July 14, 2017

This week: NAFCU rep testifies on housing finance; NCUA takes up NCUSIF, stabilization fund

Thursday is shaping up to be a busy day, with NAFCU witness Charles Purvis, president and CEO of Coastal Federal Credit Union, set to testify before the Senate Banking Committee on housing finance reform, and as the NCUA Board opens consideration of the future of the share insurance and stabilization funds.

Purvis will testify before the panel on NAFCU's core principles for housing finance reform and on ways such reform could affect credit unions and their members' access to mortgage credit. NAFCU is working to ensure that any housing finance reform plan includes unfettered access to the secondary mortgage market for credit unions, with fair pricing based on loan quality rather than volume. Thursday's hearing begins at 10 a.m. Eastern.

This is the same time the NCUA Board begins Thursday's open meeting. Slated are a request for comments on a proposal to close the Temporary Corporate Credit Union Stabilization Fund and reset the normal operating level of the National Credit Union Share Insurance Fund; a proposed rule on NCUSIF equity distributions; a quarterly NCUSIF report; a proposal on emergency mergers; and a briefing on the agency's 2017 mid-session budget.

In hearings this week:

  • The Senate Finance Committee on Tuesday will hold a hearing on the prospects and challenges of comprehensive tax reform. Comments are due today on a June request by Chairman Orrin Hatch, R-Utah, for collecting ideas, proposals and feedback on how to improve America's tax system; NAFCU submitted comments Friday. A House Ways and Means Committee hearing Wednesday will address how simplifying the tax code will help individuals and families.
  • On Tuesday, the House Financial Services Subcommittee on Terrorism and Illicit Finance will hold a hearing on managing terrorism financing risk in remittances and money transfers.
  • A nominations hearing Tuesday by the Senate Banking Committee will include testimony from Christopher Campbell, nominated to be Treasury Assistant Secretary for Financial Institutions. Campbell is staff director for Senate Finance Committee Republicans.
  • The Senate Commerce, Science, and Transportation Committee on Wednesday will hold a hearing for several Federal Communications Commission nominees, including Brendan Carr, who President Donald Trump nominated to serve the remainder of a five-year term expiring next June and an additional five-year term expiring June 2023. Carr is currently the FCC's general counsel.

Other happenings this week:

  • NAFCU is offering a free live webcast Thursday on general requirements and implementation on the Financial Accounting Standards Board's current expected credit loss standard. The 2 p.m. webcast will be led by FASB's Hal Schroder and Shayne Kuhaneck. A NAFCU webcast Wednesday will provide a dive into the five CECL implementation models.
  • NAFCU Regulatory Affairs Counsel Ann Kossachev is speaking at an Urban Institute event Wednesday on serving the underserved under the Federal Housing Finance Agency's duty-to-serve rule.