WASHINGTON–Congress is back in session this week, including the Senate, which is convening for the first time in 2016.
Among the bills on the Senate’s docket is S 2232, a bill that would provide for an audit of the Federal Reserve. The House does not have in front of it any legislation of specific interest to credit unions, although there will be two House Financial Services subcommittee hearings related to flood insurance. The House Financial Services Subcommittee on Housing and Insurance will hold hearings Tuesday and Wednesday on challenges facing the National Flood Insurance Program. The program is set to expire in 2017; the hearings will focus both on how to improve the current program and how to reform its successor. The subcommittee will also consider H.R. 2901, the “Flood Insurance Market Parity and Modernization Act.”
This week the House will be primarily focused on bills related to mining, Iran, terrorism and a resolution of disapproval for a rule that the EPA has put forth for comment.
Most of Washington’s attention tonight will be on the President Barrack Obama’s final State of the Union address.
Last week, NAFCU President and CEO Dan Berger urged President Barack Obama to support and include in his 2016 legislative agenda national data security standards for retailers, as well as regulatory relief for community financial institutions. NAFCU staff will monitor the president’s address for its potential impact on credit union concerns.
During a conference call with the media, CUNA noted it has also:
- Joined with other groups in sending a joint letter to FinCEN in asking for additional time to comment on a new proposal related to due diligence.
- Sent a comment letter to the Office of Management and Budget that is critical of the CFPB for going “way beyond” the 17 data points that Dodd-Frank required be collected related to HMDA to now collect data around 48 points.