WASHINGTON–While most of the credit union attention this week will be across the Potomac on NCUA’s offices, as the board votes on rebating funds to CUs, there are several developments in the capital that credit unions are watching.
Chief among them is a Wednesday hearing in the House Small Business Committee on small business tax reform. NAFCU noted there is currently no threat to credit unions' tax exemption, but it remains “vigilant in touting the importance of the exemption to the industry, consumers and the economy as a whole.”
CUNA’s chief advocacy officer, Ryan Donovan, meanwhile, said “We have been very engaged in the tax reform process meetings on Capitol Hill and the administration to make sure they understand the importance of the credit union tax exemption.”
Also drawing attention in Washington is the expected vote on the Graham-Cassidy healthcare plan.
Other hearings that both CUNA and NAFCU said they will be watching:
- On Wednesday, the House Oversight and Government Reform Subcommittee on Health Care, Benefits and Administrative Rules will look at the "Cybersecurity of the Internet of Things.”
- On Thursday, in a hearing titled “Rulemakers Must Follow the Rules, Too: Oversight of Agency Compliance with the Congressional Review Act,” the House Judiciary Committee will review how legislators can use the Congressional Review Act to overrule new federal regulations with a joint resolution of disapproval within 60 legislative days after regulators have submitted the rule to Congress.