With just over two weeks until Christmas, lawmakers and regulators have a busy week ahead in Washington before their work winds down for the year.
The National Credit Union Administration on Thursday will hold its monthly board meeting. Among the items the panel set to consider are a final report from the agency’s regulatory reform tasks force, a board briefing on blockchain and distributed ledger technology, and a final rule on technical amendments to NCUA regulations. Credit Union Journal will have full coverage of the meeting.
NCUA last week filed a brief in its appeal of a circuit court decision regarding the field of membership rule, and credit union trade groups are expected to file an amicus brief this week.
Both the House and Senate are in session this week and will potentially be eyeing additional tax reform before the legislature closes out the year. The tax bill was expected to surface in discussions several weeks ago, but encountered delays because of member attendance problem according to a spokesperson for the Credit Union National Association. Both CUNA and NAFCU have called on lawmakers to provide parity for the industry in any further tax legislation.
A variety of hearings of interest to credit unions are scheduled in the House and Senate this week, including a House Financial Services subcommittee hearing Tuesday on the effect of the Financial Accounting Standards Board’s CECL standard will have on different companies. FASB recently issued an update that stated that CUs would not be required to report data on call reports until the start of 2022.
Other hearings this week include:
• The House Judiciary Committee on Tuesday is set to examine Google, its data collection methods and the tech giant's transparency
• The Senate Banking Committee Tuesday will hold an open hearing on oversight of the U.S. Securities and Exchange Commission. SEC Chairman Jay Clayton will be in attendance as a witness
• On Wednesday a House Financial Services subcommittee is expected to hold a hearing on evaluating the effectiveness of international financial instutitions. Treasury Department representatives are expected to testify
Additionally, the Federal Communications Commission on Wednesday is expected to vote on whether or not a rule should be issued to create a single, comprehensive reassigned-numbers database. The vote could help in the fight to eliminate illegal robocalls, an effort credit union trade groups have consistently fought against.
