WASHINGTON–Both the House and the Senate are back in session this week, but credit unions will be paying as much attention–if not more–to NCUA than Congress.
On Thursday, the NCUA board has one item on the agenda of its monthly meeting: its risk-based capital proposal. Credit unions and their trade groups have been pushing for another delay in the implementation of the plan, and NCUA Chairman Rodney Hood will be the focus of attention. NCUA Board Member J. Mark McWatters has already voted in favor of moving the proposal forward, having done so when he previously served as chairman. CUToday.info has additional details here.
NAFCU’s Carrie Hunt said the association is hopeful there will be additional delay, noting it would not be on the board agenda were it not being considered.
CUNA’s Luke Martone noted the trade group met recently with Hood and expressed its desire to see the effective date pushed back.
On the Hill
Separately, in Congress, credit union attention remains on the National Defense Authorization Act, which has passed the House and is now before the Senate. The bill exited the lower house minus language opposed by credit unions that would have given banks the same access to leases on military bases that credit unions currently have. The language remains in the Senate version of the bill, however.
“We worked tireless to ensure this onerous provision was not included in the House version of the NDAA, and we are working in the Senate to protect credit unions, too,” said CUNA’s chief advocacy officer, Eli Joseph.
Hearings of Interest
Congress will also be hosting a number of hearings the credit union trade groups are watching this week, including:
Wednesday
- The House Financial Services Committee will hold a hearing on the impact of trade and tax policy on the economy
- A House Financial Services Committee subcommittee will hold a hearing on ways to strengthen enforcement against securities law violators
- The House Committee on the Judiciary will hold a hearing on Oversight of Bankruptcy Law and Legislative Proposals
Thursday
- The House Financial Services Committee Subcommittee on Housing, Community Development and Insurance will hold a hearing to review the appraisal industry. NAFCU noted real estate appraisals are among NAFCU's priorities for the NCUA to address this year
- The House Financial Services Committee will hold a full committee hearing on ways to increase diversity of corporate leaders
- The Senate Banking Committee will hold a hearing on the collection of beneficial ownership information and other issues
The Senate is also considering a number of nominations.