WASHINGTON—The House Financial Services Committee announced a mark-up is scheduled on roughly two dozen bills, this Wednesday at 10 a.m. ET.
NAFCU said the measures on the list it supports include ones targeting robocall scams to senior citizens, Home Mortgage Disclosure Act (HMDA) improvements, tailored regulations to limit burdens on affected institutions and amendments to the Truth in Lending Act for manufactured housing loans.
NAFCU said its legislative affairs team will review bills included in the mark-up that could impact credit unions and send the committee letters ahead of the hearing so they are aware of the impacts the various legislation could have on credit unions and the industry.
The committee on Thursday will also hold a hearing on the future of housing finance that focuses on oversight of the Department of Housing and Urban Development.
Separately, the House last week passed its 2018 budget resolution, voting 219-206 along party lines on a package that includes spending cuts related to proposed tax reforms.
Included in the House budget are more than $200 billion in mandatory spending cuts – incorporated as a way to pay for proposed tax reforms – as well as a $72-billion increase in defense spending, NAFCU reported.
The Senate is working on a separate budget resolution. The chambers will settle differences between the two budget proposals through the budget conference committee. Doing so will open the budget reconciliation process and will allow the Senate to vote on a tax reform package without needing 60 votes, NAFCU noted.
Republicans unveiled a tax reform framework last week that makes no changes to credit unions' federal tax exemption. It does propose changes to individual and business tax rates.
NAFCU said it will continue to monitor tax reform efforts to ensure credit unions' tax-exempt status is not impacted. NAFCU encourages credit unions to contact their lawmakers and share their thoughts on the need to preserve the industry's tax exemption, highlighting its importance to the industry, consumers and the economy as a whole.