With fewer than 60 days until one of the most controversial elections in recent history, Congress is entering its second week back from recess. But questions remain as to how long the legislature will actually stick around before breaking for the general election.
“Don’t know how long Congress will be in; [There are] rumors there will be a recess this week, maybe next week,” said Eli Joseph, deputy chief advocacy officer at the Credit Union National Association.
Until that happens, there is plenty for credit unions to keep their eyes on.
House Financial Services Committee Chairman Rep. Jeb Hensarling’s (R-Texas) legislation, the Financial Choice Act, is scheduled for a markup Sept. 13. The legislation has garnered support from the CU trade associations for proposals that would make broad changes to the Consumer Financial Protection Bureau, a repeal of the Durbin Amendment, examination fairness and reforms to the National Credit Union Administration’s budget process.
Although, as CUNA’s Joseph explained, there are still concerns regarding the legislation, such as expanding the NCUA board to five members, something the National Association of Federal Credit Unions has also questioned, according to Brad Thaler, vice president of legislative affairs at NAFCU.
NCUA Meeting Announcements and Comment Request
NCUA has posted a notice and request for comment on the federal register today affecting information collection for three Consumer Financial Protection Board rules and one Federal Reserve Bank rule. They are:
- Regulation B (“Equal Credit Opportunity Act,” 12 CFR part 1002);
- Regulation E (“Electronic Fund Transfers,” 12 CFR part 1005);
- Regulation M (“Consumer Leasing,” 12 CFR part 1013); and
- Regulation CC (“Availability of Funds and Collection of Checks,” 12 CFR part 229).
The comment period for the information collection practices ends on Nov. 11 of this year.
The NCUA also announced a meeting to be held Sept. 15, according to the notices on the federal register. The meeting will be held in two parts, with the first part being open to the public, followed by a closed session.
The open portion of the meeting to be held at 10:00 a.m. and will consider the Corporate Stabilization Fund’s quarterly report and a board briefing on cyber security in the credit union system.
“NCUA has indicated so far that no future corporate stabilization assessments on credit unions are likely,” NAFCU said.
After a recess scheduled for 11:00 a.m. the second half will be closed as the regulator considers a merger request.
Hike the Hill
CUNA’s Vice President of Political Affairs, Trey Hawkins, noted several leagues representing multiple U.S. state credit unions will be visiting Washington this week to discuss regulatory and legislative issues surrounding the industry as part of the group’s Hike the Hill campaign.
Leagues visiting the capitol this week include Credit Union Association of the Dakotas, the Ohio Credit Union League, the Credit Union League of Connecticut, the CCUA (representing CUs in Mass., Rhode Island, Del., and N.H.), the West Virginia Credit Union League, the Kentucky Credit Union League and the Northwest Credit Union Association (representing Oregon and Washington).
