WASHINGTON—The House and Senate are back in session this week, with the House set to resume voting on amendments to an appropriations package affecting financial services agencies and funds.
Actions could begin as early as today.
The three-month spending bill cleared Friday is a three-month continuing resolution to keep federal government agencies and departments from shutting down when its new fiscal year begins Oct. 1 and new funding must begin. The temporary measure also extends the National Flood Insurance Program through Dec. 8.
NAFCU said that it supports longer-term action, but the measure cleared last week means the NFIP won't expire as it was scheduled to do Sept. 30.
The House resumes work this week on amendments to the fiscal 2018 Department of the Interior, Environment, and Related Agencies Appropriations Act (HR 3354). This work began late Thursday. Amendments awaiting action include one that would keep the NCUA out of the congressional appropriations process, are expected to come up for voting this week.
As CUToday.info reported, the amendment, offered by Reps. Mark Amodei (R-NV) and Pete Aguilar (D-CA), would strike section 906 of the appropriations bill, which is the section of the bill that would subject the NCUA to the appropriations process.
While HR 3354 contains a number of regulatory relief provisions supported by NAFCU, the association has expressed concern over the long-term impact this section of the bill could have on the NCUA and credit unions, the trade association stated.
CUNA, too, is concerned.
“We support the amendment to strike that language (that would place NCUA under the appropriations process) and have been working with credit unions and leagues to make sure members of the House understand and support that the provision should be stripped from the bill and we look forward to consideration of that legislation this week,” said CUNA Chief Advocacy Officer Ryan Donovan, reiterating the position established by CUNA last week.
Donovan said CUNA is also following several committee meetings on both sides of the capitol this week, including Tuesday’s Senate Banking Committee hearing examining the fintech landscape, and the House Financial Services Committee Subcommittee on Financial institutions and Consumer Credit and the Subcommittee on Monetary Policy and Trade joint hearing examining the relationship between prudential regulation and monetary policy at the Federal Reserve.
“We are also aware the Senate Appropriations Committee Subcommittee on Financial Services and General Government needs to mark up the Senate version of the Financial Services and General Government Appropriations Act (Tuesday),” Donovan said.
On Thursday the Senate Finance Committee will hold a full committee hearing on the state of individual tax reform and the Senate Banking Committee will hold a full committee hearing on foreign investments in the U.S.