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With both the House and Senate back in their home states for a district work week, NAFCU encourages member credit unions to contact their representatives and keep up the pressure for meaningful regulatory relief as Congress works on various bills that would impact credit unions. The Federal Open Market Committee (FOMC) also begins a two-day meeting tomorrow.

The association is closely engaged with lawmakers on many pieces of legislation, including the Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155), which includes various credit union regulatory relief measures related to member business lending (MBL) and the Home Mortgage Disclosure Act (HMDA). The bill has passed the Senate and awaits action in the House. House Financial Services Committee Chairman Jeb Hensarling, R-Texas, had been working to try to include additional relief provisions in the bill before being passed in the House, but said last week that he is willing to continue discussion on other proposals through separate legislation.

Other legislation NAFCU is monitoring:

• H.R. 5288, which would provide the industry a two-year delay of the NCUA's risk-based capital (RBC) rule; and

• draft legislation currently being worked on by House Financial Services Committee members Blaine Luetkemeyer, R-Mo., and Carolyn Maloney, D-N.Y., related to data security.

The association encourages credit unions to engage in its grassroots campaign in support of various regulatory relief measures. Credit unions can take advantage of NAFCU's Grassroots Action Center to find contact information for their lawmakers and see where their members of Congress stand on the legislation.

Tomorrow, the FOMC begins a two-day policy-setting meeting. The committee raised the federal funds target rate by a quarter-point to a range of 1.5 to 1.75 percent during its previous meeting in March. Based on economic signals, the committee is expected to raise rates two or three more times this year.

Also happening this week:

• Wednesday, NAFCU is hosting a webinar to provide credit unions with need-to-know details of the Financial Crimes Enforcement Network's (FinCEN) customer due diligence (CDD) rule, which goes into effect May 11.

• Wednesday, NAFCU Services Preferred Partner CUNA Mutual Group is hosting a webinar on the changing life insurance market.

• Thursday, NAFCU is offering a webinar to help credit unions identify warning signs of and respond to financial exploitation, abuse and neglect of older adults.

• Thursday, NAFCU Services Preferred Partner BFB Gallagher is offering a webinar on executive benefits.