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While most members of the House and Senate continue to work from their home districts and states this week, and the ticket of former Vice President Joe Biden and Sen. Kamala Harris, D-Calif., prepare to accept the Democratic nomination at the party's virtual convention, NAFCU's award-winning advocacy is hard at work for credit unions to keep industry priorities top-of-mind as lawmakers and administration officials pursue a compromise for a Phase 4 coronavirus relief package.

Of note, following the announcement last week that the government-sponsored enterprises (GSEs) will begin assessing a 0.5 percent adverse market fee to certain mortgage refinances, the Trump administration and several lawmakers, including House Financial Services Committee Chairwoman Maxine Waters, D-Calif., and Senate Banking Committee Ranking Member Sherrod Brown, D-Ohio, backed NAFCU's call for the Federal Housing Finance Agency (FHFA) to reverse its decision as it will hurt borrowers trying to recover from the coronavirus pandemic. Senate Banking Committee Chairman Mike Crapo, R-Idaho, also flagged concerns in a letter and asked for additional information on the policy change.

NAFCU Executive Vice President of Government Affairs and General Counsel Carrie Hunt sent letters to FHFA Director Dr. Mark Calabria, National Economic Council Director Larry Kudlow, and leaders of the Senate Banking Committee and House Financial Services Committee noting the negative impact the adverse market refinance fee would have on borrowers and credit unions.

In addition to this and other housing market issues, NAFCU is focused on getting relief for credit unions under the paycheck protection program (PPP) loan forgiveness process, the current expected credit loss (CECL) standard, troubled debt restructurings (TDRs), and more. Learn more about NAFCU's request for Phase 4 here.

NAFCU will also continue to monitor activity on Capitol Hill related to the Fiscal Year 2021 National Defense Authorization Act (NDAA), as the House and Senate are expected to move to a conference soon to work out differences between the two bills in the coming weeks. NAFCU lobbyists continue to engage with lawmakers to advocate against a provision – included in the Senate version of the bill – related to nominal leases on military bases.

These issues and more will be covered in detail by NAFCU, lawmakers, regulators, and administration officials during next month's Virtual Congressional Caucus. Credit unions are encouraged to register for Caucus and set up virtual Hill meetings with their respective representatives and senators to ensure decision makers are aware of how their constituents are being impacted. Stay tuned to NAFCU Today for updates on speakers.

Also happening this week:

• tomorrow, NAFCU is offering a webinar to help credit unions better engage with members through social media; and
• Thursday, another webinar will review policies and procedures related to opening new member accounts online.