This week: NCUA testifies before Congress; Senate Commerce to discuss data privacy
Congress returns to session this week. With only three weeks until the expiration of federal government funding, lawmakers are expected to work on fiscal year 2020 spending bills in order to avert a shutdown. In addition, the House Financial Services Committee and Senate Banking Committee will hold hearings with financial services regulators, including the NCUA.
NCUA Board Chairman Rodney Hood will testify before the House Financial Services Committee Wednesday and the Senate Banking Committee Thursday as lawmakers review how regulators are ensuring the safety and soundness of depository institutions. Representatives from the Federal Reserve and FDIC will also testify; NAFCU is supportive of congressional efforts to increase transparency and accountability among the regulators.
The Senate Commerce Committee Wednesday will also hold a hearing to examine legislative proposals to protect consumer data privacy. Just last week, Democrats on the committee unveiled a comprehensive data privacy and security proposal. NAFCU has urged lawmakers to enact a uniform national consumer data privacy standard that takes into account credit unions' existing federal data privacy requirements to address an emerging patchwork of state laws that have created confusion and increased compliance concerns. A recent NAFCU Compliance Blog post reviews the requirements of the California Consumer Privacy Act to help covered credit unions comply with the law.
Other House Financial Services Committee hearings of note this week:
- Thursday, the full committee will review the administration's deregulatory agenda and its impact on financial stability;
- Thursday, a subcommittee will examine the Federal Housing Administration and how its efforts impact on homeownership; and
- Friday, the Task Force on Artificial Intelligence will discuss how AI is transforming capital markets and jobs in the finance industry.
NAFCU will be active on Capitol Hill as lawmakers discuss these pressing issues and advocate for full funding for programs used by credit unions, such as the Community Development Financial Institutions Fund, Community Development Revolving Loan Fund, National Flood Insurance Program (NFIP), and Small Business Administration programs, ahead of the Dec. 20 funding deadline.
The association also continues to monitor discussions on the FY2020 National Defense Authorization Act (NDAA) to ensure a harmful provision that would treat banks the same as not-for-profit credit unions when it comes to nominal leases on military bases is not included in the final bill.
In addition, NAFCU will hold a series of meetings this week with top CFPB officials and staff. The bureau recently released its fall rulemaking agenda – see what issues it plans to tackle in the coming months.
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