WASHINGTON–When the current Congress got underway there were high hopes for progress on a number of CU priorities, such as data security and Bank Secrecy Act improvements. But with the clock ticking, the agenda is now dominated by discussion of impeachment hearings, Syria, and a half-dozen other investigations in the House.
For credit unions, it means priority items are not likely to get much attention.
“It certainly smothers any other issues we are working on,” said NAFCU EVP and General Counsel Carrie Hunt. “At the middle of the year we were optimistic we could see some progress, but there are only so many days in the legislative year.”
In many cases, however, she said she expects many CU-supported pieces of legislation will ultimately roll into the next Congress. “But that is always the case,” added Hunt.
Hunt said NAFCU remains hopeful progress can be made on legislation around BSA/AML, as its members continue to make it a “top of mind issue, as they have for some time.”
Good Meeting with FinCEN
Hunt said NAFCU’s representatives did come away from a meeting last week with FinCEN feeling the process is “certainly more collaborative” than it has been in the past. “They understand our issues and could issue potential new guidance. We still hear from members that want to know what happens with all of the information they are collecting,” said Hunt.
Away from Congress, with the NCUA board meeting this week, Hunt said NAFCU is pleased to see NCUA providing greater clarity around its FOM rules in response to an Appeals Court decision. In addition, Hunt said she is hopeful the Credit Union Advisory Council of the CFPB, set to meet Wednesday and Thursday, will make progress around HMDA and other issues on its agenda.