting the negative effects it would have on consumers, credit unions and other financial institutions. The association has an updated one-pager detailing the consequences of this interchange legislation available.

Credit unions are encouraged to take action and contact lawmakers in opposition via NAFCU’s Grassroots Action Center. NAFCU is also seeking statements from credit unions to share with the media about how this bill will hurt business operations and members; submit a statement now.

NAFCU will also be engaged as:

• the House Financial Services Committee tomorrow and the Senate Banking Committee Thursday hear from Federal Reserve Board Chairman Jerome Powell for the Fed’s semiannual monetary policy report, which will likely include economic insights and updates from investigations into recent bank failures;
• the Senate Banking Committee tomorrow considers several nominations to the Federal Reserve Board and holds a markup on a bill that would claw back executive pay at failed banks;
• the House Energy & Commerce Committee tomorrow holds an oversight hearing of the Federal Communications Commission (NAFCU is currently engaged with the commission on proposals related to robocalls and robotexts);
• the House Financial Services Subcommittee on Housing and Insurance tomorrow holds an oversight hearing of the Department of Housing and Urban Development (HUD); and
• the NCUA Board meets Thursday and is set to issue a request for comment on its operating fee schedule methodology, as well as proposed interpretative ruling and policy statement related to the Minority Depository Institution (MDI) Preservation Program. The board will also receive a briefing on new charter modernization.

In addition, NAFCU Vice President of Regulatory Affairs Ann Petros joins CU Times today for a conversation on fintech and industry trends, and the association’s Housing Finance Working Group meets tomorrow.

Stay tuned to NAFCU Today for the latest out of Washington.