WASHINGTON—As the partial government shutdown drags on, now lasting longer than a month, both NAFCU and CUNA are focused on a House hearing later this week.
With Congress and the president still at odds over a solution, on Thursday the House Ways and Means Committee has scheduled a hearing to discuss the impact of the shutdown on taxes and the IRS.
However, Treasury Secretary Steven Mnuchin has declined the invite to testify. CUNA said it plans to attend the meeting, and has again sent a link to the trade association’s website page to Congress that contains a summary of all the actions credit unions are taking across the country to support members impacted by the shutdown.
Meanwhile, NAFCU said it remains engaged on Capitol Hill and will continue to advocate for credit union funding priorities, such as full funding for the NCUA's Community Development Revolving Loan Fund (CDRLF), Treasury's Community Development Financial Institutions (CDFI) Fund and the Small Business Administration's (SBA) 7(a) and 504 loan programs.
This Week’s Agenda
Other business in Washington this week:
- Today, NAFCU will attend an industry roundtable to discuss issues associated with providing financial services to marijuana-related businesses. The event will feature a discussion with other financial services trades on how member institutions are – or are not – serving marijuana-related businesses. The groups will also discuss the prospects for a federal legislative solution in 2019. Last week, Comptroller of the Currency and interim director of the Federal Housing Finance Agency Joseph Otting called on Congress to take action on marijuana legalization to provide financial institutions with more clarity on how they can serve marijuana-related businesses.
- The Financial Accounting Standards Board (FASB) meets today and is set to discuss some issues related to the current expected credit losses (CECL) standard.
- NAFCU Director of Regulatory Affairs Ann Kossachev will attend a roundtable discussion today at the U.S. Mint on the circulation of the penny.