WASHINGTON–While both the House and Senate are in session this week, credit unions will be paying the most attention to the White House.
That’s because President Biden will be unveiling his 2024 fiscal year budget on Thursday.
CUNA’s deputy chief advocacy officer for federal government affairs, Jason Stverak, said that during last week’s Hill hikes as part of the trade group’s Governmental Affairs Conference (GAC), CU delegates spoke to House members about their priorities for the budget.
According to Stverak, those priorities included:
- $500 million for the Community Development Financial Institutions (CDFI) Fund
- $6 million for NCUA’s Community Development Revolving Loan Fund
- $30 million to continue funding for the World Council’s Credit for Agriculture Producers (CAP) project in Ukraine.
- $50 million for projects in countries surrounding Ukraine designed to aid refugees and enhance other local capacities
- $50 million for the World Council’s Cooperative Development Program
Hearings to Watch
Credit unions will be watching a number of hearings this week, according to NAFCU. Those include:
Today
Senate Committee on Banking, Housing and Urban Affairs: Federal Reserve’s Semiannual Monetary Policy Report to Congress, with Fed Chairman Jay Powell testifying
Senate Committee on Finance: Tax Policy’s Role in Increasing Affordable Housing Supply for Working Families
Wednesday
House Financial Services Committee: Federal Reserve’s Semiannual Monetary Policy Report to Congress, with Fed Chairman Jay Powell testifying
Thursday
House Financial Services Committee: Consumer Financial Protection Bureau: Ripe for Reform
House Financial Services Committee Subcommittee on Digital Assets, Financial Technology and Inclusion: Coincidence or Coordinated? The Administration’s Attack on Digital Asset Ecosystem
Friday
House Financial Services Committee Subcommittee: How Do We Encourage Greater Flood Insurance Coverage in America
Letter Sent
In advance of today's Senate Banking Committee hearing at which the Fed's Powell will testify, NAFCU Vice President of Legislative Affairs Brad Thaler wrote to the committee to share comments on CBDC, Reg II, and the Fed's Master Account Access proposal.In the letter, Thaler said:
- Central bank of digital currency (CBDC): NAFCU opposes the creation of a CBDC, we have argued that the costs of creating a CBDC outweigh the benefits and that credit unions represent a superior and safer alternative for advancing financial inclusion goals and promoting affordable access to payments.
- Reg II: NAFCU reminded it has called for the Fed to extend the effective date of its final rule amending Regulation II, which requires debit card issuers to enable and allow merchants to choose from at least two unaffiliated networks for card-not-present (CNP) transactions, such as online purchases.
- Master account access: NAFCU said it supports the Fed's proposed rule for Federal Reserve Banks to publish a “periodic list of depository institutions that have access to Federal Reserve accounts,” also referred to as master accounts and payment services.
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