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NAFCU this week will continue to push the Senate to address NAFCU-backed, House-passed regulatory relief measures and approve of the association’s efforts to delay the NCUA’s risk-based capital (RBC) rule – a provision that has passed the House three times. The House this week is expected to vote on a four-month extension of the National Flood Insurance Program, which expires July 31.

NAFCU on Wednesday will monitor a House Energy and Commerce Committee oversight hearing of the Federal Communications Commission. NAFCU has urged the FCC for more clarity and flexibility so credit unions can contact their members without fear of breaking the law. Testifying at the hearing are FCC Chairman Ajit Pai, and Commissioners Michael O’Rielly, Brendan Carr and Jessica Rosenworcel. NAFCU President and CEO Dan Berger met with Pai earlier this year to discuss the FCC's current approach to rulemaking regarding the Telephone Consumer Protection Act and share credit unions' concerns.

The association on Tuesday will also follow a House Financial Services Committee mark-up of several bills, including the Mortgage Fairness Act of 2017 (H.R. 2570), which would amend the Truth in Lending Act to ensure that the points and fees in connection with a mortgage loan do not include certain compensation amounts already taken into account in setting the interest rate on such a loan. Also included in the mark-up is the Financial Technology Protection Act (H.R. 5036), which would establish an Independent Financial Technology Task Force that would reward information leading to convictions related to terrorist use of digital currencies, among other things.

This week, NAFCU will continue to encourage the Senate to take up the JOBS and Investor Confidence Act of 2018 (JOBS Act 3.0), the House amendment to S. 488. This bipartisan regulatory relief legislation, which includes NAFCU’s provision to delay by two years the NCUA’s RBC rule, overwhelmingly passed the House last week. The Senate this week is also expected to consider its Financial Services and General Government appropriations bill. NAFCU will monitor the bill to ensure inclusion of Community Development Financial Institutions (CDFI) funding and encourage them to include House-passed regulatory relief. The House passed its version of this bill last week, which included NAFCU-backed regulatory relief provisions along with a two-year delay of the RBC rule.

Both chambers are also working out the final details of the National Defense Authorization Act (NDAA) and formal consideration of the legislation is expected to occur soon. The House-passed Foreign Investment Risk Review Modernization Act of 2018 (H.R. 5841), which also includes NAFCU’s RBC-delay provision, is being conferenced with the NDAA legislation. The association is also following the NDAA for language that requires the Department of Defense to allow all banks to operate rent free on military installations. The language would not change the current rules on credit union leases.

In other congressional hearings this week:

• The Senate Banking Committee on Tuesday is holding a nomination hearing on Michael Bright to be president of the Government National Mortgage Association (Ginnie Mae).
• Two House Oversight and Government Reform subcommittees on Wednesday will review the Government Accountability Office’s focus on cybersecurity.
• A Senate Financial subcommittee on Thursday will look at ways to improve the tax administration.

NAFCU is also hold two webinars this week focused on home loans and interest rate risk management.  NAFCU Services is also offering two webinars this week on retirement (sponsored by Preferred Partner Acensus) and Fannie Mae’s Home Ready product (sponsored by Preferred Partner Genworth Mortgage Insurance).