Congress Returns After July 4th Recess

Both Houses of Congress will be back in session this week following last week’s July 4th recess. CUNA and the state leagues will be active on a number of credit union issues including the National Defense Authorization Act (NDAA).

The full House is expected to vote on its version of the fiscal year 2020 NDAA this week. CUNA and the leagues successfully worked to remove a banker-sought provision that would have treated banks the same as not-for-profit credit when it comes to access to military installations. The Senate passed version of the bill contains the provision. CUNA and the leagues will work to ensure House and Senate conferees drop the provision when they reconcile differences between the two bills.

Thursday the House Financial Services Committee is expected to markup a number of bills including a several related to credit reporting, home buying assistance, and rural housing.

Federal Reserve Chairman Jerome Powell is also set to deliver the Fed’s semiannual Monetary Policy Report to Congress this week. Powell will deliver his update on the economy before the House Financial Services Committee Wednesday and the Senate Banking Committee on Thursday.

On Wednesday, the House Small Business Committee will hold a hearing on ways to foster entrepreneurship among returning service members and a House Financial Services subcommittee hearing will review various disclosures to ensure a sustainable and competitive economy.

Thursday a House Small Business subcommittee will review the Small Business Administration's management and oversight of its SCORE program.