Newsroom

September 24, 2018

This week: NAFCU engaged on top CU issues, meeting with Fed

capitolA number of top NAFCU and credit union priorities are topics of discussion on Capitol Hill this week, including housing finance reform, data security and regulatory relief. NAFCU is engaged with lawmakers as midterm elections approach, and continues to push for a regulatory environment in which the credit union industry can grow and prosper.

On Friday, NAFCU will talk with the Federal Reserve regarding the next phase of payments strategy activities.

NAFCU is also monitoring appropriations discussions and following a continuing spending resolution that would ensure government funding through Dec. 7 before current funding runs out Sept. 30. The chambers this week also hope to complete work on an additional package of spending bills, including the financial services and general government appropriations measure.

The House next week is also set to vote on "Tax Reform 2.0." Credit unions' tax-exempt status remains untouched in the package.

Housing finance reform
As housing finance reform discussions continue, the House Financial Services Committee on Thursday will hold a hearing looking at the oversight of the Federal Housing Finance Agency's role as conservator and regulator of Fannie Mae and Freddie Mac. Committee Chairman Jeb Hensarling, R-Texas, released a draft bill recently with reform ideas.

NAFCU is engaged as Congress and FHFA work to reform the nation's housing finance system. The association recently attended a meeting at the White House to discuss housing finance reform priorities. NAFCU has shared its core principles for housing financial reform that should be included in any final reform measures with lawmakers and officials in the Trump administration.

Data security
The Senate Commerce, Science, and Transportation Committee on Wednesday will examine the safeguards for consumer data privacy. NAFCU is also following a bill that would require data breach notifications for financial entities akin to what is in place for financial institutions under the Gramm-Leach-Bliley Act.

The association has been active with lawmakers since the massive 2013 Target data breach stressing the need for a legislative solution to reform the nation's data security system. NAFCU has also shared with Congress principles credit unions would like to see addressed in any comprehensive cyber and data security legislation.

Regulatory relief
The House Small Business Subcommittee on Economic Growth, Tax, and Capital Access will discuss the local impact of economic growth during a hearing Thursday. In a similar hearing also on Thursday, a Senate Homeland Security and Governmental Affairs subcommittee will examine the effects of regulatory policy on the economy and business growth.

In other hearings this week:

  • The House Financial Services Subcommittee on Monetary Policy and Trade will hold a hearing Wednesday on the administration's goals for major sanctions programs.
  • The House Ways and Means Committee will hold a hearing Wednesday on the IRS's efforts regarding taxpayer online authentication.
  • Also on Wednesday, the Senate Finance Committee will evaluate the impact of tariffs on the U.S. auto industry.
  • Two House Oversight and Government Reform subcommittees on Thursday will hold a joint hearing reviewing the benefits of a deregulatory agenda.

Also this week:

  • On Wednesday, NAFCU will attend a communication protection meeting with the Professional Association for Customer Engagement (PACE).
  • The Credit Union Advisory Council meets Thursday to discuss issues related to fintech; NAFCU will attend.
  • Also on Thursday, credit unions can learn more about the penalty assessments facing anti-money laundering officers and how to avoid them during a NAFCU webinar.