This week: NAFCU watching Congress for NDAA developments, reg relief, Mnuchin comments
The House and Senate are both in session this week and NAFCU remains engaged with lawmakers as the chambers take steps to move to a conference committee to hash out details of the 2019 National Defense Authorization Act (NDAA). NAFCU is leading the push to include language to delay the NCUA's risk-based capital (RBC) rule in the final legislation.
The House in June passed the Foreign Investment Risk Review Modernization Act of 2018 (H.R. 5841), which included a two-year delay of the RBC rule. The Senate version of this legislation was folded into its NDAA – a move urged by U.S. Defense Secretary Jim Mattis – and did not include the RBC delay. House and Senate leadership are expected to formalize members of the conference committee this week who will work out the differences between the two NDAA bills; NAFCU will continue to be a leader on the issue to ensure the RBC-delay provision is included in the final bill.
In addition, NAFCU will be monitoring a provision included in the House NDAA – but not the Senate's – dealing with land leases on military bases for banks. NAFCU recently clarified that this provision does not affect credit unions' nominal leases under the Federal Credit Union Act and believes there is a strong likelihood the House provision will be altered or dropped during conference consideration. The association has pledged to fight to ensure that the ability for credit unions to get nominal leases is not disadvantaged during consideration of the NDAA.
NAFCU will also be watching this week on Capitol Hill:
- the House Financial Services Committee, which could continue considering bills to be included in its next regulatory relief package – JOBS Act 3.0;
- a Senate Banking Committee hearing Thursday on credit bureaus and the Fair Credit Reporting Act;
- a House Financial Services Committee hearing Thursday with Treasury Secretary Steven Mnuchin;
- a House Financial Services Subcommittee hearing Thursday on countering the financial networks of weapons proliferation; and
- a House Energy and Commerce Subcommittee hearing Wednesday on protecting customer proprietary network information.
Also happening this week:
- Wednesday is the last day for credit unions to participate in this month's Economic & CU Monitor survey on Financial Accounting Standards Board's (FASB) current expected credit losses (CECL) standard.
- NAFCU is providing a regulatory compliance update webinar on Wednesday (free, but registration is required).
- On-demand webinars to help credit unions better understand the ACH network become available Wednesday.
- NAFCU Services is offering a webinar on Thursday to help credit unions detect internal fraud.
- Friday is the last day for member credit unions to submit comments to NAFCU on the NCUA's proposed expansion of its payday alternative loans (PALs) program.
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