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September 04, 2018

This week: NAFCU member call, Senate takes up nominations, NCUA ACET update

CapitolCongress has a busy fall ahead as both chambers reunite in Washington this week. The Senate will likely continue to take up key nominations (including those to the NCUA and Bureau of Consumer Financial Protection), and both the House and Senate will need to begin debate on several government appropriations measures before a Sept. 30 deadline. Credit unions are encouraged to tune into NAFCU's member call tomorrow for an update on these activities and more.

During Wednesday's member-only call, credit unions will hear an insider view of the association's advocacy efforts and be able to ask any pertinent questions. The call will be led by President and CEO Dan Berger and senior government affairs staff. Register now for this free call, available as an exclusive benefit of membership in NAFCU.

Credit unions are also encouraged to register for Congressional Caucus – Sept. 11-14 in Washington – which will give credit unions a first-hand experience joining in NAFCU's award-winning advocacy. During this event, credit union leaders will hear from a strong lineup of speakers, including Watergate-breaking journalist Bob Woodward, House Financial Services Committee Chairman Jeb Hensarling and Treasury Counselor Craig Phillips, among many others. Registration for Caucus and background material on the speakers and issues that will be discussed are available online.

On Capitol Hill this week:

  • The Senate Judiciary Committee today will take up the nomination of Brett Kavanaugh to the Supreme Court.
  • Two House Financial Services subcommittees will hold separate hearings on Wednesday that address the cost of regulation on affordable multifamily development and another on the future of money.
  • On Thursday, the full House Financial Services Committee will discuss how a lack of government-sponsored enterprise reform has put taxpayers at risk.

Other happenings this week:

  • Today, the NAFCU Cybersecurity and Payments Committee meets for an update from the NCUA regarding the development of the Automated Cybersecurity Examination Tool (ACET). Read more here.
  • NAFCU Regulatory Affairs Counsel Andrew Morris tomorrow will attend a symposium on combating and mitigating insider risk put on by the Office of Critical Infrastructure Protection and Compliance Policy at the Treasury Department.
  • A NAFCU webinar Wednesday, "Avoiding Common Collections Landmines: From Compliance to Class Actions to Common Sense," will review the current litigation and enforcement trends regarding collections. Registration is still available.
  • NAFCU is seeking credit union feedback by Wednesday on a proposed update to the current expected credit loss (CECL) effective date for non-public business entities, including credit unions. This change would make clear that the implementation of the accounting standard is only required for fiscal years after Dec. 15, 2021, among other things. Credit unions can provide comments via NAFCU's Regulatory Alert.
  • On Thursday, Morris will attend a fintech policy forum featuring industry leaders, member of Congress and regulators who will discuss how technology and public policy come together on topics such as privacy, data protection, mobile technology, the internet of things and online small business lending.