Week ahead: Republicans poised to renominate Trump

Register now

Now it’s the Republicans’ turn.

One week after the Democrats kicked off their national convention that culminated with former Vice President Joe Biden’s nomination for the presidency, all eyes will be on the GOP in the days ahead as President Trump is nominated for a second term along with Vice President Mike Pence.

Though Trump has been arguably the most controversial president since Richard Nixon, he is well liked in much of the credit union community — though by no means all of it — in part thanks to his focus on cutting regulations and his approach to the Consumer Financial Protection Bureau. One national credit union conference since Trump took office included a life-size cardboard cutout of the president prominently displayed.

Trump also has an ally in Rodney Hood, the chairman of the National Credit Union Administration and Trump’s first appointee to the panel. Hood generated headlines last year after a video praising the president was posted to social media. Some argued that the video politicized the NCUA, and the move earned Hood scrutiny from lawmakers on the Senate Banking Committee.

Vice President Pence has been less of a lightning rod for criticism, though his appearance at the Credit Union National Association’s 2018 Governmental Affairs Conference generated plenty of controversy. Some cheered the first visit in decades from a sitting member of the executive branch while others objected to his politicizing of the event by discussing issues beyond those that directly affect financial services, such as immigration.

There are concerns that the credit union space could be slowly succumbing to much of the politicization that has overtaken the rest of the country in recent years.

As with the Democratic convention last week, the GOP bash is likely to be thin on banking policy. But the event could include remarks on the dustup over mail-in voting and the United States Postal Service.

Slowdowns or changes to service could have a detrimental impact on consumers getting important documents or ensuring that payments reach their financial institutions on time. Postmaster General Louis DeJoy and Robert M. Duncan, chairman of the Postal Service Board of Governors and CEO of Inez Deposit Bank in Inez, Ky., will testify before the House Committee on Oversight and Reform on Monday.

Finally, the Credit Union National Association is preparing three comment letters to submit next week, Ryan Donovan, chief advocacy officer for the trade group, said during a media call on Monday. Two will be sent to NCUA — one on virtual exams and another on loans in areas with special flood hazards — and the third will be sent to the Federal Housing Finance Agency on enterprise regulatory framework.

Jackie Stewart contributed to this report.

For reprint and licensing requests for this article, click here.
Law and regulation Election 2020 Donald Trump Mike Pence Exams Flood insurance FHFA NCUA