October 16, 2015

This week: NAFCU tracking EMV, reg burden hearings; CISA in Senate

NAFCU will monitor congressional hearings this week focused on EMV, housing reform and the regulatory burden on job creators while also watching for any next steps in the Senate on the "Cybersecurity Information Sharing Act."

The House Small Business Committee on Wednesday will hear from small-business owners on the challenges and implications of the EMV liability shift that took place Oct. 1. NAFCU witness Jan Roche gave the credit union perspective earlier this month. This week's hearing, "The EMV Deadline and What it Means for Small Businesses: Part II," will focus on why many small businesses have yet to install the updated chip card readers and the costs associated with the new technology.

Also on Wednesday, the House Financial Services Subcommittee on Financial Institutions and Consumer Credit will continue its focus on regulatory relief as it examines various legislative proposals to reduce regulatory burdens on "Main Street job creators."

Among the bills reviewed will be the "National Credit Union Administration Budget Transparency Act" (H.R. 2287), which would require NCUA to publish a draft of its budget in the Federal Register and hold a public hearing to garner comments from the public; and the "Preserving Capital Access and Mortgage Liquidity Act" (H.R. 2473), which would ensure credit unions parity with banks under Federal Home Loan Bank membership criteria. NAFCU supports both measures.

NAFCU will also watch for Senate action on S. 754, the "Cybersecurity Information Sharing Act," which aims to bring greater security for financial data through faster, more efficient sharing of cyber-threat information among the business and government sectors. In clearing the bill for fall action, Senate leadership this summer outlined procedures for considering 21 amendments offered on the bill.

An amendment reflecting NCUA's bid for third-party vendor exam authority was omitted from the list following a letter to Senate leaders from NAFCU opposing the provision.

Also this week:

  • On Wednesday, the House Financial Services Subcommittee on Housing and Insurance will review reforms that relate to housing opportunity, including H.R. 3700, the "Housing Opportunity Through Modernization Act of 2015."
  • On Thursday, the full House Financial Services Committee will discuss the nation's housing future in a hearing that will specifically look at the Department of Housing and Urban Development's impact on federal housing policy. The panel will examine whether legislative changes are warranted to better ensure affordable housing and continued economic mobility.