WASHINGTON–The House and the Senate are back in session this week, with several pieces of legislation and hearings having the attention of credit unions.
CUs remain most interested, of course, in progress by a conference committee on the National Defense Authorization Act (NDAA), which will decide whether banks are given equal access to military bases as credit unions enjoy. There is no timeline for progress on that bill.
Among the bills CUNA said it is giving attention is HR 2414, the COUNER Act of 2019, which would amend the Morris K. Udall and Stewart L. Udall Foundation Act.
Separately, CUNA sent this letter last week to Speaker Nancy Pelosi (D-CA) and Minority Leader Kevin McCarthy (R-CA) in support of HR 2513, the “Corporate Transparency Act of 2019” which seeks to address the redundancies, unnecessary burdens, and opportunities for efficiencies within the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) framework. CUNA President/CEO Jim Nussle said the compliance burden the current framework creates for credit unions who are required to report every cash transaction of $10,000 or more, even when the credit union knows that the transaction has no criminal implications.
Hearing Today
Today, the House Committee on Financial Services Subcommittee on Oversight and Investigations will hold a hearing: “Financial Services and the LGBTQ+ Community: A Review of Discrimination in Lending and Housing.”
Additionally, CUNA noted the House Committee on Financial Services will hold a markup of:
- The Accurate Access to Credit Information Act of 2019
- The Prudential Regulator Oversight Act
- The Small Business Lending Fairness Act
- The Cybersecurity and Financial System Resilience Act of 2019
- The Terrorism Risk Insurance Program Reauthorization Act of 2019
- United States Export Finance Agency Act of 2019
- The Diverse Asset Managers Act