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This week: Lawmakers discuss DEI package, NAFCU-sought FOM bill, overdraft fees, more
The House and Senate remain in session and have several hearings scheduled this week. The association will continue to advocate on behalf of the industry to ensure credit union voices are heard.
Of note, the House Rules Committee will meet today to discuss a legislative package on diversity, equity and inclusion (DEI), the Federal Reserve Racial and Economic Equity Act. This package includes the NAFCU-backed Expanding Financial Access for Underserved Communities Act, which would allow all types of federal credit unions to add underserved areas to their field of membership and adds "banking deserts," areas not within 10 miles of a branch of a financial institution, to the definition of an underserved area.
Tomorrow, the House Financial Services Committee will hold a markup, where a topic of discussion will be the NAFCU-opposed Overdraft Protection Act, which would significantly limit overdraft protection programs and the ability to assess nonsufficient fund fees. The association has previously advocated to Congress, sharing support for a fair, transparent, and competitive market for consumer financial services, but cautioned that legislative efforts to eliminate or limit overdraft protection programs would likely result in significant negative impacts on borrowers and credit unions.
Hearings of note include:
- today and tomorrow, the Senate Armed Forces Committee will hold closed subcommittee markups regarding the National Defense Authorization Act (NDAA);
- tomorrow, the Energy and Commerce Subcommittee on Consumer Protection and Commerce will hold a hearing on strengthening data privacy and security;
- Wednesday, the Senate Armed Forces Committee will also hold a closed full committee markup on the NDAA;
- Thursday, the House Committee on Appropriations Subcommittee on Financial Services and General Government will hold a markup on appropriations bills under its jurisdiction; and
- Thursday, the NCUA Board will receive a briefing and update on the post-exam feedback survey during their monthly meeting.
Also happening this week:
- tomorrow, a NAFCU webinar on the current state of lending will identify the long term risks and opportunities for credit unions with the growing inflation rate; and
- Thursday, a NAFCU webinar on retaining women in the workplace where attendees will hear from credit union human resources expert, Diane Reed, of CUDoctor, on how today’s best-in-class organizations exceed the expectations of women in the workplace.
The association is preparing for its State of the Industry complimentary, virtual event on June 23. The event will bring together credit union leaders, industry experts, and NAFCU's award-winning staff for a discussion on key trends, strategies, and legislative and regulatory developments. Register now.