WASHINGTON–With no legislation related to credit unions scheduled for the floor of the House or Senate this week, the credit union trade groups instead have their eyes on a number of hearings in Congress and scheduled remarks by its various members.
Today, for instance, House Speaker Paul Ryan (R-WI) will be speaking to the National Association of Manufacturers on the issue of tax reform. Ryan’s remarks come at the same time Senate Finance Committee Chair Orrin Hatch (R-OR) is seeking feedback on overhauling the U.S. tax code. Of concern to credit unions, of course, is whether any plans put forward will affect the status of the credit union tax exemption (see related story).
On Wednesday, the House Financial Services Committee will continue its mark-up of flood insurance bills. Last week, the panel voted 30-26 to approve a bill to reauthorize but scale back the National Flood Insurance Program, as CUToday.info reported here.
A bill that would limit premium increases for residential properties to $10,000 per year was passed 53-0 by the committee, a move that has the support of NAFCU.
On Thursday, NCUA Acting Chairman J. Mark McWatters will testify before the Senate Banking Committee along with other regulators as part of a hearing titled "Fostering Economic Growth: Regulator Perspective." Also testifying will be witnesses from the Federal Reserve, FDIC, Office of the Comptroller of the Currency and Texas' banking regulatory agency (on behalf of the Conference of State Bank Supervisors).
On Friday, the NCUA board will hold its monthly meeting (following a closed meeting on Wednesday). On the agenda for the open meeting is a request for comments on the agency's overhead transfer rate methodology; final rule on a safe harbor for assets transferred by a federally insured credit union as part of a securitization of participation; final rule implementing statutory adjustments of civil money penalties; and revisions to the agency's Freedom of Information Act rules.