ALEXANDRIA, Va.–NCUA Chairman Rodney Hood has appeared in a new video extolling the Trump administration and how it has helped African-Americans in the country.
Separately, credit unions continue to pursue several priorities in Congress, even though one issue is increasingly “complicated.”
Hood is not identified in the video that was distributed on Twitter under the White House’s official account. Hood, who is African-American, also does not mention NCUA or credit unions in the 38-second video. Hood was appointed by Trump to the NCUA board earlier this year, and in a move that surprised many, was named chairman, replacing previous chair J. Mark McWatters, who remains on the board.
“Under the Trump administration, America’s unemployment rate has never been better,” says Hood in the video. “For the first time in our history, we now have more people in the working economy than ever before, especially as it relates to African-Americans throughout society. I’m particularly pleased this president has done more for African-Americans than for any other president in my lifetime. This is evident by unemployment being at an all-time low of well under 6%, but in addition to that, the fact that more African-American families now are seeing an increase in a lot of their net worth.”
Earlier this year NCUA distributed a photo of Hood playing golf with Trump at one of the president’s golf courses.
Data Privacy/Security Legislation ‘Complicated’
Meanwhile, elsewhere in Washington, a credit union priority in Congress–legislation that would hold merchants responsible for data breaches—as well as legislation around data privacy has seen its progress slow as the issue just becomes more complicated.
Looking toward the remaining session of Congress, NAFCU EVP and General Counsel Carrie Hunt said the trade group is most hopeful progress can be made on Bank Secrecy Act changes, especially around data privacy and data security. But she acknowledged it’s an issue that has become increasingly comple
Data privacy and data security “have become more convoluted” with the debate around which data should be public and which should be private, Hunt explained. Issues around the involvement of foreign governments in data security/privacy are further complicating the debate.
“There is a lot of smoke, but when you dial all that down it still about the merchants being held responsible,” said Hunt. “We are looking for some small successes and then to build on that.”
Potential Progress on NDAA
Meanwhile, with all the discussion around a potential impeachment of President Trump has the attention on Washington, Congress is actually in the second week of a recess this week. The primary attention of credit unions remains on the National Defense Authorization Act (NDAA), which remains in front of a conference committee working on differences between the House and Senate versions of the legislation, including a provision of great interest to CUs.
That provision, included in the Senate bill, would give banks the same access to military bases that credit unions currently have. The House bill does not include the provision.
Hunt said she believes credit unions have begun to get some “traction” that the free lease provisions available to credit unions should not be extended to banks as more members of Congress have come to “understand what the real issue is.”
In addition, said Hunt, credit unions have also been able to “push back” bank efforts to impose income taxes on the largest credit unions.