Congress Returns for Lame Duck Session

The House and Senate return to session this week following the mid-term elections and have a number of items to address during the lame duck session.

CUNA and the state leagues will continue pushing for much needed Bank Secrecy Act updates, a national data security standard and relief from NCUA's risk-based capital (RBC) rule.

Congress must also finish work on government spending, including the financial services and general government (FSGG) appropriations measure, and reauthorize the National Flood Insurance Program before it expires at the end of the month. CUNA and the leagues advocated for full funding for the NCUA's Community Development Revolving Loan Fund (CDRLF) and Treasury's Community Development Financial Institutions (CDFI) Fund, which is included in the Senate-passed version of the bill. Both Senate- and House-passed bills include full funding for the Small Business Administration's (SBA) 7(a) and 504 loan programs.

The House Ways and Means Committee is expected to work on a tax extenders package for certain temporary or expired tax breaks and the committee also plans to advance a bill to make technical corrections to the Tax Cuts and Jobs Act of 2017.

The Senate Judiciary Committee meets today at 2:00 p.m. to discuss the 2008 financial crisis and the bailout of big banks. Federal Reserve Vice Chairman of Supervision Randal Quarles is scheduled to deliver the Fed’s semiannual report to Congress Wednesday at 10:00 a.m. before the House Financial Services Committee, and Thursday at 10:00 a.m. before the Senate Banking Committee.

The Financial Accounting Standards Board (FASB) meets Wednesday. The board recently agreed to proceed to a vote to finalize credit union-sought changes to its current expected credit loss (CECL) standard. A final update is expected to be issued before the end of the year.

Finally, the Federal Reserve continues to hold town halls on its proposal to develop a faster payments system with three more meetings scheduled for St. Louis, Cleveland, and Atlanta.