WASHINGTON—NAFCU will be watching this week’s Senate hearing on the U.S. Postal Service to see if any implications for financial institutions arise.
The hearing by the Senate Committee On Homeland Security and Governmental Affairs, which will include discussions about the Postal Service’s entry into financial services, takes place Thursday and 9:30 ET.
The trade association will also be paying close attention to NCUA’s open board meeting Thursday and discussions around the Overhead Transfer Rate (OTR).
The question of whether to publish the OTR, operating fee schedule and strategic plan in the Federal Register for public comment will come up for a vote. NAFCU Director of Public Relations Patty Briotta said if the board votes in favor of publishing the OTR methodology, that decision would represent a step forward in the agency offering greater transparency.
Briotta added that NAFCU is pushing for its members to be very active in commenting on NCUA field of membership proposal, whose comment period ends Feb. 8.
“NAFCU is urging its member credit unions to weigh in on NCUA’s field of membership proposed rule with the agency as well as lawmakers to ensure a consistent, clear message on the need for FOM reform that works for credit unions and their current and potential members,” NAFCU stated.
The proposed rule, issued in November, would make substantive changes affecting the common-bond requirements associated with community, multiple-group and trade, industry or profession charter types. It represents the first major revamp on these charter types in more than 10 years.