CUNA Engaged w/ Appropriations Markups, Robocall Hearing

CUNA will be engaged with Congressional activities in both chambers this week, including committee and floor consideration of legislation and hearings covering credit union priorities. Among other bills, the House is expected to consider the Financial Services and General Government (FSGG) Appropriations Act for fiscal year 2020 (H.R. 3351).

The bill contains appropriations for several credit union funds, including the Treasury’s Community Development Financial Institutions (CDFI) Fund at $300 million and NCUA’s Community Development Revolving Loan Fund (CDRLF) at $2 million. CUNA wrote  to House leadership to express credit unions’ support continued funding of the programs.

The bill’s report language also contains credit union-supported language on the current expected credit loss (CECL) standard, NCUA’s support for community development credit unions in low-income communities and others.

H.R. 3351 passed the House Appropriations Committee June 11.

The Senate is expected to consider its version of the National Defense Authorization Act (NDAA) for fiscal year 2020. The bill contains CUNA-opposed language regarding bank access to military installations, and CUNA wrote to Senate leadership Monday with its concerns.

CUNA, leagues and the Defense Credit Union Council were successful in keeping the language out of the House NDAA, which passed the House Armed Services Committee June 12.

Other hearings CUNA is engaged with this week include:

• Tuesday (10 a.m.): Senate Banking Committee hearing, “Should Fannie Mae and Freddie Mac be Designated as Systemically Important Financial Institutions?”;

• Tuesday (10 a.m.): House Judiciary subcommittee on antitrust, commercial, and administrative law hearing: “Oversight of Bankruptcy Law and Legislative Proposals;”

• Tuesday (2 p.m.): House Energy and Commerce subcommittee on communications and technology markup of the Stopping Bad Robocalls Act (H.R. 3375). CUNA submitted a letter for the hearing record;

• Tuesday (2 p.m.): House Financial Services Committee Task Force on Financial Technology hearing, “Overseeing the Fintech Revolution: Domestic and International Perspectives on Fintech Regulation. CUNA submitted a letter  for the hearing record;”

• Wednesday (10 a.m.): House Financial Services Committee Task Force on Artificial Intelligence hearing, “Perspectives on Artificial Intelligence: Where We Are and the Next Frontier in Financial Services;”

• Thursday (10 a.m.): Senate Banking Committee hearing: "Oversight and Reauthorization of the Export-Import Bank of the United States."