ALEXANDRIA, Va.—The NCUA board will be meeting today, while in the Senate two nominees for the agency board will receive a hearing on their nomination
The NCUA board will consider a final interagency rule related to flood insurance that was originally proposed in fall 2016, as well as a proposed rule that would amend supervisory committee responsibilities.
The meeting is scheduled for 10 a.m. ET. CUToday.info will provide complete coverage.
The board will receive a briefing on the interagency rule that would require mortgage lenders to accept both private and government-backed flood insurance policies. The FDIC and Office of the Comptroller of the Currency have already approved the rule, which would take effect in July, noted NAFCU.
Also on the board's agenda is a proposed rule related to supervisory committee audits. The proposal was included on the agency's fall rulemaking agenda and is expected to amend regulations regarding supervisory committees' responsibilities in obtaining an annual audit of its credit union as part of the Regulatory Reform Task Force's recommendations.
Hearing Scheduled
In addition to the NCUA board meeting today, the Senate Banking Committee will hold a hearing NCUA board nominees Rodney Hood and Todd Harper.
Both nominees have strong ties to NCUA, with Hood, the Republican nominee, having previously served on the NCUA board from 2005-2010. Hood’s term would run through 2023. Harper, the Democratic nominee, served as director of Public and Congressional Affairs and as chief policy advisor to the chairman from 2011 to 2017. Like Hood, due to holdovers on the board and the lack of earlier congressional action, Harper’s term would run through April 2021. NCUA board seat terms run for six years.
The Hood and Harper nominations are moving forward as part of a common practice of pairing up nominees from different parties.
The term of board Chair J. Mark McWatters is scheduled to expire in August 2019, meaning President Trump will have the opportunity to appoint all three NCUA board seats.
“We thank the Senate Banking Committee for scheduling testimony from Mr. Hood and Mr. Harper, and CUNA will be closely engaged with the hearing,” said Ryan Donovan, CUNA’s chief advocacy officer. “Credit unions look forward to a full, three-person board if these nominations go through.”
In addition to the hearing for the Hood and Harper nominations, the Senate committee will also vote on the nomination of Bimal Patel as assistant secretary of the Treasury Department and Mark Calabria to head the Federal Housing Finance Agency.