June 25, 2018

This week: NAFCU witness to testify on de-risking; House vote on RBC provision likely

Capitol HillThe House and Senate are both in session this week, and NAFCU witness John Lewis is set to testify before a House Financial Services subcommittee tomorrow on the implications of de-risking. Lewis, in NAFCU's second testimony of the year, plans to share the importance of assessing risk while providing safe financial services to credit union members.

NAFCU also continues to engage with lawmakers on the importance of relief for credit unions from the NCUA's risk-based capital (RBC) rule. The House could vote this week on the Foreign Investment Risk Review Modernization Act of 2018 (H.R. 5841), which includes a NAFCU-sought provision to delay the implementation of the NCUA's RBC rule by two years.

Tomorrow's hearing, "International and Domestic Implications of De-Risking," held by the House Financial Services Subcommittee on Financial Institutions and Consumer Credit is slated to begin at 2 p.m. Eastern. Lewis, senior vice president of corporate affairs and general counsel at United Nations Federal Credit Union (Long Island City, N.Y.), will share with the subcommittee how UNFCU balances the risks that come with serving more than 125,000 members around the globe with providing sound financial products.

NAFCU will also be monitoring a House Financial Services Committee hearing Wednesday with Department of Housing and Urban Development Secretary Ben Carson. NAFCU met with Carson last year to discuss affordable housing, credit unions' priorities for housing finance reform and the importance of credit unions' access to the secondary mortgage market through government-sponsored enterprises to provide high-quality loan services to American families. As talks of housing finance reform are underway on Capitol Hill, NAFCU remains engaged with lawmakers and agency officials to advance the association's core principles for housing finance reform.

Other hearings NAFCU will be monitoring this week:

  • Tomorrow, the Senate Banking Committee will discuss legislative proposals to increase access to capital.
  • Wednesday, a House Science, Space and Technology subcommittee will discuss data privacy and mobile security.
  • Various appropriations bills continue to be marked up in the House and Senate.

Also happening this week:

  • NAFCU's Legislative Committee meets Wednesday to discuss NAFCU's priorities and ongoing efforts with key lawmakers and administration officials.
  • NAFCU is offering a webinar Thursday to help credit unions create strong alliances between marketing and compliance. Registration is open here.
  • Friday is the last day for member credit unions to submit comments to NAFCU on the CFPB's consumer complaint processes. Comments can be submitted through NAFCU's Regulatory Alert.