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The House and Senate remain in session this week and continue their work on various appropriations bills. NAFCU continues to track progress on two of the bills that include NAFCU-sought language related to delaying the NCUA's risk-based capital (RBC) rule and obtaining clarity on website accessibility requirements under the Americans with Disabilities Act (ADA).

Both of these issues will be discussed in detail with NAFCU members during the "NAFCU Q2 Member Call" on Wednesday. The latest on NAFCU's advocacy efforts and expectations regarding its push for more regulatory relief for the industry will also be covered during the call-in, which will feature President and CEO Dan Berger and senior government affairs staff. NAFCU's June 13 call-in is provided free as a benefit of membership in NAFCU, but registration is required (members only).

The Federal Open Market Committee – the policy-setting arm of the Federal Reserve – also meets this week. Following its meeting, a quarter-point increase the federal funds target rate is expected.

The Senate this week may also take up the National Defense Authorization Act (NDAA) for fiscal year 2019. NAFCU is actively monitoring ongoing discussions on the bill for provisions that could impact defense-related credit unions.  

In hearings this week:

• The Senate Banking Committee on Tuesday will consider the nominations of Richard Clarida to be vice chairman of the Federal Reserve Board and Michelle Bowman to be a member of the board. Testifying before the committee last month, both Clarida and Bowman offered their support of reducing the regulatory burden facing community-based financial institutions by better tailoring regulations.
• The House Financial Services Committee on Wednesday will hear testimony from Comptroller of the Currency Joseph Otting on financial industry regulation. The Senate Banking Committee will hear his testimony on Thursday.
• A House Financial Services subcommittee on Wednesday will review legislative ways to ensure the effectiveness, fairness and transparency in securities law enforcement.

In other events this week:

• NAFCU Senior Regulatory Affairs Counsel Ann Kossachev will attend the Financial Accounting Standards Board's transition resource group meeting today in Norwalk, Conn., to discuss possible issues that might arise when implementation of the board's current expected credit losses (CECL) standard goes into effect. Read more here.
• NAFCU's Regulatory Committee will hold a meeting tomorrow.
• On Wednesday, NAFCU Services Corporation is hosting a free webinar on how credit unions can avoid common underwriting errors. The webinar begins at 2 p.m. Eastern; registration is available here.
• Early-bird savings of $200 runs out Friday for two upcoming NAFCU conferences: BSA Seminar, Aug. 12-15, with code BSASAVINGS and Risk Management Seminar, Aug. 13-15, with code RISKSAVINGS. Both seminars are in Denver, Colo.
• NAFCU member comments are due to the association Friday on the CFPB's request for information regarding six aspects of the bureau's guidance and implementation support activities. Credit unions can submit their comments via NAFCU's Regulatory Alert.