WASHINGTON—Ahead of Congress’ Memorial Day recess next week, both the Senate and House are back in session, with credit unions paying attention to legislation related to certain roll-backs at the CFPB, as well as funding for the National Flood Insurance Program (NFIP).
The NFIP is set to expire May 31. The House has already passed a short-term extension bill and a disaster aid package, both of which would extend the program through Sept. 30. The Senate plans to take up a disaster aid package this week, though it is unclear if it will be the House version—which the president has also expressed opposition to—and it could take up the standalone NFIP extension bill, NAFCU noted.
Both CUNA and NAFCU said they will be watching for progress with the NFIP on Capitol Hill.
Also Being Watched
In addition, CUNA said it will be closely watching for developments in HR 1500, The Consumers First Act.
“The House will consider that legislation this week, in addition to other bills,” said CUNA Deputy Chief Advocacy Officer Eli Joseph. “The Senate convened Monday and will continue consideration of judicial nominations.”
In addition, the House could vote on legislation that would roll back efforts at the CFPB that were implemented under former Acting Director Mick Mulvaney. One of the provisions would keep the consumer complaint database public. NAFCU emphasized it has pressed the Bureau to avoid publication of complaint information that cannot be fully verified in order to reduce the risk of reputational harm. Although the bill could pass the House, it is unlikely to advance in the Senate, NAFCU noted.
Hearing Schedule
Other hearings this week:
- Tuesday, the Senate Banking Committee will hear from Financial Crimes Enforcement Network (FinCEN) Director Kenneth Blanco and representatives from the Treasury Department and FBI on efforts to combat illicit finance. Specifically, the hearing will review the collection of beneficial ownership information.
- Tuesday, the House Financial Services Committee will conduct an oversight hearing of the Department of Housing and Urban Development.
- Wednesday, the House Financial Services Committee will hear from Treasury Secretary Steven Mnuchin on the state of the international finance system.