House and Senate are back in session to finish the year’s work before the next Congress begins its term.
Chief among this week’s matters will be further consideration of Kathy Kraninger’s nomination to lead the Consumer Financial Protection Bureau. Republicans back Kraninger's nomination and cite her experience in management and public service to throw support behind her nomination, but many Senate Democrats – particularly more moderate ones – object to advancing the nomination.
The official date regarding the cloture vote has yet to be determined, but is
Once the vote is filed, the full Senate has a 30-hour window in which to vote on the nomination.
While credit union trade groups have generally been supportive of Kraninger’s nomination, both the Credit Union National Association and the National Association of Federally-Insured Credit Unions continue to lobby for a bipartisan commission rather than a single director at the helm of the bureau.
Funding for the government expires on Dec. 7, so House and Senate action is likely anticipated within the week in order to prevent a government shutdown. If the government does shut down again, CUs serving federal employees will also likely be forced to temporarily close some institutions, and CUs across the country will
Congressional action is also expected this week to reauthorize the National Flood Insurance Program, which is set to expire Friday. NAFCU issued a letter on July 30 in support of extending it.
The program is managed by the Federal Emergency Agency and involves three components: providing flood insurance, improving floodplain management and mapping flood hazardous zones. The program is especially pertinent for coastal credit unions or institutions that border water.
Other hearings for the week include:
- On Wednesday, the House Financial Services Committee hear testimony on "Evaluating the Effectiveness of the International Financial Institutions," which will examine the administration's efforts in reforming the World Bank, International Monetary Fund and other international financial institutions.
- The Senate Banking Committee will oversee a hearing this Thursday on combating money laundering and other illicit finance.
Credit union trade groups are also expected to be active on the Hill this week. Among them, NAFCU officials and its board will meet with CFPB acting Director Mick Mulvaney to discuss upcoming priorities in 2019 and relief efforts sought out by credit unions. NAFCU will also meet with Fed Chairman Jerome Powell to and Secretary Ben Carson to discuss affordable housing and GSE reform. Other key topics on the docket include the Community Reinvestment Act, the Shared Insurance Fund, credit union tax exemptions, housing finance reform, field of membership and capital reform.
