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This week: NAFCU monitoring hearings on BOI, climate-risk, NCUA’s bylaws rule
The House and Senate remain in session this week with lawmakers continuing to work on must-pass legislation, including the National Defense Authorization (NDAA) and appropriations bills. In addition, NAFCU will monitor several hearings on Capitol Hill and Thursday’s NCUA Board meeting for the agency’s final rule implementing changes to the Federal Credit Union (FCU) Bylaws.
Of note, the House passed its version of the NDAA Friday. As the Senate will soon take up the legislation, NAFCU and other financial services trade groups continue to urge lawmakers to oppose big box retailers’ efforts to attach legislation that would extend interchange routing requirements to credit cards. In addition, NAFCU is closely watching for any changes to the NDAA that would allow banks to operate rent-free on military bases. Once both chambers have passed the NDAA, it will move to a conference committee for lawmakers to reach an agreement on differences.
Lawmakers also continue to work on appropriations bills, including markups tomorrow and Thursday on funding for the Department of Housing and Urban Development (HUD). Last week, both the House and Senate Appropriations Committees advanced their versions of the fiscal year 2024 Financial Services and General Government (FSGG) funding bill. NAFCU continues to advocate for full funding of credit union priorities.
Hearings NAFCU will monitor on Capitol Hill this week include:
- the House Financial Services Subcommittee on Financial Institutions and Monetary Policy will meet tomorrow to discuss federal financial regulators’ climate-risk efforts. NCUA Deputy Executive Director Rendell Jones is expected to testify. NAFCU recently responded to the agency’s request for information (RFI) on climate-related risks, calling on the NCUA to avoid burdening credit unions by regulation in this area;
- the House Financial Services Subcommittee on National Security, Illicit Finance, and International Financial Institutions tomorrow will review potential consequences of the Financial Crimes Enforcement Network’s (FinCEN) beneficial ownership rulemaking. NAFCU, as well as lawmakers, have raised concerns about FinCEN’s beneficial ownership reporting form related to the Corporate Transparency Act (CTA);
- the Senate Small Business Committee will markup bills Wednesday, including several aimed at increasing access to capital, including among veterans. NAFCU consistently calls on lawmakers to support legislation that would remove barriers that stand in the way of veterans accessing credit for small businesses, including the arbitrary credit union member business lending (MBL) cap; and
- the Senate Banking Committee Thursday will discuss possible deposit insurance reforms in the wake of recent bank failures. NAFCU supports maintaining parity between the FDIC and NCUA regarding deposit insurance.
Also happening this week, the African-American Credit Union Coalition (AACUC) holds its 25th Anniversary Annual Conference in Atlanta, Ga. NAFCU President and CEO Dan Berger tomorrow will give a keynote address discussing government’s impact on credit unions and the industry’s legacy.
Stay tuned to NAFCU Today for the latest out of Washington.