With the House and Senate both in session this week, credit union trade groups are urging CU advocates to take action in support of regulatory relief.
The Senate has resumed discussions on the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155), and the National Association of Federally-Insured Credit Unions has urged member institutions to reach out to senators this week in support of the bill. For its part, the Credit Union National Association is particularly urging CUs in states with Democratic senators to be active in lobbying the bill, according to Ryan Donovan, CUNA’s chief advocacy officer.
Lobbyists from both trade associations remain active on the Hill as legislators consider proposed amendments to the bill.
In the House, regulatory relief bills of interest to credit unions currently in committee hearings include the Taking Account of Institutions with Low Operation Risk Act, otherwise known as the TAILOR Act or H.R. 1116. This act would require regulators to tailor regulations based on the systemic risk the financial institutions pose. Another relief bill is the Financial Institutions Examination Fairness and Reform Act, also known as H.R. 4545. This bill would set standards for examination fairness from federal regulators.
Hearings this week
Legislators also have a number of hearings of interest to credit unions scheduled this week.
- The House Financial Services Subcommittee on Capital Markets, Securities and Investment will examine the cryptocurrencies and initial coin offering markets in a hearing called “Examining the Cryptocurrencies and ICO Markets.”
- The House Oversight and Government Reform Committee will review the federal regulatory process in a hearing called “Shining Light on the Federal Regulatory Process.”
- The House Ways and Means Committee will do a post-tax reform evaluation of recently expired tax provisions in a hearing called “Post Tax Reform Evaluation of Recently Expired Tax Provisions.”
- The House Financial Services Subcommittee on Terrorism and Illicit Finance will address the monetization and illicit use of stolen data after a data security breach has occurred in a hearing called “After the Breach: the Monetization and Illicit Use of Stolen Data.”
Throughout the week, the House Appropriations Committee will review the budgets of various federal government departments.
All this week’s hearings take place as Congress continues to work on a government funding package. Legislators have until March 23 to finalize a deal before the government runs out of money.
Outside of Congress, the U.S. District Court for the District of Columbia has scheduled a Wednesday morning hearing on the summary judgment motions in a banker’s lawsuit against the National Credit Union Administration’s field-of-membership rule which went into effect in February 2017.
The NCUA board also holds its monthly meeting this week.