WASHINGTON–The House and Senate are back in session this week. With healthcare and potentially tax reform on a very busy three-week agenda before the August recess, there are still a few issues credit unions are watching, with CUs particularly concerned over the fate of one proposal.
In addition, one credit union CEO will also be testifying before Congress this week.
Among that both CUNA and NAFCU said they will be monitoring this week on Capitol Hill are:
- Federal Reserve Chair Janet Yellen will testify before the House on Wednesday and the Senate on Thursday
- On Wednesday, the House Financial Services Committee Subcommittee on Financial Institutions and Consumer Credit will hold a hearing titled, “Examining Legislative Proposals to Provide Targeted Regulatory Relief to Community Financial Institutions” at which Rick Nichols, president and CEO of River Region CU in Jefferson City, Mo. will testify, along with two other witnesses. More information on that hearing can be found here. To watch the hearing live, go here: financialservices.house.gov/calendar/eventsingle.aspx?EventID=402099
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On Thursday, the House Financial Services Subcommittee on Capital Markets, Securities, and Investment will review the impact of the Department of Labor's fiduciary rule on the capital markets during a hearing
- Also on Thursday, the Senate Budget Committee will hold a hearing on the president's fiscal 2018 budget and revenue proposals. Treasury Secretary Steven Mnuchin is set to testify
- Thursday will also include a hearing by the House Judiciary Subcommittee on Courts, Intellectual Property and the Internet on the impact of bad patents on American businesses
Credit unions will also be working Capitol Hill to express their opposition to a bill passed out of the House Appropriations Committee that has yet to be marked up prior to going to the House that would reduce and/or eliminate money for the CDFI Fund and NCUA’s Revolving Loan Fund. But the big concern for CUs is a provision that moves the NCUA budget to the congressional appropriations process, a move CUNA’s Chief Advocacy Officer Ryan Donovan said CUs have “deep reservations” over.
Also in Washington this week:
- NAFCU Regulatory Affairs Counsel Andrew Morris and Regulatory and Legislative Assistant Matt Schwartz will go to the Treasury Department for a meeting with the Financial Services Sector Coordinating Council, of which NAFCU is a founding member, to discuss cybersecurity updates. The meeting will be jointly hosted with the Financial and Banking Information Infrastructure Committee.