WASHINGTON—NCUA Chairman J. Mark McWatters will testify before the Senate Banking Committee next week during a hearing focused on the implementation of the Economic Growth, Regulatory
Relief, and Consumer Protection Act (S. 2155).
The hearing was postponed to Oct. 2 as Hurricane Florence approached the East Coast earlier this month.
S. 2155 was signed into law in late-May; it provides credit unions with much-needed relief under the Home Mortgage Disclosure Act and member business lending – which affected the NCUA – among others. The NCUA acted quickly to conform its definition of a member business loan with S. 2155's language, approving a rule to do so within a week after the law's enactment, NAFCU noted.
In addition to McWatters, the committee will hear from leaders from the Office of the Comptroller of the Currency, Federal Reserve Board of Governors and Federal Deposit Insurance Corporation.