WASHINGTON–Although both the House and Senate are back in session this week, the agenda for credit union-specific issues is relatively light.
Both credit union trade groups continue to advocate for bills that include provisions delaying NCUA’s risk-based capital rule for two years, as CUToday.info reported earlier.
Among the issues credit unions are keeping an eye on this week are:
- A hearing today by the House Financial Services Committee during which several bills will be marked up, including the Mortgage Fairness Act of 2017 (H.R. 2570), which would amend the Truth in Lending Act to ensure that the points and fees in connection with a mortgage loan do not include certain compensation amounts already taken into account in setting the interest rate on such a loan. NAFCU noted the mark-up also includes the Financial Technology Protection Act (H.R. 5036), which would establish an Independent Financial Technology Task Force that would reward information leading to convictions related to terrorist use of digital currencies, among other things.
- Also today, The Senate Banking Committee will hold a nomination hearing on Michael Bright to be president of the Government National Mortgage Association (Ginnie Mae).
- A hearing will be held Wednesday by the House Energy and Commerce Committee on oversight of the Federal Communications Commission. Both NAFCU and CUNA have been calling on the FCC to clarify rules around telephone contact with members.
- Also on Wednesday, two House Oversight and Government Reform subcommittees will review the Government Accountability Office’s focus on cybersecurity.
The Senate this week is expected to consider its Financial Services and General Government appropriations bill, which currently includes funding for of Community Development Financial Institutions (CDFI) fund, which has been targeted several times by the Trump Administration for elimination. CUNA’s Ryan Donovan noted the legislation is a minibus appropriations bill that actually combines four regular appropriations bills.
The House will be considering legislation to extend for four months the National Flood Insurance Program.