Newsroom

May 06, 2019

This week: House panel action on BSA bills, others expected

Capitol DomeThe House and Senate are in session this week, and the House Financial Services Committee is set to hold a markup Wednesday on a number of bills that could impact credit unions. NAFCU will monitor the markup, as well as other hearings on issues including minority homeownership, entrepreneurship and data privacy.

The House Financial Services Committee markup is scheduled to begin at 2 p.m. Eastern Wednesday. The committee is expected to discuss two NAFCU-supported bills related to Bank Secrecy Act (BSA)/anti-money laundering (AML) reforms: one would make changes to AML safeguards and the other would require corporations to disclose more information about their owners. The beneficial ownership bill was officially introduced by Committee Member Carolyn Maloney, D-N.Y., on Friday.

NAFCU will also monitor a Senate Banking Committee hearing tomorrow focused on privacy rights and data collection, set to begin at 10 a.m. Eastern. The association, in its calls for a strong national data security standard, has noted that "a major aspect of consumer privacy is ensuring the security of a consumer's financial data."

The House could also take up a disaster aid bill this week that has language included to extend the National Flood Insurance Program through Sept. 30; the program is currently set to expire at the end of the month. A number of NAFCU-sought reforms for the program were discussed during a House Financial Services Committee hearing on its reauthorization in March.

Also happening this week: