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This week: NAFCU to monitor movement on Capitol Hill, engage on key issues
Members of NAFCU's award-winning government affairs team this week will continue to engage with lawmakers as the House and Senate remain in session and continue negotiations on a coronavirus pandemic-related relief package. Pending congressional intervention, the continuing resolution (CR) signed earlier this year to fund the federal government will expire this Friday, Dec. 11.
Following the release of the fiscal year 2021 National Defense Authorization Act (NDAA) conference report last week, which includes language to make Bank Secrecy Act (BSA)/anti-money laundering (AML) reforms but does not include changes to on-base leases sought by the banking industry, NAFCU will monitor the bill as it is considered in the House and Senate this week.
Of note, lawmakers in the House last week passed the Marijuana Opportunity Reinvestment and Expungement (MORE) Act, H.R. 3884, which seeks to remove marijuana from Schedule 1 of the Controlled Substances Act and would provide a federal tax mechanism. However the bill is not expected to be considered in the Senate before the end of this Congress.
NAFCU's final conference of 2020 – the Virtual CFO Summit – kicks off Wednesday. Attendees will explore actionable data, strategies, and tactics to make urgent decisions to guide their credit unions through an economic downturn in as strong a position as possible. View the agenda.
Additionally, credit unions are encouraged to share their insights on a number of legislative and regulatory hot topics via this month's Economic & CU Monitor survey. Responses to the Monitor survey are due Dec. 11; the survey can be filled out online.
Also happening this week:
- tomorrow, a NAFCU webinar will detail regulatory requirements of the Secure and Fair Enforcement for Mortgage Licensing (SAFE) Act of 2008 for mortgage loan originators;
- Wednesday, comments on the NCUA's proposal to modernize its derivatives rule are due to NAFCU; and
- Thursday, a NAFCU webinar will cover the basics of the TILA-RESPA integrated disclosures (TRID) regulatory framework.