Senate to Vote on Budget Deal and Examine Cryptocurrency Regulation, Deadline for SSN Database Enrollment is Wednesday, League Scheduling In-district Congressional Meetings

The U.S. House recessed Friday for the month of August. The Senate remains in session through the end of this week.  

The Senate is expected to vote on the two-year $1.37 trillion budget deal that would also suspend the debt ceiling to July 2021 before heading home. The House passed the measure before it recessed on Friday.

On Tuesday, the Senate Banking Committee will hold a hearing to examine regulatory frameworks for digital currencies and blockchain.

Wednesday, the initial enrollment period for the Social Security Administration's (SSA) database to verify an individual's social security number will close. The Consent Based Social Security Number Verification (eCBSV) service allows permitted entities to verify an individual's SSN if the individual has signed a consent. The service will roll out to a limited number of users in June 2020 and will expand the number of users within the first six months. Interested credit unions are encouraged to apply for access before the Wednesday deadline as the next enrollment period could be two years away, according to the SSA. Additional information is available here.

When Congress returns in the fall, there will be a significant number of issues on its agenda including Robocalls (H.R. 3375; S.151), the SAFE Banking Act (H.R. 1595), NDAA Conference Report (H.R. 2500; S.1790), Data Security, BSA/AML Reform, Flood Insurance and FY 2020 Appropriations.

In the meantime, the NJCUL is scheduling its annual in-district meetings with members of the delegation to outline credit unions’ ongoing concerns and positions on these key issues. Credit union professionals, volunteers and members interested in meeting with Capitol Hill lawmakers should contact NJCUL Vice President of Corporate and Governmental Affairs Chris Abeel at 609-448-2426, ext. 127 or cabeel@njcul.org for additional details.