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The House Saturday passed the American Rescue Plan Act – the $1.9 trillion coronavirus relief package – which includes some NAFCU-supported provisions to help small businesses survive and recover from the pandemic and provide assistance to homeowners and renters. The legislation now heads to the Senate for consideration.

Ahead of the House vote, NAFCU Vice President of Legislative Affairs Brad Thaler detailed the association's support for these provisions and also outlined additional efforts to provide credit unions with the necessary tools to continue to support members through the crisis.

The bill would also send another round of economic impact payments (EIPs) to consumers – NAFCU has asked Congress to include language to protect EIPs from garnishment – boost unemployment payments, increase certain tax credits, and provide additional funding to support testing and vaccination efforts. The House version includes language to raise the federal minimum wage to $15 per hour; however, the Senate parliamentarian ruled that it does not meet requirements to be passed under budget reconciliation. Discussions are continuing on how to address the minimum wage issue.

NAFCU will continue to advocate for credit union priorities with lawmakers to ensure the industry has the tools and resources needed to get through the crisis.

Also happening on Capitol Hill this week, the Senate Banking Committee tomorrow will hold a nomination hearing with Rohit Chopra to be director of the CFPB. Chopra helped launch the CFPB following the passage of the Dodd-Frank Act and served as an assistant director at the bureau, overseeing its student loan agenda, and was also appointed to serve as the bureau's student loan ombudsman. CFPB Acting Director Dave Uejio has been active in "re-orienting" the bureau's work since taking the lead last month.

The Senate Banking Committee will another hearing Thursday to examine the wealth gap in America.

The Small Business Administration (SBA) this week is expected to release an interim final rule and new application forms for Schedule C borrowers. The SBA has indicated that these changes will not be applied retroactively and any loan that has been disbursed will not be eligible for an increase.

In other events:

• the African-American Credit Union Coalition (AACUC) is hosting its Hall of Fame induction tonight and among the honorees is NAFCU-member Lynette Smith (president and CEO of TruEnergy Federal Credit Union);
• registration for NAFCU's Virtual Regulatory Compliance School is still open – view the agenda.

As the credit union industry's leading advocate, NAFCU is committed to doing all it can to help credit unions grow and thrive. The association is laser-focused on providing members with the industry's best ACE: Unwavering federal advocacy, award-winning compliance assistance, and top-rated education. Learn how NAFCU fulfills that promise.