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This week: NCUA Board meets, CU advocacy remains top of mind for NAFCU
NAFCU continues to advocate for credit unions to have access to important regulatory and legislative tools and flexibilities that will help them move forward through the pandemic and beyond. Of note this week, the association will monitor the NCUA Board meeting Thursday and update credit unions via NAFCU Today following the meeting.
The board meeting, scheduled to begin at 10 a.m. Eastern Thursday, will be available via livestream on the agency's website. View the agenda.
Last week, the NCUA unanimously approved by notation vote an interim final rule (IFR) on prompt corrective action (PCA) to provide temporary regulatory capital relief to federally-insured credit unions (FICUs). The IFR was previously on the agenda for Thursday's meeting.
On Capitol Hill, the House Financial Services Committee is set to markup several bills related to diversity, equity, and inclusion efforts, and more. The House Small Business Committee will also hold a hearing tomorrow to get an update on the Small Business Administration's (SBA) pandemic response program. In the Senate, the Senate Banking Committee will hold two hearings: One tomorrow on investing in rural communities and one Thursday on clean energy economy.
In addition, the House is set to vote on legislation to provide a safe harbor for credit unions and other lenders that serve marijuana related businesses (MRBs) in states that have legalized marijuana. House Financial Services Committee members Ed Perlmutter, D-Colo., Nydia Velázquez, D-N.Y., Steve Stivers, R-Ohio, and Warren Davidson, R-Ohio, introduced the bill in March.
The House passed the bill in 2019, but it was never taken up by the Senate. The House also passed these provisions in its proposed HEROES Act relief package last spring. For more on this topic, view the association’s updated marijuana baking brief.
NAFCU will engage with lawmakers on these issues and other credit union priorities to ensure the industry's voice is heard.
In addition, NAFCU has several webinars available this week:
- on Monday, Michigan First’s Insurance Agency joins a panel discussion with Insuritas to review how they launched an insurance agency providing an added service for their members;
- on Tuesday, hear about the latest trends, future prospects, and risks in the auto market in a webinar featuring Allied Solutions; and
- on Tuesday, a webinar will review the essential elements of successfully navigating the credit union and the member’s family through the deceased member account process.