WASHINGTON—Tax reform remains the focus for credit unions during a busy week in Washington.
Last week the House released its tax plan and will be marking up the legislation this week.
The Senate is preparing to release its tax plan later this week.
Both CUNA and NAFCU again stressed the importance of the credit union tax exemption remaining intact in the legislation, but plan to follow proceedings closely this week.
“Obviously this is incredibly complex,” said CUNA Deputy Chief Advocacy Officer Eli Joseph. “It’s a positive sign that the credit union tax status has not changed, but we will continue to analyze the legislation and monitor the process as it moves forward.”
NAFCU said that it continues to review the House tax plan bill for any additional impacts on credit unions.
CFPB Director Richard Cordray will be at NAFCU headquarters today for a meeting with the association's board of directors to discuss various regulatory issues affecting the credit union industry, including the Bureau's various lending and Home Mortgage Disclosure Act rules.
Also this week, the Senate Commerce, Science, and Transportation Committee will hold a hearing titled "Protecting Consumers in the Era of Major Data Breaches." Witnesses include executives from Equifax, Yahoo!, Verizon Communications Inc. and Entrust Datacard Corp. It will be the first time Equifax's current CEO will testify on the issue before Congress. Last week, NAFCU recommended ways for Congress to create a national data security standard and greatly minimize the number and impact of data breaches during testimony before a House Financial Services subcommittee.
A bill reauthorizing the National Flood Insurance Program will also be up for a vote on the House floor this week. CUNA said it plans to monitor proceedings and send a letter to the House. The House Rules Committee will hold a hearing on the legislation (HR 2874) today. The House Financial Services Committee passed the bill in September.
Other events in Washington:
- On Tuesday, the House Financial Services Subcommittee on Housing and Insurance will continue its series on sustainable housing finance with part III. NAFCU witness Rick Stafford, president and CEO of Tower Federal Credit Union, testified before the subcommittee on the issue two weeks ago.
- On Wednesday, the House Financial Services Subcommittee on Monetary Policy and Trade will hold a hearing titled "Examining Federal Reserve Reform Proposals," which will include the review of several related bills.
- On Wednesday, the Senate Judiciary Committee will hold a hearing titled, "The Impact of Lawsuit Abuse on American Small Businesses and Job Creators."
- On Wednesday, the House Financial Services Subcommittee on Terrorism and Illicit Finance will hold a hearing on Treasury's role in safeguarding the financial system.
- On Thursday, the House Financial Services Subcommittee on Housing and Insurance will look at the role of Ginnie Mae in the housing finance system.
- Also on Thursday, NAFCU will host a webcast on recent developments in Americans with Disabilities Act accessibility compliance for credit unions and how institutions can mitigate associated risks. Register for the webcast here.