July 25, 2022

This week: NAFCU tracks House floor action, hearings, HFSC markup

capitol This week, both the House and Senate are in session and NAFCU will remain engaged with lawmakers on the industry’s top priorities.

The House’s suspension calendar for tomorrow includes the NAFCU-backed SECURE Notarization Act, which passed the House Energy and Commerce Committee last week. This legislation provides businesses and consumers the ability to execute critical documents using remote notarization. In addition, the calendar also includes the NAFCU-backed CDFI Bond Guarantee Program Improvement Act, which would permanently authorize the CDFI Bond Guarantee Program.

Committee meetings of note this week include:

  • tomorrow, at 10:15 a.m. Eastern, the Senate Banking, Housing, and Urban Affairs Committee will hold a hearing on racism and discrimination in the financial services industry;
  • Wednesday, at 10:00 a.m. Eastern, the House Financial Services Committee will hold a markup discussing multiple pieces of legislation of note to credit unions, including:
    • the NAFCU-opposed Overdraft Protection Act which would significantly limit overdraft protection programs and the ability to assess nonsufficient fund fees; and
    • The NAFCU-backed Credit Union Board Modernization Act, which would amend language in the Federal Credit Union (FCU) Act to require credit unions to meet six times per year, rather than once a month.
  • Thursday, at 10:00 a.m. Eastern, the Senate Banking, Housing, and Urban Affairs Committee will hold a hearing on understanding scams and risks in crypto and securities markets.

Also happening this week:

  • today, comments are due to NAFCU in response to the Treasury’s request-for-comment on digital assets innovation and adoption (view NAFCU’s Regulatory Alert);
  • tomorrow and Wednesday, the Federal Open Market Committee will convene for its July meeting; and
  • Thursday, NAFCU will host a webinar on supply chain risk management and the essential steps to building an effective practice.

Stay tuned to NAFCU Today for the latest credit union industry news.