WASHINGTON—Sen. Ted Cruz (R-TX) and three members of the House Financial Services Committee are slated to join credit union representatives at NAFCU’s Congressional Caucus, Sept. 11-14
in Washington.
Caucus will feature dozens of key administration officials, regulators and lawmakers and more than 200 meetings on Capitol Hill, NAFCU said.
Cruz serves on various committees and subcommittees that deal with credit union issues, including data security and technology and innovation. He has actively advocated against “Operation Choke Point” policies, NAFCU noted.
Cruz is also supportive of the Bureau of Consumer Financial Protection expanding the use of its exemption authority.
House Chief Deputy Whip Patrick McHenry (R-N.C.) is a credit union champion and has sided with the industry on key issues including regulatory relief and data security, NAFCU said. McHenry, who also serves as vice chairman of the House Financial Services Committee, is active in prohibiting the United States Postal Service from providing banking services.
Meetings Held
NAFCU President and CEO Dan Berger met with McHenry in May ahead of the House vote on the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155). McHenry has also introduced a bill to provide credit unions with regulatory relief under federal interest rate preemption rules, as well as one to create uniform cybersecurity standards for national credit bureaus and subject them to examinations via the Federal Financial Institutions Examination Council (FFIEC).
House Financial Services Committee Member Bill Posey (R-FL) has been instrumental in the effort to delay the NCUA’s risk-based capital (RBC). In March, Posey, along with Rep. Denny Heck (D-WA) introduced the Common Sense Capital Relief Act (H.R. 5288) to delay the RBC rule’s effective date by two years. Language from the bill has been included in three other House-passed bills. NAFCU said it continues to work with lawmakers to ensure the provision’s inclusion in JOBS Act 3.0 and the FY 2019 Financial Services and General Government (FSGG) appropriations bill.
Legislation Sponsored
House Financial Services Subcommittee Chairman Bill Huizenga (R-MI) met last month with Berger to discuss issues critical to the credit union industry, including ongoing efforts to secure even more regulatory relief. Berger also shared the importance of delaying the NCUA’s RBC rule.
Huizenga, along with Rep. Gregory Meeks (D-NY), last year introduced the Mortgage Choice Act (H.R. 1153) that would provide regulatory relief and ensure greater consumer choice in mortgage and settlement services under the Ability to Repay/Qualified Mortgage (QM) rule.
NAFCU’s Congressional Caucus is open to both members and nonmembers; registration is still open.