WASHINGTON—NAFCU and CUNA this week will follow the House National Resources Committee full committee markup on HR 5278 Tuesday, the Puerto Rico Oversight Management, and Economic Stability Act.
The bill would attempt to resolve the Puerto Rico debt crisis.
Puerto Rico defaulted on its debt in May for the third time since August and has another $2-billion payment due July 1. NAFCU has urged NCUA to not insure deposits of the territory’s cooperativas, which the trade association believes would expose the National Credit Union Share Insurance Fund to unacceptable risk. NCUA has confirmed it is not involved in such discussions.
Other hearings of interest to CUs this week:
Tuesday
The House Financial Services Task Force to Investigate Terrorism Financing will hold a hearing featuring testimony from Financial Crimes Enforcement Network Director Jennifer Shasky Calvery and the Treasury Department’s Larry McDonald, which NAFCU said it will be watching.
CUNA said it will be following when the House Committee on Homeland Security Committee holds a joint hearing on enhancing preparedness and response capabilities to address cyber threats.
Wednesday
The House Appropriations Committee Subcommittee on Financial Services and General Government will meet to mark up the 2017 financial services general government appropriations bill.
“This is legislation carries the Community Development Revolving Loan fund at NCUA and also involves a number of other funds we are interested in,” said CUNA Chief Advocacy Officer Ryan Donovan.
The CU trade groups said they will also monitor a House Ways and Means subcommittee hearing on tax reform.
Thursday
CUNA will be paying attention to the Senate Small Business Committee hearing on aspects of Small Business Administration lending.