Newsroom

The House has dismissed members until after the mid-term elections, but the Senate remains in session this week. NAFCU is encouraging credit unions to set up meetings with their representatives while they are in their home districts to talk about issues facing the industry as the association continues its advocacy efforts on Capitol Hill.

In recent weeks – as a result of NAFCU and credit union advocacy – Congress has made progress on credit union priorities including data security and regulatory relief, and also left the industry's tax-exempt status untouched in its second push for tax reform. NAFCU is also fighting against efforts to wrap credit unions into the Community Reinvestment Act, and is instead asking that credit unions' ability to serve underserved areas be expanded as well as their capacity to make more member business loans.

Credit unions must maintain contact with elected officials and candidates for office to educate them on how credit unions will be able to better serve their members as these issues are addressed. NAFCU's website has resources available on these issues, and its Grassroots Action Center has lawmakers' contact information readily accessible.

In hearings on Capitol Hill this week:

• NCUA Chairman J. Mark McWatters is set to testify tomorrow before the Senate Banking Committee as it holds a hearing on the implementation of S. 2155. In addition to McWatters, the committee will hear from leaders from the Office of the Comptroller of the Currency (OCC), Federal Reserve Board of Governors and Federal Deposit Insurance Corporation (FDIC).

• The Senate Judiciary Committee on Wednesday will discuss the 2008 financial crisis and the bailout of big banks. Last month, NAFCU released a white paper promoting a modernized Glass-Steagall Act in order to protect consumers from banks that are too big to fail.

• The Senate Small Business Committee on Wednesday will discuss how to expand small business opportunities through the tax code.

• The Senate Banking Committee on Thursday will hear from representatives from the Financial Crimes Enforcement Network (FinCEN), FBI and Office of the Comptroller of the Currency on ways to combat money laundering and other forms of illicit finance.

Also happening this week:

• NAFCU Regulatory Affairs Counsel Andrew Morris will attend the FedPayments Improvement Forum Wednesday and Thursday at the Federal Reserve Bank of Chicago. NAFCU met with the Fed last week to discuss payments security.

• A NAFCU webinar tomorrow will review the current effective credit loss (CECL) method implementation and the methods that can be used to calculate the allowance for loan losses (ALL).

• A NAFCU webinar Thursday will provide an overview of the proposed NACHA operating rules changes.

• Friday is the last day to submit responses to this month's Economic & CU Monitor survey on cybersecurity.