WASHINGTON–The Senate will hold a hearing on Wednesday on the “State of Rural Banking: Challenges and Consequences” at which one credit union CEO will be among those testifying.
Carrie Wood, president and CEO of Timberland FCU in Dubois, Penn., will be among those addressing the hearing in the Dirksen Senate Office Building. Joining Wood will be Terry L. Foster, EVP and CEO with MCS Bank in Lewistown, Penn.; Roger A. Porch, VP with First National Bank in Phillip, S.D., and Sarah Edelman, Director of Housing Policy with the Center for American Progress.
Also in Washington this week: Ryan Donovan, chief advocacy officer, said CUNA will be watching HR 1090, the Retail Investor Protection Act, which prohibits the Secretary of Labor from prescribing any regulation under the Employee Retirement Income Security Act of 1974 (ERISA) defining the circumstances under which an individual is considered a fiduciary until 60 days after the Securities and Exchange Commission (SEC) issues a final rule governing standards of conduct for brokers and dealers under specified law.
As Donovan noted, CUNA has sent several letters to the House expressing its “concerns” over the legislation.
NAFCU will be monitoring several Washington events impacting the credit union industry this week, including the Federal Open Market Committee’s two-day policy meeting, work in the Senate on cyber-threat information sharing and NCUA’s planned Open Forum on Friday. NAFCU said it will attend the forum and closely monitor any discussion regarding the agency’s budget.
"The forum is scheduled for two weeks before the NCUA board will vote on the agency’s annual budget, and NAFCU has long pushed NCUA on the need for greater budget transparency," the trade group stated.
NAFCU lobbyists, as well, will track progress on S. 754, the “Cybersecurity Information Sharing Act” (CISA), in the Senate. On Wednesday, House Republicans will vote in conference for a new speaker; they are expected to choose Rep. Paul Ryan, R-Wis. The House floor vote for speaker is set for Thursday, and current Speaker of the House John Boehner, R-Ohio, is set to resign on Friday.
NAFCU will closely monitor Wednesday's State of Rural Banking hearing. NAFCU noted that its five-point plan for regulatory relief includes expanding the criteria for the definition of a “rural” field of membership community.
Finally, credit union groups hiking the hill in Washington this week: Credit Union Association of the Dakotas, Pennsylvania CU Association, and Credit Union Association of New Mexico.