House Set for NDAA Vote, Monetary Policy Hearings this Week

Several pieces of legislation will be on the House floor this week, and a number of hearings will cover matters of interest to credit unions. Among other bills, the House is expected to vote on the National Defense Authorization Act (NDAA) for Fiscal Year 2020.

The House Armed Services Committee passed the NDAA in June without credit union-opposed language extending to banks the rent-free access to military bases for which credit unions are eligible. CUNA sent a letter for the record of the markup and selected state leagues reached out to their members serving on the committee to call for the rejection of any language that would expand the Department of Defense’s (DoD) authority to exempt financial institutions from certain costs on military installations. The NJCUL contacted Armed Services Committee members from New Jersey, Reps. Donald Norcross (D-1), Andy Kim (D-3) and Mikie Sherrill (D-11). Kim and Sherrill have defense-related credit unions in their districts,

The Senate version of the NDAA, which passed June 27, includes language to expand this exemption to banks that meet similar standards to those placed on credit unions seeking these exemptions, which CUNA opposes.

If the House passes its different version of the NDAA, the two bills will go to conference committee, where CUNA and the state leagues will continue to press for preserving of the current bank access framework.

Other hearings of potential interest to credit unions this week include:

  • Wednesday (10 a.m.): House Financial Services Committee hearing “Monetary Policy and the State of the Economy” during which Federal Reserve Chairman Jerome Powell will deliver the Fed’s semiannual Monetary Policy Report to the House;
  • Wednesday (10 a.m.): House Judiciary subcommittee on crime, terrorism, and homeland security hearing “Marijuana Laws in America: Racial Justice and the Need for Reform;”
  • Wednesday (2 p.m.): House Financial Services subcommittee on investor protection, entrepreneurship and capital markets hearing “Building a Sustainable and Competitive Economy: An Examination of Proposals to Improve Environmental, Social and Governance Disclosures;”
  • Wednesday (11:30 a.m.): House Small Business Committee hearing “Continuing to Serve: From Military to Entrepreneur;”
  • Thursday (10 a.m.): Senate Banking Committee hearing “The Semiannual Monetary Policy Report to the Congress” when Federal Reserve Chairman Jerome Powell will deliver the Fed’s semiannual Monetary Policy Report to the Senate. 
  • Thursday (11a.m.): House Small Business subcommittee hearing “SBA Management and Oversight of SCORE”