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This week: NAFCU watching CFPB constitutionality arguments, Super Tuesday primaries
It's a busy week in Washington with Congress in session and most news coverage focused on tomorrow's Super Tuesday contests – where 14 states will hold their presidential primaries. In addition, the Supreme Court is set to hold oral arguments tomorrow lawsuit filed by Seila Law challenging the CFPB's single-director structure.
NAFCU's award-winning government affairs team will monitor the Super Tuesday primaries and keep credit unions updated on what the results mean for the presidential election. NAFCU has launched a new resource page to provide credit unions with a one-stop-shop for advocacy needs. Developed by NAFCU's team of experts, these resources help credit unions understand the legislative and regulatory environment and are great to share with current decision makers and those running for office.
In the CFPB lawsuit, the bureau previously announced it would no longer defend its director structure after years of lawsuits and calls to reform it from various stakeholders. NAFCU has long held that the CFPB should be reformed to a commission structure to ensure transparency and accountability. This case could also have implications on the structure of the Federal Housing Finance Agency (FHFA). NAFCU will watch the hearing and provide insights to the arguments afterward.
There are several congressional hearings on NAFCU's radar this week, including House and Senate appropriations subcommittees reviewing their respective components of President Donald Trump's proposed fiscal year 2021 budget. A number of committees will also explore the coronavirus threat and the U.S. response. Other hearings happening include:
- tomorrow, a House Small Business subcommittee will discuss online sales taxes and online retailers' impact on Main Street businesses;
- Wednesday, a House Financial Services subcommittee is exploring how bad actors exploit financial systems to facilitate illicit trades;
- Wednesday, a House Financial Services subcommittee will hold a hearing on discrimination in the auto insurance industry; and
- Friday, a House Financial Services subcommittee is hosting a field hearing in New York focused on redlining and underbanked and excluded communities.
NAFCU will also attend a forum at the Treasury Department tomorrow and a coalition meeting Wednesday with Federal Housing Administration Commissioner Brian Montgomery focused on qualified mortgages.
Also happening this week:
- NAFCU's first conference of the year – Strategic Growth Conference – kicks off today in San Antonio;
- tomorrow and Wednesday, the NCUA is hosting a Minority Depository Institution (MDI) Forum;
- tomorrow, NAFCU is offering a webinar on the California Consumer Privacy Act (CCPA);
- Thursday, the association has a webinar reviewing defense credit union-related issues; and
- Friday is the last day to submit entries for NAFCU's 2020 Annual Awards.