WASHINGTON–Both the House and Senate are back in session this week, and while there are bills credit unions are watching, all of the attention is going to be on the impeachment hearings now underway in the House.
Away from those hearings, CUNA said it is paying attention to the mark-up of several pieces of legislation in the House Financial Services Committee that is to take place today and Thursday.
Credit unions also continue to monitor any progress on the National Defense Authorization Act, which remains in conference committee where members are looking to iron out differences in the bills passed by the House and Senate. Credit unions are pressing for language from the House version to be the final version of the bill, as it does not include provisions allowing banks access to military bases. The NDAA has been in conference committee for more than a month.
Also of interest to credit unions is passage of a new funding bill for the federal government. The current resolution expires Nov. 21, and while there has yet to be any discussion of another government shutdown, CUNA’s Eli Joseph said, “having faced one earlier this year we are confident our members stand ready to serve their members in the event of a shutdown.”
Bill Includes 36% Interest Rate Cap
Meanwhile, the Veterans and Consumers Fair Credit Act (VCFCA), which caps interest rates on consumer loans at 36%, has been introduced in the House. The bill extends protections that currently exist for servicemembers through the Military Lending Act (MLA), but supporters of the bill say the MLA does not protect veterans or surviving family members who have made unparalleled sacrifices for this country, nor does it protect other American consumers, especially those who live in states that do not have any limits on the amount of interest a lender can charge. The proposed VCFCA would amend the Truth in Lending Act (TILA) to extend the MLA’s 36% APR cap to all consumers, covering payday, car-title and other toxic loans. This legislation will protect existing state caps where they exist.
Also on Agenda
Also on the Washington agenda this week:
- Federal Reserve Chair Jerome Powell will testify today before the congressional Joint Economic Committee beginning at 11 a.m.
- NCUA and the SBA will be hosting a webinar today on SBA programs. The webinar begins at 2 p.m. ET.
- On Thursday, Powell will again be back before Congress to talk about the economy, this time before the House Budget Committee.